September 2020 Board Meeting Minutes

Enchanted Lake Residents Association Board of Directors Meeting, Tuesday, September 8, 2020

Conducted via Zoom: Present:  M. Novack, D. Young (by proxy), G. Colbert, S. Harding, G. Gustavson, A. Richardson, D. Medeiros, J. Bean, L. Jenks , D. Kroll (by proxy), J. Fernie, M. Compton, R. Castanha (by proxy), M. Spencer (Administrative Assistant), and C. Turner (Webmaster).

Absent:  G. Lingle

Approval of Minutes:  Due to the on-going COVID-19 pandemic, the August 2020 meeting consisted of a compilation of business reports conducted via email by the BOD.  The August minutes reflect these reports.  The August Minutes were approved unanimously.

Finance:  The monthly Financial Report and final Draft Budget for 2020-2021 were sent to all Board members by G. Gustavson via email.  There were no unusual expenses in the August Report. The August Report was approved unanimously.

Committee Reports:

Finance

Annual Budget for 2020-2021, G. Gustavson reported the first expenses for dredging planning and execution will be paid from the QSF Trust.  Thus, they are not listed in the annual budget.  Remaining payment will come from the Class Action allocation and our general operating funds, both being included in this budget.  Interest income will be lower as interest rates have dropped.   Additionally, as CDs have matured, those funds have been moved to cash to allow them to be available when they are needed to support dredging. As we will be unable to have an annual meeting, there will be no dinner expense.  However, our printing and mailing costs will increase.  M. Compton reported that the hull of the security boat is coming apart and needs extensive work.  He has done many repairs to both the hull and engine himself over the years.  At present he is waiting for a part for the air cleaner of the engine.  Thus $20,000 for a newer security boat has been budgeted.  The proposed budget for 2020-2021 was also approved unanimously.

Administration

Articles of Incorporation:  As represented in the attached Motion, the ELRA Articles of Incorporation as amended and restated, were presented by D. Young for approval in writing and seconded by M. Novack.  Discussion followed and the new Articles were approved unanimously.

Bylaws:  As represented in the attached Motion, the ELRA Bylaws as amended and restated, were presented for approval in writing by D. Young and seconded by M. Novack.  After discussion, the new Bylaws were approved unanimously.

Next Meeting Date:  The next meeting is scheduled to take place on Tuesday, October 13, 2020.  Because of the COVID-19 pandemic, we are unable at this time to announce whether it will be in person (and where) or by Zoom as it was this month.  The meeting was adjourned at 7:38pm.