Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 646 48TH VAST Annual Meeting Minutes Cont. display of a valid TMA on your phone or electronic device. So you have a time frame in there where you don’t have to display your decal. This will come into effect when we have the ability to sellTMAs on line as well. If you have a sticker, you have to display your sticker that has a valid TMA to show the electronic permit until you get your sticker. Jeff Fay – Call the question. Jeff Fay – Those in favor of approving the bylaws as presented – so carried. FINANCE PRESENTATION Tom Baltrus gave an overview of the finances for the past year. Expense wise we are at 92%. This year about 21.5 cents of every dollar was spent on administration, so 78.5 cents of spending went to scholarships and trails. I think this speaks very well to the operation of the organization. This year we established a Reserve Fund and a Capital Building Fund and managed to contribute to re-establish the Grooming Contingency Fund and a vehicle replacement fund. Now we take you into the proposed 2016 budget. We need a motion on the floor to discuss the proposed budget. Stan Choiniere moved to approve the discussion of the budget; Dennis Lemire seconded; so moved. Tom Baltrus noted that the budget before you is a product of the Finance committee, which I Chair, along with other committee members, Scott Daniels, Carmin Lemery, Cindy Locke, Joe Cicia, Sheila Fenoff-Willette and the remainder of the VAST staff. Item 5400 is where we have projected the number of TMA sales for the coming year. There is no projected increase in the cost of the TMAs for the coming season; he gave the pricing details for theTMAs. Tom continued with explanation of the details of the budget. Mary Beth – for the Military TMAs, is it active or veterans? Can we include veterans? Why are we charging military but not the volunteers? Cindy Locke responded that it’s only active duty on the military TMAs. Jeff Fay is looking into the bylaws on this issue. Dave Page – Essex County – I have a real concern about how the budget was shown this year. It was not shown what was spent last year, or budgeted for items. Tom Baltrus – The way the budget was presented this year is to keep it easier to read for the members. I have last year’s numbers here if you want to know what was spent on particular items. Cindy Locke – One of the reasons it is not on here is that the TMA structure is going to change this year. I can tell you this year that we will end this year between $130,000 and $150,000 in the black. My recommendation, after looking at where this money is coming from, is all from trails. I will be recommending to the Board in October that the money go back into Trails. Tom Baltrus – We tried one version of the budget with the previous year, the actual and the proposed and it got very complicated to look at. Wayne Wysocki – Windsor County – I do have a couple of questions on the bank charges. Anticipation of $800 for CDs, interest and $435.00 in general fund, but then I looked at the bank charges of $1,500. Why is VAST paying the bank(s) fees to use all of our money? I suspect that maybe our credit card charges are some of that as well. I’m looking at page 34, 7300/1008 and on page 32, 5300/1001 and 1002. Sheila Fenoff-Willette – You are correct, there are credit card charges on all the sales of VAST items through the website, fees associated with being able to accept credit card payments through the website and those are all captured in that expense line. Wayne Wysocki – Do we charge the members to use these credit cards as well to offset those charges? Sheila – No, we currently do not. Cindy Locke – I will also add that we have to account for a variety of things, because we are only allowed to have a certain amount of money in each bank that the FDIC will insure; and we all know that the banks don’t pay anything for interest these days. James Dwinell – Barre Town Thunder Chickens - projections for the magazine and how it played out and what we are looking at for next year. And if we are behind, how close are we talking, 5%? Tom – new this year, a little behind on the revenue for this, but we are accounting that to the fact that it is fairly new. Most of the revenue overage is from TMA sales. We have adjusted the revenue expectations from the magazine in this current budget. Cindy Locke – part of the issue is that we started the magazine last year, it was building the whole project. We saved $30,000 in printing; we pay less now for printing than we did the newspaper. We had high expectations; we were expecting at about $200,000, and right now we are at about $160,000. That’s not all revenue that came in in 2016, because when you contract with an advertiser, it’s an annual contract and some of them will pay you in a lump sum, some quarterly, some of the issue. We are tracking all of the advertising. Cindy Locke – We are so busy in the summer time planning everything. We are adding a part time person to help with the media end of the magazine, etc., which will help Thomasina with the magazine. Rena Ellingwood – Newark EZ Riders – I have a concern about the free TMA’s. Our club has a huge criteria about how you qualify for a Volunteer TMA. Why did we cut out $29,000 out of our budget. Do we have any sense of how many volunteer TMAS were used last year?