Indian River Colony Club Meeting of the Board of Directors Administration Building, Main Conference Room Tuesday February 26, 2013

Transcription

1 Indian River Colony Club Meeting of the Board of Directors Administration Building, Main Conference Room Tuesday February 26, 2013 Posted Subject to approval at the Board meeting. 1. Roll Call: Board Members Present: Chairman Jim Moseley Vice Chair Bob Spurrier Director Anne Allison Director Duke Bickmore Director Don Hatt Director John Novotny Director Robert Watts Corporate Officers Present: Chief Operating Officer/GM John Robinson Chief Financial Officer & Sec/Treasurer Julie Roberts 2. Call to Order: Chairman Moseley called the meeting to order at 9:00 a.m. 3. Quorum: CFO/Sec/Treasurer Roberts confirmed there was a quorum. 4. Invocation: Director Allison gave the invocation. 5. Approval of Minutes: It was moved and seconded to approve the minutes of the February 26, 2013 regular meeting as written. The motion carried. 6. Reports of the IRCC Officers: A. Real Estate Presentation, 9:05 a.m: Nancy Grout and Nancy Bartlett from Four Star Real Estate joined the meeting. Ms. Grout reported there are currently 72 houses in inventory with IRCC owning 9 houses. There are currently 5 pending closings. Mr. Moseley thanked Ms. Grout and Ms. Bartlett for the report and presentation and they left the meeting at 9:35 a.m. B. At Ease Club Presentation: Mike Hensley, Club Manager, briefed the Board on the operations of the Club. The purpose of Mr. Hensley s briefing was to benefit the newlyelected Directors. He explained food and beverage costs, vendor/supplier monetary benefits (purchasing), theft prevention, portion control, labor costs (reservation system), productivity, and customer service satisfaction (93% are happy). He discussed the impact the reservation system has on our business and how it relates to controlling labor costs. The Board thanked Mr. Hensley for his presentation and he left the meeting at 10:10 a.m. 1

2 7. Presentation by HealthFirst: Representatives from our health care insurance carrier joined the meeting at 10:15 to discuss the upcoming implementation of the HealthCare Reform Act. They presented the basic requirements of the program as they are known at this point. The date for the corporate implementation of the program is September 2014 so budget considerations will be looked at in the near future. The individuals left the meeting at 10:55 am. 8. Reports of the IRCC Officers (con t) A. IRCC Status Report: COO/General Manager Robinson presented the status of current corporate activities. Items discussed included the following: 1) Work Order Processing: Work orders over 45-days stand at zero as of this date. 2) Maintenance Miscellaneous: A project has begun to install additional secure cables to the 170 or so small garage doors that have side-mounted garage door springs. These will sail around the garage when or if they break. Work has been completed on approximately 30 doors so far. 3) 50/50 Appliance Cost Share Program Update: For January 2013, nine appliances were procured under this program -- giving us 106 purchases (an average of 8 per month) in the last twelve months and 163 since program inception in May, B. Club/Colony Hall 1) Special Functions: January s only member function was the Board Appreciation Reception. 2) Non-Member Functions: We had five non-member events with 289 attending. 3) Club Maintenance: We had ice cream machine repairs as well as some refrigeration issues. C. Recreation 1) Play Status: COO/GM Robinson noted that the golf course numbers for the month of January show approximately a 16% increase over the same time frame in D. Administration & Accounting 1) Resident Membership Statistics: The COO/GM reported that the current statistics for membership are 87.2% Military and 12.8% Civilians. This is reviewed monthly to ensure compliance with the Deed of Restrictions and the Bylaws. 2

