BOARD MEETING

GARDEN STATE YACHT CLUB

JULY 15, 2007

A quorum being present Commodore Jack Dashosh called the Board Meeting of the Garden State Yacht Club to order at 2:05 PM. After a roll call of officers, a notice of the meeting was submitted to the Secretary.

The minutes were accepted as amended.

There was no correspondence and no report from VC Unger.

RC Sharon Gruber reported that there had been four phone calls on the membership phone. She has spoken to one person and is following up on the other three calls.

Commodore Dashosh reported that PC Berger is following up on those applications given out at the new membership open house held on June 24^th.

There were no other committee reports.

FINANCE COMMITTEE

PC Karpas reported that we will have a dues shortfall of $16,000. The Finance Committee budgeted for 51 full dues members and 3 half-members. In actuality we only have 45 full dues paying members, 7 half dues members and one member “grand fathered” in. It was the Committee’s mistake as they knew about the requests for dues extensions and possible medical leave applications which were not received by the GSYC until May, 2007.

The dock income is also down. The GSYC had to pay house and grounds bills incurred from 2006 which were not received until this year. Accordingly our outside contractors are over budget by $5000. In total the GSYC has a budget shortfall of $24,000.

PC Karpas moved that the Finance Committee be allowed to investigate the possibility of obtaining an equity line of credit. After discussion, the motion was passed.

Treasure Bob Margolies reported that the real estate tax bill we received from the Borough of Hopatcong for 2007-2008 is $40,000. This is based upon the GSYC property being assessed at $2,394,000.

PC Karpas moved that the Board allow the Stock Committee to pay the $4500 needed to buy a water Neutralizer. This is urgent as the hard water is starting to erode our pipes. The motion was passed.

OLD BUSINESS

Commodore Dashosh reported that Bobbie Grosslicht has asked to be relieved of serving on the Nominating Committee due to ill health. He moved that she be replaced with Jerry Grosslicht. The Board defeated this motion as they felt that they would like to keep the composition of 3 men and 2 women. RC Gruber nominated Sandy Gaynor and this was passed unanimously.

TAX APPEAL

Mark Gruber reported that the GSYC filed its tax appeal on July 13^th. The Tax Assessor is willing to compromise but must talk to the Tax Board before she sits down with us. The meeting will be scheduled within the next 2 weeks. Mark Gruber was given permission to agree to a reduction in tax assessment that would result in 2007-2008 tax bill in the range of $34,000 to $38,000.

PC Karpas reported that Luis Veronica want to meet with him to discuss the possibility of their renting the caretaker cottage. They would like to pay a monthly rental of less than $1000. PC Karpas was authorized to “make the best deal possible”.

NEW BUSINESS

There was a discussion about letting age appropriate children attend evening performance events after dinner. The Commodore will have the final decision as to what is “age appropriate”. There will be a separate charge for dessert for persons not attending dinner.

VC Unger suggested that next time we have an outdoor party we let the neighbors know and maybe even invite them. The suggestion came about because the police had an anonymous phone call complaining about the noise after Lobster Night.

The Board voted for the following modifications to our bar charges:

$4.00 for wine and alcoholic beverages.

$3.00 for beer

$1.00 for each soda.

Commodore Dashosh advised that many members resent being charged for espresso and cappuccino especially at the more expensive evenings. Treasurer Margolies moved that Rick be paid $10 from the Tab Account every time espresso and cappuccino is served at a function. The motion was passed.

The meeting was adjourned at 3:25 PM

Respectfully Submitted,

Jean Ellen Kaufman