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, March 15, 2007, at 5:00pm. Notice of Club meetings continues to be posted on the Community Channel 95 and on the Vanderbilt Country Club website.

II. Establish Quorum: Directors Denis Davidson, President; Kevin Gorham, Executive Vice President & Treasurer; Kent Friedman, Secretary; Joan Cappiello, Vice President; John Laliberte, General Manager; April Keating, CMCA, CAM; Pat Zymros, Controller and approximately 30 resident members were present. Dan Gritti, Vice President was excused. Noting that a full quorum was present, Mr. Davidson called the meeting to order at 5:20pm.

III. Review/Acceptance of Minutes

The February 15, 2007 Board meeting minutes were reviewed. Mr. Gorham moved to accept the minutes. Mrs. Cappiello seconded the motion. All directors were in favor and the minutes were approved.

IV. Treasurer’s Report – Kevin Gorham

Mr. Gorham reviewed the unaudited financial report for the month of February. The total cash on hand at the close of the month equaled $1,359,444, of which $1,100,000 is liquid. The total current assets equal $1,925,400. The total fixed assets equal $10,976,572. Current liabilities equal $1,639,400. The only significant change on the liabilities this month includes the refund to the members totaling $132,000.

Mr. Friedman questioned the increase in inventory in the Pro Shop. Mr. Gorham spoke with Andy Costa, Head Golf Professional, this morning and was assured that there was not any new inventory coming in for the next couple of months. There is an Easter Sale coming up that is expected to deplete a lot of the inventory. Also, by the end of May 2007, member credits must be redeemed or members will lose their credits.

In reviewing the Income Statement, overall the Club is $10,581 favorable to budget.

Mr. Davidson asked for an explanation of the Golf Course Repair & Maintenance budget overage. Mr. Gorham indicated that the increase might be in the purchase of small tools. John Laliberte will review the unexpected irrigation/well pump valve repairs that occurred in the month of February to see if there are unplanned expenses there. He will review the information and report back to Mr. Davidson and the Board.

Mr. Friedman commented favorably on the control of expenses by the Management staff despite the fact that the revenues year-to-date are under-budget.

Lastly, the aged receivables list indicates a net amount due of $249,032 of which $143,000 is current, of concern is $30,128 or 4.1% of overall amount, which is more than 90 days outstanding. These represent 15 accounts, and a letter is going out today giving one week to respond to pay any outstanding dues or the members will face suspension. Pat Zymros added that e-mail communications have been sent out to these past due accounts if we have an email address on file.

Mr. Gorham made a motion to accept the February 2007, financial reports. Mr. Friedman seconded the motion. All were in favor. Motion so moved.

V. General Manager’s Report – John Laliberte

Old Business

1. Massey Road – Drainage Easement Excavation – Has been temporarily halted last week until VCA receives a clear description of what their proposed plan entails and what it is that they are asking of VCA. John Laliberte will continue to carefully monitor and report back to the Board on this matter.

2. Saw Palmetto Trimming in Preserve Areas – Update - An article was published last weekend in the Naples Daily News regarding VCA’s discussions with the County on the desire to trim the saw palmetto’s in several areas. Jeremy Cox of the Naples Daily News interviewed John Laliberte and Denis Davidson. He has received three phone calls from other clubs in Lee and Collier County who are faced with the same situation as we are.

3. 951-Greenway Path – John Laliberte, Stuart Bothe and April Keating met with representatives from the county on February 27, 2007, to review the plans for the County’s 951 Greenway Path Project. In exchange for the pathway easement, Collier County has agreed to fund the installation of additional landscaping and a chain link fence in efforts to act as a buffer between the path and the property. A final plan will be presented to the VCA Board of Directors in the near future.

New Business

1. McGladrey – 2006 Year End Audit Results – A meeting has been confirmed with RSM McGladrey, Inc. for Thursday, March 22, 2007, 3:00p.m. to present the 2006 Year End Audit to the Board of Directors, the Audit Committee, and the Finance Committee. John Laliberte and Pat Zymros will also be in attendance.

