SUMMARY of May 16, 2007 Annual meeting

Dear Fellow BSBCCA Members,

The following summary of the May 16, 2007 Annual Meeting was approved at the Board meeting of June 12, 2007

1. The Annual Meeting was called to order with a quorum present at 7:05 p.m. The entire Board and Management Staff was present in additional to about forty (40) members. Vice President, John Coletti, chaired the meeting and informed the members present that Joe Mignano had resigned from the Board and had been hired as General Manager. Joe’s hiring was precipitated by Eric Jenssen’s resignation.

2. John thanked Joe for his many years of service as President of the Board of Directors and also thanked Louise Healy for her dedicated service since she has chosen not to run again for the Board this year.

3. The membership was brought up to date on several items. First, although damage from the recent storm was significant, the Board is confident that the Club will open on time. Secondly, the septic system project that has been tied up in litigation for several years appears to be back on track and construction could begin as early as next winter. Lastly, the appeal of the tax rate with the Town of Narragansett continues and has not yet been resolved.

4. Minutes of the April 25^th Board Meeting and Summary were approved.

5. The Treasurer addressed the septic fun which now totals $728,000.00. All monies spent from the fund since it was first created have been spent on legal and engineering fees.

6. The following members’ names were placed in nomination by the Nominating Committee to serve on the Board for the coming year: Steve Brown, John Coletti, Michael Favicchio, Tim Magill, Vin Nugent, Kerry Rafanelli and Jerry Zito. There were no further nominations from the floor. All seven (7) members were elected unanimously.

7. The business meeting concluded at 7:35 p.m. and the floor was open for questions. Several issues were discussed as they were brought up by members. Detailed discussion of all of those issues and the member’s name can be found in the full text of the Minutes.

8. To summarize, some of the discussions centered around the recent damage to the Club as several members were concerned about structural damage. Members were assured that the Building Inspector and our own Engineer were monitoring the damage and all repair efforts. One member raised concern about the septic fund and was assured that only monies for legal and engineering fees relative to the septic system had been spent from that fund. The capital reserve was discussed, and it was revealed that some capital reserve money had been used to cover cost overruns for the pool project last year. Another member questioned the legitimacy of the transfer fee and the Board promised to revisit the issue.

9. Several members asked questions about payroll and were reminded that there is a procedure in place for any member to request information relative to the Association’s finances, including payroll. Members were assured that if they follow the proper procedure, they would be provided with the information.

10. Other members had questions about the secrecy surrounding Eric’s departure. The Board responded by saying that part of the agreement surrounding Eric’s departure was that Severance Agreement would be kept confidential and that the Board, in consultation with our Attorneys, thought that the confidentiality portion of the Agreement was important to short circuit any possible litigation. The Board wanted to insure members that the Confidentiality Agreement was not put in place simply to try to keep information from the membership. Another member asked about the status of fires on the beach this coming season, and the Board responded by saying that under the new rules in place, open fires would not be permitted on the beach. This decision was made after input from the Narragansett Fire Marshall.

Meeting adjourned at 9:12 p.m.

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