VANDERBILT COMMUNITY ASSOCIATION, INC



VANDERBILT COMMUNITY ASSOCIATION, INC.

VANDERBILT COUNTRY CLUB

BOARD OF DIRECTORS MEETING

I. Call To Order: A meeting of the Vanderbilt Community Association, Inc. Board of Directors convened in the Wedgewood and Waterford Rooms at 8250 Danbury Boulevard, Naples, FL, on Thursday, December 20, 2007, at 5:00pm. Notice of this meeting was posted on the Vanderbilt Country Club website and on the community channel.

II. Establish Quorum: Directors: Denis Davidson, President; Kevin Gorham, Executive Vice President & Treasurer; Kent Friedman, Secretary; Joan Cappiello, Vice President; Dan Gritti, Vice President; John Laliberte, General Manager; Niki Dutton, Membership Director; Pat Zymros, Controller and approximately 9 resident members were present. Mr. Davidson and Mr. Friedman attended via conference call. Noting that a full quorum was present, Mr. Gorham called the meeting to order at 5:00pm.

III. Review/Acceptance of Minutes: The November 12, 2007 Budget meeting minutes, the November 12, 2007 Annual meeting minutes and the November 15, 2007 Board meeting minutes were distributed to all board members prior to this meeting for their review. As there were no corrections or additions to the meeting minutes, three motions were made by Mr. Gritti to accept the minutes. Mrs. Cappiello seconded the three motions and the minutes were approved unanimously.

IV. Treasurer’s Report: November 2007 Unaudited Financial Report - Kevin Gorham: Mr. Gorham distributed copies of un-audited financial report to the Board.

Balance Sheet: Total cash on hand is $665,178 compared to $584,812 prior year. Golf inventory is $131,464 compared to $113,744 last month and $135,760 prior year. Appears as though sales are improving. Total current assets are $1,179,439 compared to $1,281,394 prior year. Under Fixed Assets, the “golf course” had a small change $3,583,566 compared to $3,542,021 prior year due to flowers on holes 7-12. There was a change of “land improvement”, which is $11,030 compared to $6,566 prior year due to the established benchmarks on the property, as well as, some work completed by Crown Development. Under “entryway improvements” $8,616 was added to fixed assets, as this is a new line item. Mainscapes, Inc has completed this work. The total fixed assets are $11,180,248 opposed to $11,249,572 prior year. Under liabilities & equity, there were no major changes to report. The total liabilities & equity are $12,359,686 compared to $12,530,965 prior year.

Income Statement: The income for the month is unfavorable to the budget by ($15,341). The income year-to-date is unfavorable to the budget by ($42,471).

Cost of sale for…

Food: Unfavorable to the budget ($8,817) or (10.8%) and is unfavorable year-to-date budget by (1.6%).

Beverages: Favorable to the budget $1,940 or 4.4% and favorable year-to-date budget by 1.4%

Golf: Unfavorable to the budget by (1.5%) and favorable year-to-date budget by 2.4%.

Variances for the month were food sales ($3,385), cart fees ($3,355), merchandise sales ($6,521).

Total expenses for the month were unfavorable to the budget by ($24,652). The total expenses year-to-date are favorable $116,824. A couple anomalies are in cost of sales of food, which was 11% over budget for the month, the kitchen payroll was over budget and the food and beverage payroll was over budget. Joe Newell, Clubhouse Manager and Chef Mitchell Excell distributed a letter to the Board previously, stating that they are aware of the overages and are taking the proper steps to resolve and improve in these areas. The total net profit/loss is favorable to the budget $98,417 for the year, with one month left to go.

Summary of Aged Receivables: The lien that we had against one unit over ($10,127.92) was bought out by the mortgage company. We still have six members who have been sent the second certified delinquency letter (approximately $7,000 owed). If we do not receive their monies by January 1st, these six members will be billed for the entire 2008-year and we will be turning them over to our attorney to begin the lien process.

McGladrey & Pullen Auditors Visit, Pat Zymros, Controller

The auditors were supposed to be on site for three days from December 17th – 19th, although they finished their audit in two days. The auditors stated it was very clear to them that the employees appear to follow and understand the same procedures and policies. The Board thanked Pat for efforts working with the auditors.

V.General Manager’s Report – John Laliberte

Old Business

a) FPL Street Light Agreement: As part of the Collier County 951/Collier Blvd. Road Widening Project, Vanderbilt Country Club is requested to approve and to sign an FPL Street Light Agreement, which will allow FPL to remove the two existing street lights, located to the west of our VCC 951-back gate entrance on Collier Blvd., directly to the south and to the north of the Club’s 951-bridge. (John distributed a sketch showing proposed light installation prior to the meeting). The two existing streetlights are each 35’ tall (with 29’ above ground, 6’ down) with 200-watt bulbs and 22,000 lumens. They will be replaced with two new 45’ tall streetlights (with 45’ above ground level, since will have concrete base), each with 400-watt bulbs and 40,000(+) lumens. The new lights will have greater photometric coverage and greater efficiency, and will match all new streetlights being installed on 951/Collier Boulevard. The new (south) Pole #32 will be installed 20’ south of the existing light pole (just south of the bridge on 951). The new (north) Pole #33 will be installed 160’ north of the existing light pole (just north of the bridge on 951). VCC currently owns the existing two streetlights and is billed monthly by FPL. The two, new streetlights will be owned by the County. The County will be responsible for monthly billing payments to FPL. With the removal of the two existing streetlights, along with 260’ of underground cable, VCC’s monthly streetlight FPL electric bill will be reduced by approximately $34 per month.