2. 2007 Summer Golf Course Closing Schedule – Stuart Bothe developed the summer schedule for golf course maintenance. The schedule of course closings will be posted on the web site, in the newsletter, and will be communicated through mass e-mails.

3. Habitat for Humanity of Collier County – VCC Recognition – John Laliberte accepted an award at the Awards Ceremony on March 8, 2007. Last year VCC participated in the tax credit contribution program of 2006. The $67,000 tax credit donation from VCC members resulted in a wonderful home being built for the Jaramillo family in Immokalee.

4. State of Florida “Alcoholic Beverage Surcharge Audit” Result – VCC received official notice that the recent audit conducted by the Dept. of Business & Professional Regulation reflected that all payments made by the Club were received on time and were accurate. The Club pays approximately $5,000 per year in this surcharge. The State has informed us that this program is being discontinued effective July 1, 2007, resulting in a savings of $5,000 per year to the membership.

5. State Unemployment Compensation Tax Rate Reduction & Refund – VCC has received notice that our 2007 Unemployment Tax Rate has been reduced from 3.77% to 1.99%. As a result, the Club will receive a refund in the amount of $7,620 for the first two months of 2007. This refund will be reflected in the March, 2007 Income Statement. John Laliberte thanked Pat Zymros who carefully monitors and challenges all unemployment compensation claims with the State.

6. Golf Rounds and Revenue Report – To date we are under budget by approximately $6,000 in revenues of carts and greens fees; slightly under rounds by 201 rounds for the year; trend continues in the month of February that member rounds and member-guest rounds are trending down slightly; tenant rounds are up and tenant guest rounds are up. Interestingly, so far in March, we are $7,000 ahead of budget in carts and greens fees.

VI. Committee Reports

a. Greens Committee - Tree/Bush Request Recommendation – Kevin Gorham met with Stuart and the Greens Committee regarding the birthday tree that was requested to be planted. The unanimous response was that there was no necessity to add trees to the course, as Stuart has recently cut down 31 trees on the course. The Committee recommends against this request.

b. Common Grounds Committee –

1.) Tree/Bush Request Recommendation – Bill Dorgan reported on behalf of the Common Grounds & Buildings Committee. They, too, reviewed the birthday tree request. They recommend against this request.

If there is a desire of the Board of Directors to establish a Memorial Program, this Committee has many ideas of how to implement such a program. Mr. Davidson will review last year’s Board’s decisions/notes on this topic and will readdress this issue if need be.

2.) Roof Repair on Common Buildings – Bill Dorgan presented a proposal received from King Roofing, (in the amount of $24,000+), for the common buildings (Clubhouse, Pro Shop, Cart Barn/PMO). Roof enhancements are needed to redirect the water flow in the valleys. April Keating contacted three roofing companies, only King Roof responded with a written proposal. King Roofing considers this community one of their VIP Accounts as a result of work they did around the community after Hurricane Wilma. Mr. Gorham asked for clarification on the price per sheet of plywood. Mrs. Cappiello requested that in the future three bids are received for projects of this size. Mr. Friedman made a motion to accept the King Roofing proposal; Mr. Gorham seconded the motion. All were in favor, motion so moved. Mr. Davidson asked John Laliberte to speak to McGladrey on this matter to see if this can be considered a capital improvement. April Keating was given the approval to move forward with the project.

c. Architectural Review Committee – Clarification of Open House sign rule/Advertising for Open Houses in advance – Carol Parks requested that the following information be added to the ARC Guidelines for Open House Rules: “1.) All temporary “Open House” signs are permitted to be displayed on the property for sale only on the day of the event, no sooner. 2.) Advertising of any kind, on the property for sale, advertising a future “Open House” date/time or any other advertising display, is not permitted.” Mr. Friedman made a motion to accept the ARC’s recommendation to add the above-mentioned statements to the guidelines. Mr. Gorham seconded the motion. All were in favor; motion so moved.

