February 17, 2021

Bayport Marina Association

Board of Directors Meeting Minutes

Combined Meeting / Conference Call

February 17, 2021

This BMA Board meeting was conducted via Zoom video conference call pursuant to the Emergency Executive Order 20-04 Providing for Temporary Closure of Bars, Restaurants, and Other Places of Public Accommodation issued on March 16, 2020.

Business Meeting

1. Call to Order/Opening Comments

The BMA board meeting was called to order at 6:37 pm by the Commodore, Tore Detlie.  It was confirmed that a quorum was in attendance for approval of business items.

1. 1. No COVID infected staff at BMA.

1. Business Meeting
   1. Approval of December 2020 Minutes

Motion from Curt Gray to approved, seconded by Bob Reilly, unanimous approval.

1. YTD Financial Review

YTD P&L’s:

Profit and Loss Budget vs Actual – November 2020 through January 2021:

• Total Income: $297,239; +$83,619 vs budget; +$69,343 vs last year
• Total Expense: $420,696; -$51,195 vs budget; +$43,016 vs last year
• Net Income: -$123,191; +$134,815 vs budget; +$26,326 vs last year

Balance Sheet as January 31, 2021:

• Total assets: $5,534,474; +368,458 vs last year
  • Cash is $558,552
• Total liabilities: $364,751; -$157,222 vs last year
  • BMRP loan balance is $353,617

AR Aging Summary as of February 17, 2021:

• Total A/R Balance: $319,643 – includes assessments and rental invoices due 3/1
• Over 30 days A/R balance: $5,769.26.

1. Audit Review

Changed fiscal year ending for the first time in October 2020. As in previous years, no issues, clean audit and all financial statements presented appropriately.

1. Marina Operations – General Update
   1. Slip Update

• Launch paperwork has been sent out. Ellsa and Kori are still familiarizing themselves with DocuSign, so there was one issue with the launch paperwork when sent out, but it has been corrected.
• Only 18” of ice currently in the harbor and the bubblers will be started soon to open the entrance of the marina so we don’t have any ice damage.
• Siding is complete on the Service building, went very well, some paint needs to be touched up on the block walls and on the trim when temps are warmer.
• There is enough scrap material left to reside the fuel dock, so the staff will be doing that in the coming weeks.
• Currently there are four boats in the shop, resulting in a very crowded situation, not completely efficient, but getting the necessary work complete. There are five more boats needing to be brough into the shop before launch starts.
• Slip Update – only one slip open, a sailboat slip.
• Marine Max committed to renting the A/B crosswalk in addition to the 12 slips the rent on D-Dock.
• Nick Lutfi, Service Technician, will be taking classes for many different types of service/installation for marine electronics. This will also allow us to be a Dealer for Wintron that distributes all major marine electronics.

1. New Business
   1. Marina Insurance

• The Marina industry is expected to have higher rate renews. BMA also have a high loss rate due to the fresh water drowning that happened on our property (no current claim, but a reserve has been set aside incase) and the Lemanski settlement. Our broker does not suggest shopping for new insurance at this time, because due to our losses we would not find a company willing to take us on. Additionally, our broker is suggesting we increase our Cyber coverage, as our current policy is bare bones. Recommendation was to increase this amount due to possible computer fraud, unauthorized system access, fund transfer fraud, possibly some outside person stating the bank needs to transfer funds, etc. It was determined that we should investigate and review the possibility of increasing our cyber coverage between $250 – 500K. Kori will complete the application to get annual pricing.

1. 1. Equipment Recertification/Safety Audit

• Our staff is due for e forklift and Travelift recertification (required every three years). Kori requested that the board approves an annual contract with Safety Solutions for both the recertification training as well as a safety audit and new OSHA Covid Requirement Documentation $3500 verses $3000 for just the training.

1. 1. Retaining Wall

• Kori is continuing to seek bids on the retaining wall that needs replacement by the service department. Bob Reilly offered to help review the current bid and offer suggestions. This is work that could not be complete until we are done with launch.

1. 1. Annual Meeting, BOD candidates

• There will be three people needed to be elected to the BOD, but three current members, Rachael, Matthew and Tore, are all interested in running again. There are two new owners interested in possibly running.
• Board chose to pick an Annual Meeting date of Wednesday evening, July 16 via Zoom. Kori to announce via From the Helm in the next couple weeks.

1. Old Business
   1. Property Committee Update

• Property Committee continue to work on exploring other avenues due to lack of communication from Group 41.
• Curt Gray suggested we could investigate Service department improvements – spend money and something that is immediately revenue generating.

1. 1. Long Range Planning Committee Update

• Several of the items on the Long-Range Planning list are on hold as we were waiting on if the Restaurant Property purchase comes to fruition.
• The retaining wall will take some of the capital improvement funding and some approved purchases, such as a scissor lift have happened.
• Concerns were discussed about the grounds, trees, landscape plan, but again until we know the direction of the RP we don’t want to move forward with anything because it would be a multi-year project/expense.
• On hold improvements will be discussed at the May BOD meeting.

1. Adjourn

Rachael Harvey motioned to adjourn; John Gagich seconded.  Meeting adjourned and 8:33 pm.