August 19, 2020

Bayport Marina Association

Board of Directors Meeting Minutes

Combined Meeting / Conference Call

August 19, 2020

Commodore Reception

Numerous former Commodores present:  Eric Pederson, Val Fuller, Russell Sheaffer, Morgan Fudge, Marcus Gernes, Tim Berkness, Ron Rorvick, Amy Tolbert.

Call to Order

• The BMA board meeting was called to order at 6:08 pm by the Commodore. It was confirmed that a quorum was in attendance for approval of business items.

1. Business Meeting

Approval of Meeting Minutes

• Discussion was made regarding wording of the property committee section and a change was made to say manage the property verses the restaurant. A motion by Tore Detlie was made to approve the July 15, 2020 BMA Board Meeting Minutes and was seconded by Bill Given. Approval by the BMA Board was unanimous.

1. Financial Review – Curt Gray, Treasurer

HIGHLIGHT:

• The financial big picture is that there is very positive on the income side, as well as expenses.
• There are additional spend that will happen this year including 20 ton trailer purchase, siding, and other projects that are currently in progress.
• In good shape on AR, total balance outstanding of $86,800.

• Bill Given asked how much of our profits can be moved into our reserve fund without jeopardizing our non-profit status. Kori will contact Mike Mullen, our auditor, as to how much we can put in reserve.
• The long-range planning committee is in the process of updating our long-term/capital improvements spreadsheet to address future needs. This will be brought to the board at the September board meeting.

November 2019 through July 2020; Profit and Loss Budget vs Actual

Total Income:

• Total income is $1,562,994.

Total Expense:

• Total expenses are $1,463,432.

Net Ordinary Income:

• Total ordinary income is $99,562.

Net Income:

• Total net income is $69,209.

November 2019 through July 2020; Balance Sheet as July 31, 2020

Total Assets and Liabilities:

• Total is $5,370,083. $525,000 which is cash assets, $422,000 which is the BMRP loan balance.

AR Aging Summary:

• AR summary shows as of 7/31/20 a $86,800 account receivables balance, down from the previous month. Management has reached out to all individuals with past due amounts and are expected to make payments, but that is only $3000 that is more than 30 days past due.

• Marina Operations

General Update – Kori Derrick-Cisewski, General Manager

The following is a review of the general marina activities.

• No incidents of COVID-19 in the marina.
• Haul-out forms have been sent out. There will be six week for haul-out this year due to being COVID-19 cautious. The schedule to be released during the first week of September.
• Reservation forms to confirm slips for the 2021 season will being sent out the second week of September.
• The new 20-ton Conolift trailer is being built right now, it will be delivered after haul-out.
• Concrete to the front entrance of the office has been replaced, reducing the possible trip hazards.
• Rip Rap install has been completed by the Fuel Dock. We did not have enough funds to make it to the culvert. We will slot additional funds for future years, but what was installed will reduced erosion concerns.
• The siding for the service building will be delivered in early September, this expense has not come out of the Capital Improvements G/L yet.
• Bituminous roadways – getting updated bid to perform cracking sealing. This needs to be done before haul out. Approximately $23,000 for this work.
• Working on estimates for access card readers that would be cloud based. The current system was installed 1992 and becoming more antiquated and updates are not working properly. General discussion was made to understand the current system and why it is required. Two vendors being entertained. Other secured doors can easily be added in the future with the cloud-based system.
• The service department remains busy. No new boats from Marine Max were rigged this year, so financially that is what we are down by.  The canvas department is working on some templates for bow seats and additional winter work.
• No updates on Mr. Berglund from Washington County.

1. New Business

Item A – Raising Rent Rates – Proposed slip rates reviewed

• General discussion on raising rent rates – suggestion of raising 10% over other marinas in the area. The rates will be reviewed, and it will be determined for each slip type.

Item B– Investigation of Restaurant Property (Property Committee)

• The board gave Jason Fabio the authority to meet with Group 41 through his contacts for investigative purposes. Jason will report back as to any interest Group 41 may have on the sale on the property.
• General discussion was had concerning a letter and/or survey monkey to the Membership.
• The City of Bayport would be thrilled to have new owners. (up to 35 feet, two floors with rooftop venue). First State Bank and Trust would working with us for funding. Recommendation made to demolish the building and start from scratch.
• Do we open to Members to purchase? General discussion took place as to the use of this building and the acquisition of the property.

Item C – Long Term Planning Committee

• Long Term Planning Committee has met. New Spreadsheet will be presented in September.

Call to Adjourn

• A motion by 7:18 pm, Tore Detlie made motion to adjourn Tore Detlie the meeting and seconded by Bill Givens.
• Meeting adjourned at 7:18 pm.