Princess Pocotopaug Corporation Minutes

Approved )

February 12, 2018

The meeting was called to order by President James Curtis at 7: 20 PM at the Liberty Bank inMarlborough.

Present: James Curtis, Jerry Fanfarelli, Judy Isele, Donna Maronde

Directors: Dan Riedinger, Winnie Sutton, Cathy Mayo

Member: William Choma

Jim called for the acceptance of the minutes of December 13, 2017. Dan made a motion to accept and it

was seconded by Donna. The motion carried. The meeting scheduled for January 10, 2018 was

cancelled. The next meeting is scheduled for March 14, 2018 at the Liberty Bank in Marlborough for 7PM.

Treasurer' s Report: Judy distributed a Profit and Loss Statement thru January 2018. The liens have notbeen placed on the properties that are currently delinquent. They will be placed prior to the Annualmeeting. The Quickbooks update is still not complete; the recreation of 2011,2012, 2013, 2014,2015,

and 2016 are almost done. The Finance Subcommittee (Jim, Andy, Lanette and Judy) have met severaltimes to complete these documents. The Subcommittee has recommended that a local accountant be

sed. Quotes for these services will be obtained and discussed at the next meeting.

Donna requested that a copy of the assesments of the properties be sent to her for record keepingpurposes. Judy will send shortly. Mr. Choma requested again why an external audit has not beencompleted.

Communications, Correspondences, and Announcements: Judy reported that there have ben none.

Rental Committee: The Clubhouse has been winterized and will not be used until after April.

Property Committee Report: Connecticut Basement Systems has been paid for all services. The

Committee will look to getting quotes for phase 2 for the clubhouse.

The improvements for North Beach will be presented at the Feb, 21St meeting of the Inland/ Wetlands at

6:30PM at Town Hall . Committee members should get updated quotes for budgeting purposes for theproject and have these ready for the next meeting.

Dock Master Report: Andy not present. Jim explained that several spots may be open.

Old Business:

New Business: The Budget Committee will be meeting to start working on the budget for the AnnualMeeting presentation.

Nate has moved from the district so an alternate needs to be appointed to complete this current term.

Several suggestions included Linda Fanfarelli; Jerry will discuss with Linda and report at the next

meeting.

Jerry reminded everyone of the recent fire on Sequonia Drive. He suggested that anyone wishing tohelp should buy gift cards for the renter (Cathy Brey) because it was a total loss. Members shouldcontact Jerry for additional information.

Donna made a suggestion that amendments to the Bylaws as well as some housekeeping should bedone. Jim suggested that these could be discussed at the next meeting

Jerry made a motion to adjourn at 7: 58PM and it was seconded by Dan. The motion carried and themeeting was adjourned.

Submitted by

Donna Maronde, Secretary PPC

All correspondence is to be sent to the Princess Pocotopaug Corporation, P. O. Box 41, East Hampton, Ct.06424.

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6: 31 PM PRINCESS POCOTOPAUG CORPORATIONI7

02/12/18 Profit & LossCash Basis July 1, 2017 through February 12, 2018

Jul 1,' 17- Feb 12,... Jul 1,' 16- Feb 12,... Change

Ordinary Income/ExpenseIncome

Dock fee 5,250.00 300.00 4,950.00

Tax Revenue 17,234.08 20,495.34 3,261. 26

Total Income 22,484.08 20, 795.34 1, 688. 74

Expense

Reconciliation Discrepancies 0.21 0.00 0.21

Insurance 7,203.71 0. 00 7,203. 71

Office supplies and expense 35.00 90. 67 55. 67

Professional Fees 2,402. 15 0. 00 2,402. 15

Property 29,752.37 4,174.26 25,578. 11

Taxes 355.00 345.00 10.00

Utilities 389.57 425.00 35.43

Total Expense 40, 138.01 5,034.93 35, 103.08

Net Ordinary Income 17,653.93 15,760.41 33, 414.34

Other Income/Expense

Other Income

Interest Income 242. 74 64.77 177.97

Other Income 99.57 80.00 19.57

Total Other Income 342. 31 144.77 197.54

Net Other Income 342. 31 144.77 197.54

Net Income 17, 311. 82 15,905.18 33, 216.80

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