The meeting of the South Bay Community Association (SBCA) Board of Directors was held at the Bay Club on the above date. Directors present were: Joe Kelly, Dan Meade, Tom McCay, Sharon Walker, and Chris Whitehurst.
Dan Meade called the meeting to order at 9:02 AM. A quorum was present.
•Prior Meeting
Minutes:
MSP to approve the June meeting minutes as read. (All ayes)
•Financial Report:
Chris Whitehurst reported the financial highlights for May, showing the Total Current Assets for the month to be $379,945.57 and Total Assets to be $593,422.47, with an increase of $22,081.05 over last year’s Total Assets. The Income Statement for May showed Total Revenues of $10,154.79 and Total Operating Expenses of $29,320.81, with a Net Operating Surplus of $50,022.97 for the current fiscal year. The Maintenance Reserve is $180,448.06 and the Renovation Fund is $117,307.01.
MSP to accept the Financial Report for May 2009. (All ayes)
•Correspondence:
None.
Committee Reports:
None.
Old
Business
•Drainage Committee:
The
Drainage Committee report is on the Port Ludlow Today website, and this
committee will be meeting with the Port Ludlow Drainage District.
•Annual Meeting:
The annual meeting of the SBCA will be held on Wednesday, July 15, at 2:00PM.
Meeting adjourned at 9:27 AM. Next monthly meeting:
Friday, August 7, 2009
The Bay Club at 9:00AM
Joe Kelly
Secretary, SBCA
Financial Reports May 2009 Income Stmt. Bal. Sheet