The
annual meeting of the South Bay Community Association was called to order at
3:00 by President Dan Meade.
Directors present: Sharon Walker, Richard Grieves,
Dave
Armitage, Steve Shanklin, Christine Whitehurst.
Howard Koester was absent.
Determination of Quorum:
518 members, 177 required for quorum.
Ballots=
47, Proxies= 247, total= 294.
Prior
Meeting Minutes:
MSP to
approve the July 15, 2009, annual meeting minutes. (all ayes)
MSP to
reorder the Agenda and move the Financial Reports before the Voting. (all ayes)
Financial Report:
Christine Whitehurst reported the financial highlights for the fiscal year
ending June 30, 2010. Total Current
Assets are $292,505.90, with Total Assets of $592,767.15, an increase of
$24,190.91 over 2009 Total Assets.
The Income Statement for the fiscal year reports Total Revenues of $392,281.00,
Total Operating Expenses of $393,448.51 and a Net Operating Deficit of
$1,167.51. The Maintenance Reserve
stands at $199,216.74 and the Renovation Fund at $55,667.43.
The
Board approved Fiscal Year 2011 Budget was submitted to the membership for
ratification.
Membership Voting:
Election
of Directors:
Introduction of candidates:
Sharon Walker, Pat Traci, and Christine Whitehurst.
MSP that
nominations from the floor be closed. (all ayes)
Ratification of the Budget for Fiscal Year 2011
Waiver
of Audit for Fiscal Year 2010
Election
Results: Traci, Walker and
Whitehurst were elected to the SBCA Board of Directors, the Fiscal Year 2011
Budget was ratified (235 yes, 40 no): waiver of audit for Fiscal Year 2010
passed (208 yes, 76 no).
Meeting adjourned at 5:45 P.M.
Christine Whitehurst, SBCA Secretary/Treasurer