2011 ANNUAL MEETING OF THE MEMBERS
Attendees:
Dave Armitage, Richard Grieves, Steve Shanklin, Howard Koester, Pat Traci, Mike
Morgan
and
Christine Whitehurst. Guests:
96
SBCA
members.
Meeting
called to order at
3:00 p.m.
Determination of quorum.
Yes.
34% of our regular
membership, 177 is required for a quorum; we had 284 including proxies and
members in audience.
Introduction of 2011 Board
Members by
outgoing President Dave Armitage, other members with their terms expiring are
Richard Grieves, Steve Shanklin, Howard Koester (vice president), Members with
one more year to serve are Pat Traci, Sharon Walker and Christine Whitehurst
(secretary/treasurer).
Financial report
Chris
Whitehurst reported the financial highlights for
2011 fiscal year (FY) end,
showing the Total Current Assets to be $289,557.15,
Total Assets to be $604,486.01.
An increase of $17,696.86
over
last year’s Total Assets. The Income Statement for
FY 2011
showed total revenues of $399,927.77
and Total Operating Expenses of $398,544.45
and
a Net Operating
Surplus
of $1,383.32.
Both
the Revenue and the Expenses were 3% under what had been budgeted.
The
Maintenance reserve is $235,529.36
and
the Renovation Fund is $15,000.25.
Dues have been raised by Board vote 5%, new annual total
$793.80.
Two percent of the increase is dedicated to the Maintenance
Reserve.
Contribiution to the Reserve has increased for FY 2012 to
$75.12 (from $60) per membership per year.
Money spent from Renovation Fund this year went to Handicap
Door openers, finishing the Conference Room AV package, Plate warmer and
sprucing up the Great Room: for a total of $7,267.09.
Money spent from Maintenance Reserve totaled
$31,224.01 and was for the Parking Lot, a new Security System, replacing failed
windows, a new stair stepper and replacing the wooden fence.
Anticipated expenses for next year include, replacing the Gazebo Roof, Curb
repair in the parking lot, exterior building painting and repair, and other
items that may need replacement (pool equipment, exercise equipment)
More detail on all financial information is available in the attachments.
The Balance Sheet and Operation Statement for fiscal year
2011 and Budget for 2012 was distributed at the meeting.
Year end information is available on the web site
and at the club.
If you have any questions please ask Bay Club
Director Mike Morgan or the Treasurer Chris Whitehurst.
Membership Voting
There will be no vote to waive the Audit this year, as the Board has voted to
have FY 2011 Audited.
The Board recommends a vote to ratify the 2012 FY Budget.
Election of Officers
Candidates:
Thomas T. Claudson
Richard Grieves
Sue Oemichen
Steve Shanklin
Kenneth (Ken) Thomas
Nominations from the floor:
Jerry Conover
Hanna Buresova
Howard Koester
Opportunity for members to exchange their proxy for a ballot.
Ballots collected and counted by team of the members, Nancy Green, Tony Durham,
Pat Chase, and Betty Faulkner: and staff member Linda Colasurdo.
Reserve Study Presentation
Bruce Schmitz explained reserves, where a portion of
revenue is set aside to pay for replacement or repair of Common Property, to
prevent the need for Special Assessments.
During the year the Facilities Committee has redone
the SBCA Reserve Plan, including more items and using a different method to
determine the future needs of the Fund.
To get to this goal dues have been raised with 2%
going into reserves, money from Renovation has been returned to Maintenance,
interest earned in CD’s dedicated to reserves and a discussion of charging new
buyers of resale’s a $500 fee.
The goal is to get the Maintenance Reserve 70%
funded in 10 years.
Annual Report
President, Dave Armitage thanked various committees of the SBCA and PLVC for
their contributions to the community.
He also discussed Bay Club utilization, we had a
total of 49,466 sign ins, 11,006 of which were for large events and he stated
that guest use of the club is 30 to 40 %.
He also covered what was done by the Board this
year: completion of Reserve Study, Review of Financial Processes, a meeting with
LMC, the new Security System, window replacement project, and finishing the
handicap door opener installation.
He showed, by use of grafts that revenue and
membership growth have flattened out starting in 2005, that the revenue and
expenses for the last two years have been equal and that with no new homes, and
no capital contributions from new homes, and expenses rising with inflation we
need to find new sources of revenue.
Member comments
The Disaster Preparedness
group explained their purpose in the community and asked for new volunteers to
be block captains.
Member input included
discussion regarding expense control, hours of use and club usage.
PLVC
President, Tom Stone, stated that there are two openings on the PLVC Board for
people living in South Bay.
He would like people living in South Bay to consider
running for these positions.
Election Results
Budget Ratification: 217
yes votes and 20 no votes
Candidates: the follow
members have been elected and will serve two year terms on the Board of
Directors
Tom Claudson
Richard
Grieves
Sue Oemichen
Ken Thomas
Meeting Adjourned at 4:43
p.m.
Respectfully submitted:
Christine Whitehurst
Board Secretary/Treasurer
Attachments:
Financial Reports June 2011
Income Stmt.
Bal. Sheet
Next regular
Board meeting:
August 5,
2011
9:30
a.m. Bay Club
pending new Boards wishes