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From the President's Desk | Kenfield Bay Property | Finance Committee
FROM THE PRESIDENT'S DESK
by Don Willis,
TMLA, Inc. President
The 49th annual meeting of the Ten Mile Lake Association was very interesting, informative, and fun to attend. It was a chance to meet and hear from some of the nicest people around: our committee Chairs and members. The new Handbook presented at the meeting was brought about by the hard work and talent of Gail Becher, Phoebe Alden and Sarah Cox. Thank you, ladies.
A special Kudo to Lisa Tuller for being our secretary for the past 8 years. Her dedication is sincerely appreciated. Thank you, Lisa. A special thanks also to our retiring board member, Bob Crabb. On a sadder note, we lost Bob Kay, the longtime Lake Safety Chairman, and Ray Helsman, our lake advocate. They will be missed as friends and lake stewards.
Looking out over Ten Mile Lake, I think of so many people who have contributed to our lake programs. It is their vision into the future on which we must strive to build.
Until next time . . .
REPORT OF THE FINANCE COMMITTEE
by Bob Crabb, Co-Chair
At the suggestion of the Treasurer, the Finance Committee has asked the TMLA Board to extend Committee responsibilities beyond supervision of the Association's investments to include budgeting. With Board approval, the Committee has been finalizing a budget for 2001-2002, as well as looking ahead to the next few years.
In the year ending July 31, 2003, for instance, the contract for deed for the Kenfield Bay purchase will be paid off. It is expected that Environmental Protection funds now on hand, together with members' additional special contributions over the next two years, will enable us to retire this debt without disturbing our restricted funds. Nevertheless, the Board has voted to extend the restriction on those funds until we have made the final payment. (The Association does not use members' dues payments for this purpose. All Kenfield payments are made out of member's specially designated contributions.)
From a budgeting perspective, we see that currently our annual expenditures exceed our dues income. For several years we have made up this shortfall by drawing on reserves that have been built up over several years. Reduced interest rates have contributed to the problem. A preliminary look at the ensuring five years forecasts more of the same. More information will be forthcoming in the spring.
In the meantime, the Committee would like to remind members that contributions of assets, appreciated stocks, etcetera, are tax deductible for the donor. There are a variety of ways to make such contributions while protecting the donor's income, and members of the Committee would be willing to discuss the options available to interested members of the Association. Donations of this kind are always welcome.
