Minutes: The February minutes were approved as presented. 1st Petterson, 2nd Burris.

Treasurer’s report (Bland): February is the slowest month of the year. The total cash is up due to the increase in dues this year. The minimums collected are the same as last year. The marina collected dock rentals. The Pool account has paid out for renovations but no money was collected. The sailing had no activity. Under the General account, the members who elected to split their dues paid the second half. Overall, the club totals were better by $9400 than budgeted. A thank you note was sent for the donation in memory of James Chandler.

Motion: A $100 donation will be made in memory of Carol Ann Conway to the Delaware Hospice.
1st Bland, 2nd Bennett; approved.

House (A. Hastings): The Friday night dinners are not being supported as hoped. LYC needs approximately 100 dinners each Friday night to make the night break even. This will need to be considered before next year.
The St. Patrick’s Party went very well but the attendance was disappointing.
The beer tasting on March 4 was a good time by all. A few new selections will be included soon.
There have been 3 private functions in March and one scheduled for the 24th.
Banquet business is very busy in April.
The next Board and Brunch will be April 15.
There will be Cooking Class and Wine Paring on April 12 and April 25. The cooking classes are limited to 35 and the cost is $40 per person.
February Sales Figures: Club functions--$3887.61 and Private functions--$7383.50 (up $5284.75).
Nick Carter questioned if Pub Nights were profitable and should the Friday night dinners be changed to the Pub Night format.
Adrienne answered that the Pub Nights are a break even or small profit nights where the Friday night dinners need 100 to make a profit. There have not been 100 on any Friday night. Whether to have dinners on Friday nights next year needs to be considered.
Bill Purnell announced that Linda Dickey has resigned as House Chair. Bill has contacted another individual who is considering.

Marina (Valeria):
The Marina Transfer Day went very well with 4 changing dock assignments. The Marina workday will be April 14 (rain date 15). The Marina Events Day will be May 26 with a Safety Program, guest speakers, and presentations.
April 1—Parking restrictions begin for trailer parking in the clubhouse parking lot.
April 15—Boats may be put in marina.
April 29—Gas and Ice sales will not be available. A sign will be posted.

Membership (B. Miller): Since the February meeting, $53,300 has been deposited with a total for this fiscal year of $846,481. To date this year, 51 new families have been admitted resulting in $142,100 credited to the Capital Reserve Fund.
Our current membership totals are 579 Active members, 64 Senior, 8 Leave of Absence and 12 Life members. The memberships are 4 over the 575 limit but it will be adjusted back to 575 next year.
12% of the members are currently receiving the newsletter electronically (82 members).

Motion: Approve the new members presented and raise the number of Active memberships temporarily to 579. 1st B.Miller, 2nd Bennett; approved.

Discussion:
B.Miller: The membership number is not in the bylaws but in the Membership rules. The number has been raised from 500 to 550 to 575. The number may go above the limit when legacies apply. Legacies are admitted when they apply regardless of the number.
Bennett: The Membership Committee should review the qualifications for Senior Membership. New members who are the correct age may apply for Senior Membership. This allows them ½ dues.
B.Miller: The Committee has discussed this many times. Senior members usually only use the dining room and not the other facilities. New members (including a Senior member) pay the initiation fees and stock fees.
Reardon: How many have joined as Senior members?
B.Miller: None in 2007, 1 in 2006.
Bland: Senior Members do not count in the Active Member count and therefore allow for another individual to be invited.

Motion: LYC will no longer offer the option of split credit card payment of annual dues and dining minimums. 1st B.Miller, 2nd Bennett; approved.

This option has proven to be not effective. Individuals can charge the entire dues/minimums bill and pay whenever they chose. Only 10 members chose this option with 5 of those members’ credit cards a problem when the second payment was due.
Executive Session requested by Membership chair.
Pool (L. Carter): There was not a pool committee meeting this month. The pool renovations are progressing. The swim team had a meeting with approximately 60 signing up and more applications received via email and mail. There will be a meeting in April for parents where the rules/regulations will be reviewed. Children must be supervised and a minimum age not needing supervision will be determined (12 or 13 was discussed). There will be 1 lifeguard on duty during the day (weekdays) while 2 lifeguards will be on weekends. Most lifeguards leave mid-August due to school/college. Signs will be posted when unguarded. “As built” plans will be provided after pool renovations are complete. Lifeguard training will be held. The completion date of the renovations is April 9. The plaster blistering on the bottom of the pool will be repaired with the funds already in the budget. The steps were recessed into the pool walls. 10 of the 15 steps were cracked/broken. They will be replaced with stainless steel ladders that can be removed and stored in the winter.

