News from the Bridge

Sent by our Commodore, Nasim, on Jan. 8: ____________________________________ Dear Members,

I hope you're all doing well.

The appeal and strength of our club lie in maintaining and improving its facilities. For as long as our esteemed Yacht Club has existed, it has been sustained by the dedication and passion of its members. It's our collective responsibility to ensure our facilities not only meet but exceed members' expectations. For many, the Club is considered our second home. However, it's evident that our aging infrastructure, which has served us faithfully, is showing signs of wear and requires significant attention. That's why the bridge, working closely with the board, has developed and approved a renovation plan. I am writing to share essential information about this plan, which will shape the future of our beloved Yacht Club.

Key projects of the plan include the renovation of our ballroom, modernization of the docks, a much-needed replacement of the front gate, and a facelift for our fences. Additionally, we aim to undertake maintenance and/or partial or full replacement of our HVAC system. The upgrade of waterfront fences, overhaul of our tenders, maintenance of the bulkhead, and several other essential undertakings will also be prioritized. I'm pleased to report that we've already completed the first project, Roof Repairs, at a cost 15% below the budgeted amount.

Understanding the magnitude of this endeavor, we have structured a payment plan that balances fiscal responsibility with member contributions. Even though the plan spans over the course of five years, the Board of Governors has approved an incremental approach, moving from year to year. It is a phased plan. Each phase and each individual project will be carefully reviewed and approved based on its vitality, estimated cost and availability of funds. To finance these renovations, the Board of Governors has approved using our Savings and Reserve funds as a loan. Discussions regarding Club Bonds issuance are also underway.

Rest assured, these loans will be diligently repaid, and our Savings and Reserve fund will be replenished within the stipulated 5-year timeframe, primarily through collected assessments and capital improvements budgeted for each year. Please note that while the Board of Governors has approved the plan in principle, the assessment amount of $175 is specific to the year 2024, equally payable by all active members. This amount was determined based on the approved project costs for 2024. While our aspirations are high, financial realities might necessitate adjustments. Changes in our membership base could also influence these plans. The plan operates under the assumption of no significant cost changes and a stable membership.

In closing, the bridge and the Board of Governors humbly request your support and understanding as we embark on this transformative journey. Together, let's invest in our Yacht Club's future, preserving its legacy and ensuring its prosperity for many years to come. Your feedback is invaluable; please share your questions and concerns constructively. Remember, the officers and governors are members just like you, and transparency remains our goal. Let's strive to make our club a regional benchmark.

Thank you for your unwavering dedication, and I look forward to navigating these exciting times together.

Warmest regards,

Nasim Shamailov

Commodore