2015 CARRABELLE BOAT CLUB ASSOCIATION
ANNUAL MEETING MINUTES
& FOURTH QUARTER 2014
January, 21st 2015
1:00 PM EST
Meeting Called to Order
Meeting recording approval
Roll Call
Yale Spina, President-Present
Andy Cates, Vice President-Present by phone
Gail Brantley, Director-Present
Unit Owners Present:
Sue Sartorelli
Michael Ainsworth
Margaret Bardes
G. Griffin
Charles Brantley
Rick Bondie
Doug Dedrick
Management Present:
Scott Burt, CMM
Tom McAuley, CMM
Angela Bunch, CMM
Caden Barber, CBC
Legal Council Present:
Donna Duncan
Proof of Notice Meeting
Scott Burt certifies that all notices went out accordingly.
Appointment of Chairman (Yale Spina appoints Scott Burt and Gail Brantley Seconds)
Scott Burt is appointed as Chairman.
Reading of Minutes of the Previous Meeting
Andy Cates moved to accept the 2014 3rd Quarter Meeting Minutes Yale Spina seconds. Accepted
Announcements-Scott Burt
The owner Christmas party was a huge success.
Discussion of low fuel cost/pricing plans to re-price fuel in the near future. This price change will take effect as soon as the quantity of fuel purchased at a higher rate is sold.
The Atlanta Boat Show was a great turnout for The Carrabelle Boat Club, many prospects stopped by to inquire about the boat club.
Financial Report-Tom McAuley
Balance Sheet review $69,000 in cash. Receivables are at $2800 which is outstanding and at an all time low. The club has $287,000 in assets.
The fork lift balloon payment is coming due in July for $150,000. Andy Cates will refinance this payment with no special assessment. (Andy speaks about the benefits to RVC and the owners to keep assessment as low as possible)
Credit card fees are down 20% as we renegotiated with a new merchant service company. The credit card fees went down from $10,000 in 2013 to $8300 in 2014.
$24,000 in repairs- Repairs are down and under budget even with the forklift service and storm damage repair.
Salary/wages are down and under budget by 6%. They perform many job duties outside of their normal tasks. (Scott and Andy recognize a job well done by Caden and the staff.)
The Boat Clubs net income is $170,000 for the year.
No insurance increase in 2014 (Scott speaks about bidding insurance)
Operating profit $120,000 against a budget of $110,000
Yale and Andy congratulate Tom on a job well done, and announced a dues increase for 2015 will be only 1%.
Tom McAuley Closes the financial report- Scott Burt motions to accept the financial report and Yale Spina seconds
Andy Cates motions to vote on the close of the budget all in favor.
Reports of Officers/Committees
Andy Cates speaks- A letter is going out to owners and renters. The goal is to improve value and bring in new owners while increasing values. The only debt on the COA is the fork lift truck equipment. The channel dredging project has gone very well with no negative comments. From a sales perspective 10 units sold last year at a 60% increase over 2013. Strongest pricing with one price increase in 2014, yet another expected price increase soon. The most sold racks are “B” racks. The forklift has been reconditioned and painted. Members will continue to get discounts at Carrabelle Beach RVC owned properties. Renters do not receive discounts.
Managers Report-Scott Burt
Property review- Caden will replace the fork covers on 33,000lb capacity fork lift.
Stop plates have been repaired; they were loose and originally installed incorrectly by Dream Harbors. Frank discovered this during a routine inspection.
Elevator main drive unit replaced.
Forklifts are in excellent condition. Expected life expectancy of 20 years if maintained.
Yale Spina-The place looks great.
Scott Burt- Mentions Clarence is doing a great job and mentioned his method of compost from the fish cleaning remnants. DEP loved this idea; this is the only marina that does this.
Election of Directors
Yale Spina President, Andy Cates Vice President, Gail Brantley Director- retained seats by vote. Donna Duncan certified ballots and Scott Burt announced the decision.
Unfinished Business-
No Unfinished business
New Business-Scott Burt
Reserves are not funded by State of Florida requirements due to the difference in condo and boat clubs. We need a motion to approve a partial funding. Yale Spina motions the partial funding Gail Brantley seconds the motion. All were in favor of the partial funding. Motion moved.
Comments
Sue speaks about the adjacent property for sale and would like to see someone purchase the property. No motion presented.
Rick speaks about being welcomed to the club. He thanks the club for fixing the retaining wall and he is glad to be here.
Adjournment
Yale Spina motions to adjourn the meeting and Gail Brantley seconds. Meeting adjourned.