The annual meeting of the South Bay Community Association was called to order at 2:00PM by President Dan Meade. Directors present: Joe Kelly, Dan Meade, Tom McCay, and Chris Whitehurst. Ken Snider and Sharon Walker were absent.
Determination of Quorum: 259 proxies 35 ballots for a total of 294
voting members, 177 required for quorum.
• Prior Meeting Minutes:
MSP to approve the July 17, 2008, annual meeting minutes as read.
• Financial Report:
Chris Whitehurst reported the financial highlights for the fiscal year ending June 30, 2009. Total Current Assets are $355,790.84, with Total Assets of $568,576.24, an increase of $39, 289.12 over 2008 Total Assets. The Income Statement for the fiscal year reports Total Revenues of $400,351.28, Total Operating Expenses of $374,959.99, and a Net Operating Surplus of $25,391.29. The Maintenance Reserve stands at $180,777.20, the Renovation Fund at $117,372.85.
The
Board approved the Fiscal Year Budget 2010 as presented, and the budget was
submitted to the membership for ratification.
•
Membership Voting:
Election of Directors:
Introduction of candidates: Dave Armitage, Richard Grieves, Howard Koester, Dan
Meade (1 year term), and Steve Shanklin.
MSP that nominations from the floor be
closed.
Ratification of the Budget for Fiscal Year 2010:
The
budget was submitted.
Waiver of Audit Fiscal Year 2009.
Change
in Bylaws:
To make the President of the SBCA Board an ex officio member of all committees.
•Election Results:
Dave Armitage, Richard Grieves, Howard Koester, Dan Meade, and Steve Shanklin
were elected to the SBCA Board of Directors; the Fiscal Year 2010 Budget was
ratified (285 yes,3 no); waiver of audit for Fiscal Year 2009 passed (248 yes,
43 no); the bylaw change making the Board President an ex officio member of all
committees passed (278 yes 14 no)
Meeting adjourned at 3:55PM.
Respectfully submitted:
Joe Kelly, SBCA Secretary