Attendance:
Dave
Tim
Bill P.
Jarlath
Lilly and Frank G. (Lilly is Frank's daughter)
myself

Here are is what was discussed:
1. The bylaws and consitution were voted in.    I did get a note from John
Doty about a coupled changes that were discussed, but the content pretty
much stayed the same. The wording was changed slightly so that the meaning
was not misinterpreted.  I think the bylaws and constitution will always be
a work in progress, but they are good enough to get us started.
One line in Article 2 of the Constitution was added to say:
"To foster fellowship, recreation, and competition."

Bylaws were changes were changing "necessary" to "appropriate" in the
Summer learn to row definition and making it clearer
on the notification about meetings.
You can see the final copy on our website when Dave posts it.
 http://www.uvm.edu/%7Edjacobow/gmra.htm

2. Going for incorporation was discussed and base on some information we
have been gathering from  the state tax department and IRS.  We are going
to submit Dave's form for incorporation of Green Mountain Rowing, Inc. (I
think they complained about our first submission without the "Inc.")  There
is a $75 dollar fee with that.  We want to be a non-profit mutual benefit
coporation (501c(7) Federally) for now, which means we won't have to pay
the minimum $250 as a corporation to the state.  We will have to pay sales
and use tax to the state.  I think this process should be pretty easy and
won't cause any headaches.  It was agreed that we can look at going for
501(c)3 status as an "educational" public charity if is important to the
club at some later time.
      Here is a note forwarded from Betsy that I discussed at the meeting:
Eric -
See the following for how Lake Champlain Yacht Club operates.

BJ

Betsy J. Walkerman
Headwaters Strategy LLC
429 Irish Settlement Rd.
Underhill, VT 05489
802-899-4641
Fax: 802-899-2087
BetsyJW@Together.Net

-----Original Message-----
From:        SteveW1426@aol.com [SMTP:SteveW1426@aol.com]
Sent:        Friday, May 17, 2002 5:59 PM
To:          BetsyJW@Together.Net
Subject:           Re: LCYC Tax Questions

In a message dated 5/17/02 2:39:29 PM Eastern Daylight Time,
BetsyJW@Together.Net writes:

<< What kind of corporation is LCYC at the state level?
 Is it 501(c)(7)?>>

LCYC is a corporation, and operates under section 501(c)7.

<<Does LCYC pay any federal taxes?>> No.  We file a form 990 which is the
non-profit version of the 1040, and do not pay taxes.

<<Does LCYC pay any state taxes - is there some minimum?  Or is it exempt?
  Do you know the provision under which it's exempt? >>  We pay no state
income taxes, but we do pay sales taxes on purchases.  We also pay payroll
and unemployment taxes.

I don't think you have to do anything to become a 501c7; if you plan to
create a corporation in order to become a membership club entity, you just
start filing the 990 the first year of existance.  Fortunately, there is a
minimum revenue/asset limit, and if you fall below those, you don't need to

file a 990 at all.

All the best,
Steve

3. Once we get the corporation set up with the state, we can request an EIN
with the IRS and open up a bank account for Green Mountain Rowing.
I am going to investigate whether it would be cheaper to open up a checking
account with NEFCU as opposed to Chittenden.  Bill estimates the cost
would $150 dollars a year if we opened a checking account, so our currently
plan is to open a savings account  that Bill will transfer money in and out
of.
      Dues would be able to be accepted until we do the other stuff first,
so we are planning to use the money from Franks account for paying for
USRA affiliation and liability insurance.  These costs are $272 and $262
respectively.

4. Growth:
      Tim and I were planning to approach Gordon with a plan for building
the ramp, but I think Gordon talked it over with his wife and they are not
insterested.  Frank felt the cost of building a sound ramp would probably
be just as much as building a temporary structure in back.  He helped build
UVM's current rack system.  Bill is going to investigate the cost of a tent
that would be large enough for doubles, much like a temporary car garage.
We will still need to build a rack system to fit under the tent, but the
tent could be taken down at the end of the season.
      I had some concerns about high winds being a problem, but putting the
tent in back of the barn and near the other shed should
give it some protection.  We are just investigating this option and still
need to pass the idea by Gordon.
      For a more quick solution, to the boat storage problem, we would like
to try and move the racks around to try and fit four instead of three.  We
would like to keep the same spacing, but drop all the slots down about half
a notch.  This would give us room for three more boats.  This proposal
still has to be passed by Gordon.
      With moving the rack's around, we could be flirting more with the
ceiling it was agreed that we should look into the cost of putting covers
over
the fluorescent bulbs in case someone bumps one and it explodes.  I will
look into this cost and also try and set up a meeting with Gordon.

5. It was decide that we will take nominations for the Board of Directors
and only have an election if there are more than 6 candidates.  The
executive commitee are already on the board (Rick, Bill, Susan, and
myself).  Current nominees are:
Jarlath
Tim
Dave
Frank
John

Please send me email if you would like to be a nominee in the next week or
two.

For those who attended, let me know if I missed anything.
 

Regards,
Erik Breiland
ASIC IMAGE/PACKAGE TEAM
(802)769-6171 or 446-6171