Annual Meeting Minutes 11-11-07

Nabnasset Lake County Club

Annual Meeting Minutes

November 11, 2007

Laura Plum (Vice President) called meeting to order at 3:08 p.m.

Introduction:

Moment of Silence for departed members
It was determined that a quorum of members was present

Tim Tiches (Secretary) read the meeting minutes from the 2006 annual meeting.

The 2006 minutes were accepted by a voice vote of the membership.

Board of Governor (BOG) Introduction – Laura introduced the BOG and explained the individual positions (Jeff Roop – President, Laura Plum – Vice President, Jeff Dudley – Treasurer, Tim Tiches – Secretary, Mike Murphy, Ken Hamilton and Francisco Maldonado). Laura explained that Frank Sexton had stepped down from the BOG during the year due to personal reasons. Francisco Maldonado assumed his place.

Laura introduced Pat Bianco, who is the new caterer for the functional hall and will be taking over the food service in the members lounge.

President’s report - Laura delivered the President’s report

Financial Summary:

2007 actual spending was in line with budget
The 2008 budget assumes level membership across all membership categories.
The 2008 budget includes $10k allocated for capital
We have a favorable cash flow position (by ~$19k) relative to last year
The outside Monday Night league was successful and will be returning in ’08.
We hope to aggressively market the functional hall leveraging Bianco’s existing customer base.

NLCC net income trends showed that FY2007 was first time we finished with positive cash since 2001.
Presented the trends in each membership category highlighting the fact that we are losing restricted members but gaining in Junior, Student and Child categories.
Laura encouraged members to volunteer for committees.

Treasurer’s report - Jeff Dudley delivered the report

Jeff presented slides showing income and expenses by month for each of the budget categories.
Jeff presented financial summary statements including a consolidated statement that showed that Net Income for the year was $1849 versus the budgeted amount of $857. This performance to budget is outstanding compared to the last few years.
Jeff presented the FY2008 planned budget which shows modest increases in revenue and expenses.

FY2008 budget - income increase due to dues increases. Expenses higher due to fixed costs (including utilities).

Jeff cautioned that income is high overall (and in Members lounge) due to lottery income that was offset with expenses.
Monday night league provided a better than expected result on course income.
There was a motion made to accept the treasurer’s financial report. The motion was accepted by a voice vote.

There was a question from a member asking if an increase in course income will be to improve club (buy something) or just offset other expenses. It was explained that some money will be allocated to the capital fund.

There was a question from member asking what the current membership levels are. Member ship levels have remained the same but there has been a category shift.

Laura outlined plans that the BOG is considering for 2008 including:

Possibly replace ceiling tiles in member’s lounge
Establishing extended hours for food service in members lounge.
Fixing drainage problems on holes #1 and #5.
Hiring a part-time functional hall coordinator (Linda Coppinger)

Food service fees will go to caterer
All bar proceeds go to the club.

Miscellaneous business

There was a member question about being able to use Pro Shop credit in the members lounge. The BOG continues to discuss this but has not yet made a decision.
A member requested that members should be able to apply the $120 mandatory guest fee to other club related activities. The BOG will take this under advisement.
A member commented on gaining feedback on why members are leaving and joining. The BOG was asked to survey members more regularly

Laura discussed membership dues trends and the FY2008 Dues structure. There will be an increase of approximately 5% on most membership categories.

There was discussion on rolling the mandatory $120 guest fee into the dues structure (pay up front) or keeping the current pay as you go model.

The BOG explained why rolling this into dues could be helpful to club from an accounting standpoint.
Numerous members commented for and against the change
There was a motion made to leave the policy as is.

The vote was 47 – 1

Election of new officers

Matt McCusker withdrew his name from consideration for BOG prior to the vote.
Francisco Maldonado and Charlie Demers made short speeches on why they would be good BOG members.
Since there were only two individual running there was a motion to accept Francisco Maldonado and Charlie Demers as new BOG members with 3-year terms.

The motion passed unanimously
Lisa Denicola volunteered to be an alternate should someone step-down during the year.

The meeting was adjourned at 4:08 p.m.

Immediately following the meeting the BOG voted for the following positions. Jeff Roop – President, Laura Plum – Vice President, Tim Tiches – Secretary and Charlie Demers – Treasurer.