New Business

a)2008 F&B New Capital - Proposed Change To Approved Purchase: A proposal request and supporting documentation, for purchase change to the board-approved Rationale Combi Oven Model #SCC202G, was submitted by Joe Newell, Clubhouse Manager, and Mitchell Excell, Executive Chef. Originally (before Chef Mitchell Excell was hired), a $40,179 Rational Combi-Oven was approved by the Board for purchase in late 2007. That original request was based on the cost of a full-size model. Chef Mitchell is very familiar with the technology and potential of this particular equipment. He purchased the mid-size model at his previous club and feels that the mid-size is more than adequate to fulfill VCC’s projected volume of business. With that in mind, Chef Mitchell and Clubhouse Manager, Joe Newell, gathered bids for the mid-size model, with the best bid coming in at $21,225 including tax, delivery and installation. That leaves a difference of $18,954 from the originally approved capital expense. Since joining us, Chef Mitchell has identified some pieces of cooking equipment that are inadequate or inferior, and one piece of equipment that would increase our capability of food production. Mitchell and Joe are requesting the approval to purchase the following items with the unspent approved funds: a) 48” 8-Burner Gas Range for the front cooking line: replacing the existing smaller range which is inadequate for busy dinner service. B) 36” Miraclean Griddle for the front line: existing flat top griddle is inefficient and an inferior piece that produces inconsistent results. C) Gas tilting skillet for the back line; used for braising and high volume food production, such as for banquet and buffets. This would be a new purchase, but would not require any adjustments to the physical layout of the kitchen or vent system. Mr. Laliberte supports this special request. Mr. Davidson made a motion to table the spending on other unapproved kitchen items (items a, b & c as listed above) until next month, so that each board member can thoroughly review the equipment and the proposal. Mrs. Cappiello seconded the motion. Three were against the motion. Mr. Gritti made a motion to purchase the smaller Rational Combi Oven unit and purchase the two new pieces of equipment, under this unusual situation for capital expenditures. Mr. Friedman seconded the motion, noting this is an unusual situation in modifying a capital expenditure item, which was previously approved by the Board is not intended as a precedent in the future. With a three to two vote, the motion carried.

b) Phase III Water Restrictions: For the first time in the history of the South Florida Water Management District (SFWMD), the agency declared an extreme district-wide water shortage in SW FL. The announcement was made on December 13, 2007, and encourages implementation immediately for best water conservation practices. This trial period ends on January 15, 2008, at which time Phase III Water Restrictions will be strictly enforced by SFWMD. All of Collier Country had been on Phase II Water Restrictions since April, 2007. In Phase III, golf courses, including golf course/residential permitted communities such as Vanderbilt Country Club, must reduce their allocated water by 45 percent. Stuart Bothe and John Laliberte have met with Mainscape, Inc. to develop an initial plan and strategy, and to continue working together, for our VCC golf course and community, and to ensure Phase III Water Restrictions compliance. The Plan, which identifies and mirrors the VCA Board’s concerns of landscape importance: golf course, common grounds, perimeter vegetation, and home/condo yards, will be monitored daily and revised accordingly. John attached Stuart’s assessment and implementation of The Plan, along with summaries of our Phase III Water Restrictions meetings with Mainscape, Inc.

c) Informational Reports

❑ Golf Revenue Report – November, 2007

❑ Rounds of Golf Report – November, 2007

❑ Golf Revenue Report – December 1-19, 2007

❑ Rounds of Golf Report – December 1-19, 2007

VI. Committee Reports: Additional Golf Cart Parking Behind the Clubhouse/Proshop, Bill Dorgan, Common Grounds Committee: Mr. Dorgan presented the following, “Problem: There are only six designated parking spaces for privately owned golf carts. At lunch time, after special events or at evening happy hour there can be as many as 25 to 35 privately owned golf carts parked helter skelter around the snack bar, entrance to the grill room/bar and by the pool entrance. 1. The absence of adequate parking presents a serious safety problem. 2. Traffic from 5 to 6 and from 9 to 10 is hampered and at times blocked. 3. Carts parked anywhere and everywhere look terrible. The resulting view of these haphazardly parked golf carts is not in keeping with the standards we have set for our club. Solution: Provide additional parking adequate to handle up to 33 golf carts. Based on actual counts, this will be sufficient most of the time while leaving the paths open to drive from 5 to 6 from 8 to 10. With organized parking, safety and appearance will be enhanced. In addition, a curb around the island just in back of the existing six parking spots will keep carts off the island and enable it to be landscaped attractively. “No Parking” painted on this curb will remind people to put their carts in the proper designated areas. Estimated Expense: To provide parking for 33 additional golf carts, as shown in the photos they presented, the preliminary estimates are between $13,000 and $25,000. The committee provided the board with three quotes from suppliers. The Board thanked Bill Dorgan, Angelo Caruso and the remaining Common Grounds Committee members for their detailed recommendation. The Board will consider this recommendation for improvement for the 2009 New Capital Expenditures.

VII. Upcoming Meetings & Important Dates

a) January 7th (Thursday) VCA Board Organizational Meeting 3pm

b) January 14th (Monday): 2008 Standing Committee Orientation 5pm

c) January 17th (Thursday): VCA Monthly Board of Directors Meeting 5pm

VIII. Adjournment:

On behalf of the Board, Mr. Davidson thanked the two out going directors, Joan Cappiello and Dan Gritti for their time and talents. With no further business to come before the Board, Mr. Gritti moved to adjourn the meeting at 6:24pm. Mrs. Cappiello seconded the motion. All were in favor and the meeting was adjourned.

Respectfully submitted,

_________________________________ ______________________________

Niki Dutton, Kent Friedman

Membership Director Secretary, VCA Board of Directors

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