FII BOARD MINUTES
OCTOBER 18, 2003
I. CALL TO ORDER:
President Fournier called the meeting to order at 12:30 P.M.
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
- 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 FIIs net taxable income at year end as follows:
· Projected year-end income from 10/16 Profit & Loss statement $103,995
- Non-deductible taxes of 4,000
- Additional real estate sales 74,050
- 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.
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.