September 16, 2020

Bayport Marina Association

Board of Directors Meeting Minutes

Combined Meeting / Conference Call

September 16, 2020

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.

1. Call to Order

The BMA board meeting was called to order at 6:31 pm by the Commodore, Tore Detlie. It was confirmed that a quorum was in attendance for approval of business items.

2. Mullen’s Model Presentation

Curt Gray and Kori have requested the assistance of our auditor, Mike Mullen, if they can prepare a financial analysis to determine BMA’s ability to fund potential future projects including a purchase the purchase of the restaurant property, while keeping BMA within our nonprofit status.  After our initial conversations with them, we have not heard from Mike and we do not know why.

Our plan B is, if Mike cannot deliver on our ask, Kori will reach out to Steve Paquette, who developed the spreadsheet the Board was working through for the BMRP project, that illustrated the financial plan for the capital improvement, to see if he can assist.

3. Business Meeting

Approval of Meeting Minutes

1. A motion by Rachael Harvey was made to approve the August 19, 2020 BMA Board Meeting Minutes and was seconded by Curt Grey. Approval by the BMA Board was unanimous.

Lemanski Email Response

20. Email to membership: Reviewed questions from board and read through letter with reasons listed during discussion. All board members are in agreement that the current letter should be sent out to membership, after Kori will adds the cost of expenses for “warranty” job and insurance settlement amount, on 9/17/20.
21. Cease and Desist Letter – have Bill Kranz draft response to Cease and Desist Letter and return to Lemanski’s lawyer before September 24.
22. Insurance: Since we/Kori and Tore had been in receipt of the Cease and Desist Order, it was felt that she should inform the insurance company of this recent action. The Board approved her moving forward to notify the insurance company

4. Financial Review – Curt Gray, Treasurer

Total Income:

Profit and Loss Budget vs Actual – November 2019 through August 2020:

• Total Income: $1,966,494; +$69,057 vs budget; +30,364 vs last year
• Total Expense: $1,710,016; -$99,913 vs budget; -$125,585 vs last year
• Net Income: $269,639; +$203,232 vs budget; +$83,556 vs last year

Balance Sheet as August 31, 2020:

• Total assets: $5,608,806; +102,812 vs last year
  • Cash on hand is $680,821
• Total liabilities: $507,632; -$87,465 vs last year
  • BMRP loan balance is $415,059

Board Reviewed 2020 – 2021 Income Only Budget Draft from Kori and gave approval to plan for projected Ordinary Operating Income of $2,366,856.

AR Aging Summary as of August 31,2020:

• Account receivables balance as of 8/31/20 is $178,842, up from $86,800 the previous month. Only $626 that is more than 90 days past due.

5. Marina Operations

• Kori is filling in on the roles of the Office Manager with Daniele no longer being in the position and Ellsa has stepped in to assist with some of the role.
• 200 boats are on schedule for haul out. Kori met today with all departments in the marina to review canvas/refinishing/mechanical work that is scheduled for the off-season.
  • Canvas – 23 committed jobs, several estimates still possibly adding.
  • Refinishing –10 committed jobs, several estimates still possibly adding.
• It does not appear we will need to lay anyone off over the winter as there appears to be enough work with this, along with outdoor projects such as the service building siding.
• Pool: winterized on September 14, new pool cover being fabricated right now.
• Asphalt Seal crack: Seal crack and sweeping complete.
• Trash: working out growing pains with schedule, but so far, providing better service with weekly pick-ups of the recycling.
• Credit Card Fees: continue to be overbudget. Project was put on hold upon Daniele’s departure. Kori looking into another company that could save us 7,000-9,000, this change will happen at the beginning of November after we transition out of in-season.

6. New Business
7. Hamline University MBA’s – Strategy for Property – Matthew Kasinkas

Matthew presented this program, suggesting they assist us to determine if the purchase of the restaurant property would be beneficial to BMA.  All board members felt that this was intriguing, and they could potentially help us, but the group felt that these types of plans were premature, and we did not have enough information on our financial analysis to move forward at this time.  Matthew will find out if they will have a spring semester project, as we may be more prepared to work with them at that time.

7. Old Business
   1. Property Committee Update

A great deal of discussion took place concerning potential uses for the property, purchase and purchase price, clean up, etc.  The committee reported that Bob Reilly had performed an assessment of the building, and the building is not suitable for refurbishing at this time and would most likely need to be demolished.

1. Long-Range Planning Committee Update

This committee has not had enough time to meet as the focus has been getting information regarding the purchase of the restaurant property.  Kori, Meredith and John will be meeting and presenting information at the October Board meeting.

1. Key Card Access System

The old system dates back to 1992 and is no longer able to be

updated. Board Approval given to move forward with the purchase and implementation of a new system with spending up to $8600 in lieu of the proposed snow plow equipment that was originally in the capital improvements budget.

8. Call to Adjourn

A motion by 8:42 pm, Tore Detlie made motion to adjourn, Curt Gray seconded the motion.

Meeting adjourned at 8:42 pm.