FII BOARD MINUTES

OCTOBER 18, 2003

ADMINISTRATION BUILDING

 

I. CALL TO ORDER:

            President Fournier called the meeting to order at 12:30 P.M.

 

II. ATTENDANCE

            The following Members were present: Diane Babineau, Nancy Fournier, Dick Giggey, Carl Hommel (by telephone), Phil Perry, Jan Roberts and Dick Norris. Also present: Wayne Fournier.

 

III. APPROVAL OF MINUTES

            The minutes of the Board meeting of September 26, 2003, were approved unanimously with minor corrections, moved by Jan Roberts, seconded by Diane Babineau.

 

            The minutes of the Board meeting of October 4, 2003, were approved unanimously, moved by Diane Babineau, seconded by Dick Giggey.

 

            The minutes of the Stockholder meeting of October 11, 2003, were approved unanimously, moved by Phil Perry, seconded by Dick Giggey.

 

IV. BREAKOUT OF MARINA AND GOLF CLUB TAXES

            There was a discussion of how much of the real estate taxes paid to the Town were for the Marina and the Golf Course. It was noted that Joe Potts had made a request/motion at the FII Stockholders meeting of October 11th to have them broken out in the financial reports. Wayne agreed to get back to Joe on how to do this right.

 

V. AUTHORIZED EXPENDITURES

            A motion was made by Dick Norris, seconded by Dick Giggey, and passed unanimously to authorize the following expenditures:

·         Real estate taxes for the first half of 2004                                                  $25,000

·         Administration building repairs                                                                      75,000

·         Winter office rent                                                                                               2,700

·         Repairs at Community Center (teen room, meeting room, roof) – up to   25,000

·         Fire suppression system in café kitchen – up to                                           3,000

·         Balance of management fee                                                                            4,000

Total – up to                                                                                                                       $134,700

After learning that the cost of winter office rent was incorrect, a motion was made by Phil Perry seconded by Dick Giggey, and passed unanimously to amend the previous motion by changing the authorized expenditure for winter office rent from $2,700 to $3,600, bringing the total authorized expenditures up to: $135,600

VI. PROJECTED YEAR-END CASH POSITION

            Figures were presented by Wayne Fournier to estimate the year-end FII cash position as follows:

·         Oct. 16th Balance Sheet report of Total Bank Accounts                       $115,515

·         Oct. 17th lot sales received – Biladeau                                                       17,500

·         Lot sales anticipated:

-       Blackmore (after netting $1,000 deposit already received)                 24,000

-       Fournier (after netting $1,000 deposit already received)                     15,000

-       Harry McCarty                                                                                           17,550

                                                                                                                            $189,565

·         Less:

-       Authorized expenditures (see Paragraph V.)                                    –135,600

-       Land purchase due David Treacy                                                         –15,000

Estimated net minimum balance                                                                       $38,965

 

VII. PROJECTED TAXABLE INCOME

            Figures presented by Wayne Fournier and Diane Babineau provided a projection of FII’s net taxable income at year end as follows:

·         Projected year-end income from 10/16 Profit & Loss statement          $103,995

·         Plus:

-       Non-deductible taxes of                                                                             4,000

-       Additional real estate sales                                                                     74,050

                                                                                                                                        $182,045

·         Less;

-       Estimated allowed depreciation                                                             –34,500

-       Expenditures authorized at this meeting (see Paragraph V.)           –135,600

Estimated net taxable 2003 income                                                                   $11,945

 

VIII. WINTER MEETINGS AND ASSIGNMENTS

            The first winter meeting will be held jointly with the BOS/BIT meeting on Saturday, December 6th in Saco. The date for the second winter meeting will be decided at that meeting.

 

In preparation for the December 6th meeting, we agreed to think about whether FII should turn over the golf course and/or the marina to the Town. Wayne agreed to investigate how state law might affect or constrain such transfers.

 

IX. ADJOURNMENT

            It was moved by Jan, seconded by Phil that the meeting be adjourned. The motion was then passed unanimously. The meeting was adjourned at 2:33 P.M.