BOARD MEMBERS PRESENT: Nancy Creevan, Tod Jonson, Mary Alice Sargent, Rick Feldmann, Diane Miller, Richard Bailey

OTHERS PRESENT: Scott Casbeer- Treasurer

ABSENT-Mary Ann Waite, Secretary, Lynn Bishop- Recording Secretary

The meeting was called to order at 11:35am by Nancy and Rick Feldmann took the minutes.

June Board Meeting Minutes

Moved by Richard Bailey; seconded by Mary Alice Sargent that the June minutes be accepted as presented.  Motion Approved

Financial Report
Scott Casbeer distributed copies of the financial summary for June, 2008.  During discussion of the financial statement the following points were noted:

INCOME
Total income for the month was $99,775 pesos. YTD income is $2,033,454 pesos.  This is a 1.8 increase over YTD June FY 2007.
Membership fees are down and are expected to be down by 4% by the end of the year.

11:37am- Mary Ann Waite arrived and took over recording the minutes.

Video rentals are down 18.9%

EXPENSES
Total expenses for the month were $187,482 (up $40,726 from May)
Bringing YTD expenses for FY2008 to $2,149,788 pesos.  This is a 3% increase from YTD June FY2007.  Building & Grounds is up 37.8%
Wages are up 35.1%

NET INCOME
Net Income for the month was -$87,706 pesos bringing YTD net income for FY2008 to - $116,333 pesos

GENERAL NOTES
A preliminary estimate shows $257,000 pesos left to collect on Directory Ads.  The remaining balance in Lloyd’s is $294,177.

Moved by Richard Bailey and seconded by Mary Alice Sargent that the Financial Report be approved as presented.  Motion Approved.

Videos
Nancy Creevan stated that Jonathan Pace will have special prices on renting videos for the summer.  Rental sales continue to decline.
 
ACA
Nancy Creevan stated that we are selling ACA vegetables for 20 pesos and the supermarkets are selling them for 25 pesos.

Moved by Mary Ann Waite and seconded by Richard Bailey to raise our prices to 25 pesos.  Motion Approved

Membership Fees, Old Timers, Associate Members & Prorating Fees.

Moved by Mary Ann Waite and seconded by Richard Bailey to change Membership Fees as of July 15th as follows: Single Membership is 400 pesos; 2 person Family is $600 pesos; 3 person Family is $800 pesos and 4 person Family Membership is 1000 pesos. Motion Approved

Moved by Diane Miller and seconded by Rick Feldmann to do away with a 50 peso discount as of July 15th given to Old Timers.  Motion Approved.

Moved by Richard Bailey and seconded by Rick Feldmann to keep Associate Members but without video or library privileges and to keep membership records of all Associate Members as of July 15th.  Motion Approved.

Moved by Rick Feldmann and seconded by Richard Bailey to Prorate membership fees on a quarterly basis for the remainder of the year as long as they purchase a full membership for the following year, effective July 15th.   All membership fees collected in advance for the following year will be counted as income for the next year.  Motion Approved.

Tod Jonson discussed a proposal for a permanent building site on the LCS grounds for IMSS.  No action was taken and the BOD decided to table it until Aug when more information would be available.

Vendor Payment Procedures -discussed by Rick Feldmann

Moved by Diane Miller and seconded by Richard Bailey: Based on an outside legal opinion, the LCS Board adopts Vendor Payment Procedures.  Motion Approved

Moved by Mary Alice Sargent and seconded by Mary Ann Waite:
The Senior Director of Finance and the Treasurer will create a detailed listing of all directory advertisement sales for the period of Jan. 1st 2007 to present, identifying all associated cost components, and other detailed information, as part of an evaluation of the entire directory advertisement program.
Motion Approved

LCS Logo Merchandise- Mary Ann Waite discussed the sales of tee shirts, tote bags and wrist wallets to sell at the Fiesta.  Two different designs created by Luis Enrique are on the tee shirts.  We will continue to sell these products on the patio year round.

Groups & Activities in Compliance
Diane Miller discussed various groups and activities that use LCS grounds for their meetings.  Diane will put together a list of these activities that are in compliance. Discussion on guidelines and procedures for facility charges for non LCS members was tabled to Aug. meeting.

Other Business:
Tod Jonson resigned from the board effective July 1st.
Tod will continue on as a volunteer and work on the July Fiesta’s Silent Auction and the 2009 Membership Directory.

Moved by Richard Bailey and seconded by Mary Alice Sargent to regretfully accept Tod’s resignation and also to thank him for his 5 years of serving on the LCS Board.  Motion Approved

Meeting Adjourned at 2:20 pm.

Submitted by Mary Ann Waite, Secretary