d. Public Relations Committee – Suggestions for Helping Owners Sell Their VCC Homes – Gail Berquist presented the following recommendations to the Board of Directors for approval: 1.) The Board allows members to list their home or condominium for sale or for rent on the Classified section of the VCC web site, free of charge for the remainder of 2007. Additionally, they request that all Classified sections be free of charge for the remainder of 2007. Restrictions would apply, such as this would be for owners only, not for Realtors’ use, however, listings may include the email address of the Realtor handling the property or a link to the Realtor’s web site for virtual tours, listing info., etc. Links to email addresses are permissible. 2.) Changing the introductory statements on the Just Visiting web page of the VCC web site, to include more current photos and highlights about the community that make VCC stand out from the others in town. 3.) To post notices on the various community bulletin boards, with individual Board approval, directing people to view the Classified section of the web site. 4.) To permit owners and/or Realtors to place “Open House” signs on the islands of Allendale and Northhampton Courts (Common Areas) as the signs are not visible when driving by on Gleneagle Way. 5.) Adding Realtor/Member Doug Szwed to the PRC for the remainder of the year.

Mr. Friedman made a motion to accept items 1, 2 and 3, noting that e-links to Realtors are not approved, but that e-links, to Real Estate agent web sites or other references to Real Estate agents representing the property should be provided by directing the interested party to contact the property owner for further information. Mrs. Cappiello seconded the motion. All were in favor, motion so moved. Items 4 and 5 above were rejected by the Board.

Mr. Friedman thanked the PRC for their efforts with this Board-supported effort to assist the community in their attempts to increase sales in the community. He expressed regret that a community-wide open house with the support of the Real Estate agents representing the properties for sale could not be held during this season and encouraged the Committee to try and plan for next year should the market continue to be soft.

VII. New Business – none.

VIII. Old Business

1. “Designee” Wording Change per Legal Committee – Mr. Davidson reviewed the information submitted at last month’s Board meeting. He has requested to table further discussions on this topic until the Committee reworks their presentation to the Board to clearly state in writing what exact changes they are proposing. A vote of the membership would be necessary to make a change to the specific articles in the VCA documents, however, a vote of the membership may not be necessary to amend the existing interpretation of those sections of the rules and regulations as identified by the Committee. Mr. Friedman will discuss this with the Legal Committee at the next Committee Meeting and will report back to the Board.

2. Tennis Committee Request for “Family Guest Fee” review – The Tennis Committee requested a change be made to the fee rules. Mr. Davidson received the request; it asks that “family members” not be charged a guest fee of $8, rather no charge at all. He questioned John Laliberte why the family guest fee was added in the last revision of the Rules and Regulations, as restated November 1, 2006. John Laliberte reminded the Board that Department Managers submitted changes to Niki Dutton last year, copies were distributed to the Board for review and approval prior to the printing and distribution. Mr. Laliberte was not aware of the reason why this change was made; he will follow up with Christina Oldock. Mr. Davidson requested that this fee, which is not on the 2007 Fee Schedule, and therefore, made a motion to not collect the family guest tennis fee in the future. Mrs. Cappiello seconded the motion. All were in favor, motion so moved.

3. Buttonwood Wall and Fence Agreement – Mr. Davidson reported that the Collier County Planning Commissioners met today and discussed the Buttonwood development, which is a 220 unit, 55-acre residential development just north of our property. The County and Local Development Committee attended the meeting. Mr. Davidson distributed a drawing of where Buttonwood developers will build a fence/wall between our properties. They have agreed to a chain link fence, approx. 700’ running North to South x1300’ running East to West, and a 400’ wall on top of the 15’ berm.

In addition, both Chappell Wilson and Mr. Davidson received a call from the Attorney representing Boxwood; they will build a wall abutting VCC property. This will move forward prior to their permitting request on April 19, 2007. Mr. Davidson thanked the Committee for representing VCC at the County level.

IX. Upcoming Meetings – Thursday, April 19, 2007 – VCA Board Meeting

X. Adjournment

With no further business to come before the Board, Mr. Friedman moved to adjourn the meeting at 6:52pm. Mr. Gorham seconded the motion. All were in favor and the meeting was adjourned.

Respectfully submitted,

________________________________ ______________________________

April Keating for Niki Dutton, Kent Friedman

Membership Director Secretary, VCA Board of Directors

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