The board had a third executive budget meeting at the Clubhouse. Presided over by president Maureen Roland. Present were: Vice President, Jack Reilly, Secretary/Treasurer, Celia Van Duyne, Directors, John Mallin & Patrick Gilmartin. Recording secretary – Mary Beth Vrazel

1. Celia gave John the first 25% from August Machine sales to start the emergency fund as agreed upon by the board.
2. Jack reported that Lakeview’s lawyer, Clark Connor would be coming to meet with the board at the Clubhouse to discuss the possibilities of how to lower the taxes. Maureen questioned why our tax exempt status didn’t qualify us for more breaks. Celia clarified our tax exempt status was not as a charity but only for corporate federal taxes. Maureen questioned whether this could be researched to see what kind of community outreach programs were required.
3. Celia informed the board that the liquor license was changed this year to include 4 buyers on the list. Maureen and Patrick were added to the list.
4. Maureen reminded everyone of the catering phone machine that was set up at her house. The payment for that phone would be paid annually and copies of the monthy payments would be copied to account for the one lump payment.
5. Oil prices were discussed once more. All of the prepaid deals were missed as we didn’t have the funds at the time. Now prices are high, should we wait, maybe they’ll go down?!? No decision was made, lots of suggestions were offered.
6. Maureen questioned about the third loan she noticed on automatic payment and Celia informed everyone that the bank had made a mistake by deducting someone else’s loan from our account. The bank issued a credit to our account.
7. After Celia clarified some questions Maureen had about the equity loan it was decided that a balance sheet would be included with the P&L for the annual meeting so that members could see something that shows equity and liabilities, mortgage and depreciations. John also thought it was important to show assets, which are not included on the P&L.
8. Maureen reminded everyone about the baord’s approval for a dock on the lake and the board’s offer of up to $300 if the dock committee’s funds ran out. Rob Cora had questioned whether his committee could give away lake rights as part of the payment for installing the dock. The Board unanimously said NO. Rights to the lake come with membership only.
9. While ironing out the budget, recycling was brought up. This is something that needs to be researched and would also need voluteers to help spearhead the effort. Any hands?!?!
10. Next meeting tentatively set for Sept. 5th at 11 am or 6:30 pm.