The meeting convened at 7:10 PM at the home of Michelle Lapides and was chaired by the Association President, Patrick Winterschladen.

• Board Members present included: Patrick Winterschladen, Jeff Bach, Michelle Lapides, Kevin Cline, and Paul Behrends. The attendees met the quorum requirements for formal Board actions.
• Michelle Lapides offered a motion which was seconded by Jeff Bach to waive the reading of the minutes from the last meetings. The motion was passed with a voice vote.

Old Business:

Jeff Bach provided the financial status:

Year to date:
Balance on 31 December 2002 $20,043.23
Income $123,846.45
Expenditures $95,482.17

Reserve Fund $16,572.13
Current Operations Cash $31,835.38
Current Status:
Operations Cash $31,835.38

Reserve Fund
August 1999 Contribution $4,567.00
August 2000 Contribution $4,567.00
August 2001 Contribution $5,567.00
Interest Earned $1,871.13
Total Reserve Fund $16,572.13

Swim Team Cash $2,806.29

Total Capital Funds Left $51,492.29

New Business

Calendar Year 2004 annual budget . Jeff Bach provided a review of the Pool Association Budget for the Calendar Year 2004. Significant items on the budget which were discussed included:

Current Year Performance – Jeff Bach noted that current year actual expenses under-ran the budget by approximately $900. This was primarily due to increased income from membership dues.

Membership Dues

In order to encourage timely payment of annual dues, a prompt payment discount will be applied to dues. This discount will terminate upon the opening of the pool for the summer.

The proposed calendar year 2004 dues for the various categories of membership include:

• Resident Regular $375 ($355 with discount)
• Resident Annual $675 ($655 with discount)
• Non-resident Regular $425 ($405 with discount)
• Non-resident Annual $750 ($710 with discount)

Jeff noted that our current non-resident membership of 87 is closely approaching the administrative cap of 90 members.

•  Repairs:

• Jeff Bach noted that he was uncertain on the assignment of specific repair and maintenance items to cost categories. Based on discussions at the meeting, he will confer with the accountant and adjust cost category assignments for those items in question.
• Jeff Bach noted that the 2003 actual expenses for repairs were significantly higher than previous years because of the need to replace the diving boards.
• The possibility of making diving board replacement a capital item in lieu of a repair item was discussed. Jeff Bach will pursue this subject with the accountant.
• The establishment of a line item for Pool Equipment Maintenance was discussed. The consensus of the Board is that such a reserve item should be budgeted at about $1,000 per year.

Administrative Expenses – Jeff Bach noted that actual expenses for administrative supplies and printing for the current year are zero. Based on experience from previous years he has budgeted $100 each for printing and administrative supplies.

Entertainment Expenses – Michelle Lapides suggested that the funding of entertainment for the regular PotLuck Parties be investigated. Experience this year indicated that there didn’t seem to be a need for the paid entertainment

Jeff Bach will make the required corrections to the presented budget for presentation at the next Pool Association General Meeting. The corrected budget is attached.

Michelle Lapides moved that $8,067.00 be transferred from Operating Funds to Capital reserve to meet the budgeted contribution for calendar year 2003. The motion was seconded by Jeff Bach, and passed with voice vote.

Michelle Lapides moved that $28,000.00 be transferred from Operating Fund to Capital Reserve to meet the budgeted contribution. The motion was seconded by Jeff Bach and passed by voice vote.

Pool House Rentals – Patrick Winterschladen noted that he was once again approached by a non-resident about renting the Pool House for a rehearsal dinner. He advised the caller that the rules require that a resident rent the facility, and be present at the event. The consensus of the Board is that Trina Burks be advised of the proposed rental so that she can be alert to ensure meeting the Association requirements for renting the facility.

Adjournment – The meeting adjourned at 8:03 PM.

Respectfully submitted: Paul Behrends, Secretary