3 2) Recreation Fee Statistics: We have received $54,400 in recreation fees from real estate operations thus far for FY13. These 17 memberships represent 26 new residents (9 couples and 8 singles). 9. Advisory Committee Update: 10. Legal: a. At Ease Club Advisory Committee (AECAC): COO/GM Robinson reported the Committee had nothing which required Board action. b. Maintenance Advisory Committee (MAC): COO/GM Robinson reported the Committee had nothing which required Board action a. Tom Waldron provided an update on pending foreclosure issues. b. Brian Moran of Moran and Kidd gave the Board an overview of the Buyback policy. 11. Financial Report: a. January 2012 P&L s: Julie Roberts reported that the month of January was favorable in comparison to the budgeted results with a net operating loss from the four fee-based departments of $22,850 resulting in a positive variance year to date of $63,659. Also reporting and a not-so-favorable loss of $16,790 for the month from real estate for a total loss of $80,096 year to date Julie Roberts reported that the largest factor for the large loss in real estate is due to purchasing more homes for which there is carrying costs, fair market value write-downs, and realized losses upon sales of IRCC owned homes. b. Treasurer s Information Report, Investment Recap & Capital Reserve Status: Secretary/Treasurer Roberts discussed January balances, as follows: a. Operating cash status of $72,209. b. Line of credit balance $657,825 with an associated interest rate of 4.00%. c. Delinquent accounts totaled $317,730. d. Investment in nine IRCC homes of $1,190,572. e. Twenty four requested home repurchases listed totaling $3,000,444 with notation of four deceased and one under contract. f. Board restricted funds valued at $2,189,831 g. Capital Reserve balances of $1,669,696. After further discussion, it was moved and seconded to approve the Treasurer s Report, Investment Recap, and Capital Reserve Status. The motion carried. 3

4 12. Other Corporate Matters: a. Approval of New Members: The Board unanimously approved eight new members: IRCC welcomes our new members: Joseph & Maureen Bachmann John & Sandra Karsk Judith Palinkas Michael & Susan Barney David Clay Larry & Gale Cossette Robert & Patricia Zetterberg Don & Joan England 13. Other Business: a. Committee Member Approvals: As per the Board charter requirements, a motion was made and seconded to approve the members of the Plans and Policies Committee, the Architectural Review Committee, the Member Relations Committee and the Marketing Committee. The motion carried. b. Handicapped Accessible Van Lease: A representative from the corporate casualty insurance carrier briefed the Board on the unavailability of any insurance vendor willing to write an umbrella policy to cover IRCC in the event of an accident since the vehicle would be leased. A motion was made and seconded to decline leasing a van from V-Ride due to uninsurability. The motion carried. c. At Ease Club Remodel Architect and Contractor: The Board reviewed three proposals from architects to design the new At Ease Club. A motion was made and seconded to approve Holeman Group as the architect for the project. The motion carried. A motion was also made and seconded to contract with Totty Construction for the work to be done on the Club. The motion carried. 14. Reports of Standing and Special Committees: a. Budget and Finance Committee (BFC): Director Hatt, Chairman of the Budget and Finance Committee, noted that the Committee recommended the January statements for approval and be appended to the minutes. It was also reported that Bob Salmore, Assurance Director of McGladrey LLP discussed the results of the 2012 Audit at the B & F meeting at which all the members of the Board were present. He expressed his pleasure with our overall results, the management of our investments and the efficiency of the audit. Mr. Salmore also presented the Report to the Board and to the Executive Committee. b. Planning & Policy Committee (PPC): Director Novotny, Chairman of the Planning & Policy Committee, discussed the Emergency Operations Policy. Also, the Committee is looking at dates in May to schedule a Town Hall to discuss future needs of IRCC. 4

5 Chairman Novotny also presented two changes to the Financial Management Policy that were recommended by the PPC. A motion was made and seconded to approve the changes. The motion carried. c. Architectural Review Committee (ARC): Director Allison, Chairperson of the Architectural Review Committee, reported that it was a busy month in the ARC meeting as several New Business items were approved this month with 6 out of 10 items being paver driveway requests. Over the past 4 years, paver driveways have been a popular project in our community and this year is starting off with a bang. The Committee also reviewed several Standard Approved items this month to include, but not limited to, solar attic fans, aluminum storm panels, awnings and front entry screen enclosures. d. Member Relations Committee (MRC): Director Watts, Chair of the Member Relations Committee, reported that a total of eight memberships were recommended to the Board for approval. e. Marketing Committee (MC): Director Bickmore, Chairman of the Marketing Committee, reported that the committee will meet on Thursday and will have a primary focus on rebranding the IRCC name. 15. Adjournment: It was moved and seconded to adjourn the regular meeting at 1:29 p.m. A unanimous vote was received. Recorded by Sharon Wilson 5