Dear Board Members…
When we made the deal for the 420’s with Hardy Peters, the price was based on 3 boats being purchased together. I reached out and found people who pledged to sponsor the 3 boats. Because one of the Pledges did not contribute as promised, when we got there to get the boats I wrote a personal check for $900 to Hatteras Sailing to cover the difference. I would like to classify this as an Account Payable to Jay Phillips. As registration fees, regatta fees etc. come up, I would like this repaid, as it really stretched our family budget in addition to the other funds and time we donate and volunteer to the organization…. such as the $300 I had to refund a charter guest the night of pickup because the boats were not loaded and ready for pickup, or the travel expense and time to go get the boats in Currituck.
- Hatteras Island Air (paid)
- OBX Spice Company (paid)
- Real Watersports (did not pay)
In summary, it was a great deal for 3 working 420’s with sails, rigging, spinnaker poles and spinnakers, so I think it is great that we were able to get three for the normal price of one. Retail for a new 420 is $8900. We purchased 3 boats and 3 boat trailer for $5750.
Note: the other 2 boats were purchased in total by Meg and I and are technically our boats, plus we have another FJ and 420 Hull in Florida we have paid for personally. The current status of boat ownership/donations is as follows:
- Opti #1 – Donated by Dean Waldt. Brian Harris and I donated the cost of pickup and delivery to and from St. Petersburg FL.
- Opti #2-#8 – Loaned to us from Colington Yacht Club. They want the boats returned at the end of this Fall Season. So we will need to find more Optis.
- 420 #1 – Purchased in full by Jay and Meg Phillips. On loan to the Club as needed.
- 420 #2 – Purchased in full by Jay and Meg Phillips. On loan to the Club as needed.
- 420 #3 – Funds donated by Hatteras Island Air and then paid for with Hatteras Sailing Check
- 420 #4 – Funds donated by Larry McClanahan of OBX SPICE COMPANY and then paid for with Hatteras Sailing Check
- 420 #5 – Paid for with funds in Hatteras Sailing Account. $900 loaned to Hatteras Sailing from Jay and Meg because the 3rd sponsor would not respond to us.
- Hobie 18 #1 – Purchased by Jennifer Dunleavy and donated to the Club after being purchased. Cost of pickup in Greenville NC donated by Jay Phillips.
- Hobie 18 #2-4 – Purchased by partners Geoff Grisham and Jay Phillips. Repairs and equipment needed to put into use
- Hobie 18 #5 – Purchased by Jay Phillips and in need of repairs and rigging before it can be used.
MOTION: I move that the board acknowledges that this was a loan and agrees to repay Jay and Meg Phillips back for this unexpected expense of $900. Suggested audit trail for this is that we still make payment for registrations, regattas etc. and the club simultaneously write a check back to us for these fees until the balance is 0.
Sounds good! Thanks Jay!