SBCA Finance & Long Range Planning Committee    

Minutes – October 24, 2006

The Committee met at 1:00 p.m. in the classroom of the Bay Club on Tuesday, October 24, 2006.  In attendance were Dave Armitage, John Cragoe, Gary Moore, Chris Whitehurst, and Mike Morgan.

• John Cragoe reported that Peggy Klum’s schedule would not permit her to serve as a member of the committee.  There is one open seat remaining to be filled.

• Chris Whitehurst provided historical information on budgets, actual results and the Long-Range Maintenance and Renovation reserves.   The Committee concurred with the planned maintenance actions for the current year.  In the review of the projected maintenance plans and reserves, it was noted that the fund will come close to depletion (in 2015) if annual contributions are not increased.

• Gary Moore agreed to lead the identification of current financial practices for review by the committee resulting in recommendations for adoption by the SBCA Board.

• Mike Morgan reviewed the results of the survey of members which was conducted in 2004.  He also noted that 76 (or 15%) of current members are absentee owners.  The committee agreed that more detail on the demographics of the members are needed:  age, number of snowbirds, number in household, etc.

• The committee discussed insurance coverage on the Bay Club.  Mike Morgan provided information that the coverage is “full replacement cost”.  Several members expressed concern that the policy estimates replacement cost at about $105/ square foot.  This will be analyzed more fully in the next 60 days.

• Due to travel schedules and holidays, the committee will not meet in November.  Future meetings will be held at 1:00 p.m. on Tuesdays, at the Bay Club.  Dates are 12/19; 1/23; 2/20; 3/27; 4/24; 5/22; and 6/26.