BOARD OF DIRECTORS
LEGEND LAKE PROPERTY OWNERS ASSOCIATION
LEGEND LAKE LODGE
KESHENA, WI 54135
April 24, 2006
President Bob Tochterman called the meeting to order at 7:00 a.m.
Board members present:
Stan Wilson
Pat Leitermann
Renee Towne
Rhode Nelson
John Toppins
Tina Cain
George Cobb
Bob Tochterman
Also present was Thomas Strebel.
Carol Beck was excused.
Pat Leitermann questioned what the replacement fund and the contingency fund. Stan Wilson stated that the replacement fund is used to replace capital items and the contingency fund is for legal expenses. George Cobb stated the Contingency fund was originally set up as an emergency fund of dues that were received late.
There was a discussion about the unexpected surplus and where it came from, and what is included in some of the expenses.
Tina Cain verified that everyone agreed with the estimate of the income.
Stan Wilson questioned if the Board would like to change the format of the budget. There was a discussion on how it should be presented on the budget. It was agreed that it should be changed.
There was a discussion about what should be charged for the dues for 2007. Tina Cain stated that she agreed with Pat Leitermann concerning keeping cash in reserve for a year and a half of the expenses. George Cobb made a motion to set the dues at $50 per lot for 2007. Renee Towne second. Motion carried with one against.
There was a discussion about changing the format of the budget. It was decided to reclassify some of the items, and to look at some of the major items going forward.
George Cobb made a motion to use some of the surplus to reduce the Beach Club due from $10 to $8 for the year 2007. Pat Leitermann second. Motion Carried.
The approved budget will be presented at the Annual Meeting.
Bob Tochterman stated that the Sheriff has contacted him about attending another meeting.
Meeting adjourned.
Submitted by:
Rhode Nelson, Secretary
Board of Directors
