Attendance
Carl Linden, Jim Drew, Ann Marie Cunningham, Caroline Gelb, Renee Dunham, Bill bays, Gerald Barton, John F. Stapko, George Loeb, John Matthews, Terry Murphy, Johnna Robinson, Jeff Komarow, Trip Reid, Peggy Thomson, John Noble, David Winer.

Treasurer's Report
Caroline Gelb reported that as of September 30, 2001, the Island's year-to-date expenditures were right on track, i.e. at 75% of the total amount budgeted for the year. Current income from dues alone, however, is insufficient to cover normal operating expenses. Over the last seven years, dues have been fixed and not adjusted for inflation.

In the June meeting, Alan Gelb presented a discussion of the current budget problems that we are facing since dues have not been increased in seven years, combined with the challenge of paying for the repairs/construction of the caretaker's quarters. At that meeting, the sense of the majority was that the total number of members should not be increased, that funds shouldn't be raised by offering special memberships, that lump sum assessments of all members are difficult on those for a fixed income, and that savings sufficient to cover 9-11 months of operating expenses should be maintained. The possibility of an increase of up to $100 was raised.

At this meeting, Ann Marie Cunningham and Caroline Gelb presented Alan's subsequent proposal. Scenario 1 shows what will happen with no dues increase; our savings will begin to be depleted next year, from enough to cover 10.3 months of operating expenses until we are in debt in 2007. Scenario 2 shows that a dues increase of $48 maintains our current reserve. These two scenarios exclude the building improvements to the caretaker's quarters. Scenario 3 shows the effects of spending all of the appropriated funds while increasing dues by $48. The reserve drops to a level that leaves little protection in case of an emergency. Scenario 4 shows the $48 increase starting in 2002, and adds a $36 increase in 2003 to rebuild the savings. This phased approached was done to lessen the impact of a large increase and to accommodate a later building schedule than was expected. It is possible to have an increase lower than $36 if the construction costs are less than planned.

An additional option is to request members to voluntarily make contributions and/or loans to the Club. /Members would be asked to pledge a loan amount at the time they pay their dues in 2002, but the pledge would not be payable until the construction costs are fully known and the building has begun. It would be repaid at rates comparable to a CD. Contributions would further reduce the need for a dues increase in 2003. (A full discussion is presented elsewhere in this publication.)

Several motions resulted from the scrutiny of this budget projection. The motions will be taken up for voting in the November meeting.

Motion 1: (Gerald Barton)
Resolved that total membership be increased by 20 members.

Motion 2: (Gerald Barton)
Resolved that membership dues be increased by 10%.

Motion 3: (Terry Murphy)
Resolved that total membership be increased by 25 members.

Motion4: (Caroline Gelb)
Resolved that there be an increase of 20% in dues and fees for the year 2002.

Motion 5: (Ann Marie Cunningham)
Moved that the Standing Rules be amended in order to facilitate changes in dues and fees. Her clarifying remarks and the text of the changes to the Standing Rules are presented separately on page 3.

Waiting List
Jeff Komarow expressed his concern about the length of the waiting list. At present, anyone applying for membership now would probably not enjoy membership for 14 years. He proposed alternative motions regarding closing of the Waiting List in 2002:

Motion 1:
Resolved that the Waiting List shall not be opened for new applicants in 2002 except that applications by children 21 years and over of regular or senior members shall be accepted during the month of January.

or

Motion 2:
Resolved that Waiting List Applicants beginning in 2002 and thereafter shall not be issued Waiting List Passes except upon approval of the membership assembled in regular meeting after considering the number of Waiting List Passes issued to pre-2002 Applicants and the impact of additional use of the Island.

Orientation
The date of the Orientation was set for November 10.

Work Party
The date of the Work Party was set at Saturday, November 17, with a rain date for November 18.

Senior Membership
By unanimous consent, Trip Reid was accepted as Senior Member.

George Loeb reported that the Regatta was extremely successful, particularly because there were so many families with children attending. He would like to know from members what the best time of year would be for this event.