The meeting was called to order by President, Dave Zorb at 7 P.M.

Members present: Bob George, John Seabolt, Nancy Riale, Lisa McVey, Dave Tober, Bud Townsend, Costen Shockley, Jim Stock, Dave Zorb, Doris DeFilippis.

Bud Townsend moved to accept the minutes from the previous meeting, as amended, stating that if you are not paying dues you must turn in your Stock as you no longer have privileges of a shareholder, seconded by Allen Baker. Motion passed unanimously.

Financial Report:

Tobes summarized the details of the loan with the bank. The Club is asking to borrow $2,000,000.00. The first mortgage will be for $1,725,000.00 at 8.25% for 25 years, a longer term but reduces the principal payment which is better for the Club. The second mortgage will be for $275,000.00 over five years to use as we need (Line of Credit) and without any restrictions by the bank as to how it is used. . Full payment of the $275,000.00 would be due after five years. After that, the principal payments will go towards the first mortgage. All of the fees will be paid out of the loan. Tobes is very optimistic that the loan will be accepted by the bank. He will try to get a definite decision tomorrow.

An interest payment of $12,400.00 is due in January and a principal payment of $40,000.00 is due in February.

Finance Committee is still writing off Accounts Receivables. They wrote off four members’ balances with an approximate total of $8,000.00. The Club will go after this money in Small Claims Court.

Kerry will continue to do payrolls on Tuesdays, for a short while.

Accounts past due will be handled as such: 30 days – a phone call, 60 days – a letter, 90 days – collection and name posted.

Re Billing: Corrections have been made to all of the errors. We now understand the program better.

$21,000.00 to $29,000.00 has been deposited into Tim’s account. There is $11,000.00 in Capital Funding.

Tobes is meeting with Fred Palmai again tomorrow re the Controller’s job. Fred wants to advance the accounting system and wants to outsource payroll.

There will be an Employee meeting with Coventry re medical insurance. Rates are going up. Coventry is a little cheaper than Blue Cross/Blue Shield. Bob George suggested that maybe there are other Clubs having the same Medical Insurance problem and perhaps we could combine with them for better rates.

An internal audit has not been scheduled yet. Tobes advises that an External audit is due. Jim Stock suggests that we should go over the last year’s audit to make sure that everything has been taken care of from that audit.

Bob George moved to conduct a review of the books for tax year 2006. Motion was seconded by Lisa McVey. By unanimous vote the motion passed.

Liability on the truck costs $1,000.00 a year – used for garbage. Suggests that we might get rid of the truck and use some other method for garbage.

Need a full inventory of golf equipment taken.

Capital Fund. The value will be posted by end of January.

Bob George moved to give Harry $5,000.00 to get started working on the drainage projects for the winter. Holes #11 and #18 are first. Seconded by Bud Townsend, motion carried by unanimous vote.

Golf Committee:

A total list, in chronological order, of golf outings will be completed soon.

Club Championship – members should be encouraged to make something special out of this event.

Rules & Regulations should be enforced where noted by Bud.

Costen:
Re submersible pump – The estimate received for direct purchase from the company indicates that we will save $2500.00, with our installing it. Otherwise, it will cost about $6,000.00, with us doing the work ourselves.

Lease Equipment: This seems to be the best way, to lease a tractor with a bucket from John Deere. Tobes will look into leasing vs. buying. Costs are $20,000.00 to buy new and $12,000.00 new for a mower.

We still have a problem with #7 as far as flooding. Costen to look into this again.

Nancy:
She is getting a list to send to members re e-mail addresses, to advise of upcoming events.

Allen:
The sewerage is to be corrected on Monday, January 22nd.

Re the cracked boiler – had to be shut off and are using the backup boiler. Cracked boiler seems to be unfixable--the total cost is probably around $10,000.00 to replace.

There are blockages in piping running through the air handler. We need an acid evaluation on the system. National Engineering still working on a solution on the air handler.

Nancy Riale moved to give approval for whatever Allen gets as a price on the boiler and air handler. Seconded by Costen, Motion carried on unanimous vote.

The electrical inspector is waiting for the circulating pump to be installed and then will have an inspection done.

Membership:

Reviewed letters that Dave has written to send to people on LOA suggesting what their choices are instead of resigning.

If you still have Stock and have paid an initiation fee, there should be minimal financial requirements to activate your membership. There should not be any harsh penalties to reactivate a membership.

. Dave to work up a new policy for people who have been on LOA, or resigned, but never turned in their Stock certificate and now want to become active again. Should they be charged on coming back in?

All paperwork has to be looked at and organized before we can make decisions on what to do.

The current count for the Club is 300 Shareholder members

Frank Robino paid $25,000.00 in cash to hold 25 shares of Stock for future shareholders. We did not get any members from this deal. Frank Robino lost $25,000.00, his deal expired last year. Dave Zorb is going to contact him to determine if there are some possible options.

John Seabolt:
We need a water pump, new fence with some new posts and some painting to be done. Re the labor, could we get volunteers to do this?

50/50 Fund: this fund is not being managed. Tobes is to set up an account up for this and John is to manage it.

We need someone on Saturday to open clubhouse before 7:30 a.m. so people can get to their lockers and use clubhouse while waiting for breakfast. Nancy and Bud will take care of this.

Nancy moved to approve the discussion from the Executive session, Jim Stock seconded the motion and the Board unanimoui\sly approved the motion.

Meeting ended at 10:20 P.M.

Respectfully submitted,

Doris DeFilippis