Motion: Approve the capital expenditure of $3612 for the new ladders. 1st Bennett, 2nd Bland. Approved.

Reardon: The pool was plastered last year for $42,000. Was there a guarantee?
Bennett: The plastering was poorly done. The company has looked at the pool but has not been responsive on the repairs. We need to go ahead with the repairs in order to get the pool opened on time. We are considering litigation in order to recoup some of the costs.
L.Carter: The pool will be in great shape after this renovation.
Bennett: The transition from one committee to the next is always difficult. Job descriptions, manuals, paperwork, etc are not always passed on. The renovations are being handled and the pool will be great.
B.Purnell: The pool is being brought up in quality and will be a major step up.
L. Carter: LYC is a 3-4 month pool operation. There have been a lot of good hearted individuals running the pool who have worked very hard. The pool committee needed someone who knows how a pool works. The pool operation has 3 parts: programs, employees, mechanics.

Sailing: No report
Grounds: No report
Youth: No report
Maintenance: No report

Finance (N. Carter): The Finance committee met March 17. Discussions included enhancing revenues through Money Market rates, relocation Ship’s Store items in the 2nd floor display case. The Finance Committee would like to open discussions on other revenue generating ideas. Each Department’s 2007 budget was reviewed and updated Excel spreadsheets for each department. The CRF is now funded with 49 new members at $2900 per member for a total of $142,100. Updated Income/Expense and CRF spreadsheets were distributed to the Board. Capital items have been scrutinized, prioritized and allocated over time to allow the CRF to increase in value for future improvements and/or expenditures.
The current interest rate environment regarding our existing loan was discussed. Possible new opportunities for refinancing with a fixed rate were discussed.

Motion: The LYC Board authorize the Finance Committee to pursue refinancing opportunities from various commercial lenders with a fixed rate not to exceed 7.5% with terms no shorter than 10 years with all associated transactional costs. 1st N.Carter, 2nd B.Miller; approved.

Burgee (Petterson): Three new burgees were presented bringing the total to 106 domestic and 24 international. There is room for 40 more burgees. There have been many compliments on the burgees hanging in the entrance.

Old Business:
The Long Range report is in progress.
New Business:
The issue of more storage will be part of the Long Range plan and capital expenditure for 2008.

Membership Comments:
D. Cecil: The age for supervised children should be at least 12. The food and party for St. Patrick’s Day was great.
D. Valeria: “Swim at your own risk” signs could be posted all of the time as an added protection for LYC.
L. Carter: The signs would not be a problem to have made.
B. Purnell: It is a good safety point.
L. Carter: Anyone who has ideas or comments, please come to the pool committee meeting or email any questions, concerns, or ideas to Laurie.
POOL SCHEDULE: 6:30 Open for lap swimming
8-9 am Water Exercise Class
9-12 noon Swim team (5 days a week)

D. Valeria: A legacy whose name is coming up on the dockage list must become a member in order to get the available dock. Are legacies notified that they must join before they are 30? The contact information often changes while an individual is on waiting lists.
B.Miller: We do not update legacy information. It is up to the legacy to contact the Membership chair if they wish to join before their 30 birthday.
B.Purnell: It is up to the membership to update contact information.
D. Valeria: Membership should be reminded to update information and the legacy rules.
Reardon: What is the rule for legacy getting a dock?
D. Valeria: The legacy must become a member before they can get a dock.
Bennett: They must be 18 years old and no member can have 2 dock slips.
B.Purnell: The difficulties of the transition from chair to chair have been discussed. The job descriptions, manuals and records must be handed over to the next chair. An orientation would be helpful for new chairs. The Maintenance and Marina committees have very good documentation.
R. Martin: At a Board meeting at the Beach House while the clubhouse was being built, it was decided that a job description should be written by each chair.
P. Kernehan: A job description was written by each chair and they were used during the rewriting of the bylaws. There are copies of this on file.

Motion to adjourn, 1st B.Miller, 2nd Petterson. Approved.
Respectfully submitted:

Peggy Kernehan, Secretary