Board Book 2023

matures in August. We also have our AAC Heritage Foundation account with Piedmont Bank. We have $1.5M in a strategic reserve account. The capital fund has $5M and this will fluctuate.

The audit with Frazier and Deeter will begin May 16 and they will present to the Board at the June meeting. We ended the fiscal year $596K ahead of budget and $3.77M in initiation fees. The JME was 1409.7 and the budget was 1410. Our operations showed a negative budget variance of $36K due to interest, gas and the search firm fees. The cash balance is at $9.4M. We increased our net assets by 7%. The loan balance per member is $5829 and the goal is under $6K. Accounts receivable shows 99% with current, 30 or 60 day balances and our accounts over 90 days continue to decrease.

We have one capital request for new flooring for the Spa at $31,569. On a motion by Dunn, second by Garrett, the Board approved the request for the Spa flooring.

V. Membership Committee – Milford McGuirt: Milford McGuirt reported that we have two new Associate Jones members to approve tonight and asked for approval of Mr. Chris Ellis and Mr. Nick Wenzel. He then reported that we had 8 resignations and 4 deaths. Our total member count decreased from 1939 to 1915 from one year ago. We now have 78 on the internal golf waitlist and 100 on the external waitlist. Erica did have 3 new candidates lock in their initiation fee this month. Of the 100 on the external waitlist, 30 are legacies; 49 of the 70 have locked in, so they are serious about joining. Erica is hosting some of the waitlisted candidates to a Par 3 mixer on June 16 to keep them engaged. The vision task force for membership has done a lot of work and have briefed the Executive Committee on their recommendations for changes to the indoctrination process. They also recommend we take in 10 Heisman candidates before a recession hits and while the pool is open. This would not affect the golf waitlist. Mr. Costello was in favor, but thought it should be run through the Membership Committee first. The membership is very stable with very little attrition. VI. Athletics Committee – Kyle Esmonde: Kyle Esmonde noted that one of the Athletic Committee dates was incorrect. The meeting will be on June 14 not June 7. Neil and Jonathan are prepping for the pool opening. Youth Activities needs five more camp counselors. This year, members will be able to order food from their chairs at the pool with on-line ordering. VII. Tennis Committee – Kevin Case: Kevin Case noted that their first meeting will be May 10. Kevin said that Jeff Chandley was having some health challenges and may be away from the Tennis Center for a while. He has a strong team in place and Carmen will be acting Director. Member Chuck McElroy passed away this week of a massive heart attack. He had a stroke a few months back at the Fitness Center, but was taken to the hospital and he recovered. On a motion by McGuirt, second by Moore, the two Associate Jones members were approved by the Board.