BYC Jib Sheet July 1999 <>

July 1999

Jib Sheet

Contents of this issue

Club Mortgage Below $200,000

Reductions from “Lifering” Donors Continue

As you'll see in the financial report in this issue, May saw our mortgage obligation drop under $201,000 for the first time in years! Along with a further reduction in excess of $3,000 in June which will show up next month, the Club's debt, and interest, keeps dropping.

In addition to the reduction on the mortgage with the present bank, the Commodore and Board of Trustees are evaluating other mortgage lenders with an eye toward reducing our interest expense -- a variable-rate mortgage with recent rates around 8.9% -- to a fixed 8% rate. We would then refinance the mortgage, continuing the principal reduction. We will not, however, increase our borrowing under any circumstances. It will only be reduced!

Key to the reduction in our debt has been the contributions of our “Lifering” donors, who have helped enormously (see separate article). Every gift, small or large, helps! In the first eight months of the year, the mortgage dropped $14,000, with only about $3500 of that from the normal payments. Assistant Treasurer Joe Coons reports that he expects us to be “well under $190,000” by the end of the Club year which ends September 30.

“Each hundred dollars the principal is reduced means almost $9.00 is saved in interest”, says Commodore McCord. “That's $9 more to apply toward principal reduction, kind of a “reverse compound interest effect”, he went on. “These contributions are a lasting, permanent aid to the Club!”

Club Secretary Karen Callery chaired a committee last fall which first suggested the “Lifering” voluntary contribution idea, which was met with initial skepticism by some members. But the committee's vision has turned out to be a good one!

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Editorial: Boating Courtesy

Recently many of us cruised to some of the Islands in Canada. The trip to our final destination was fun, eventful and everything we all look for when out on the water - beautiful weather, nice water and the peace and serenity that we all covet. However, the trip home wasn't serene or peaceful. While the weather was still pleasant, the water was down right nasty at times. Not from anything natural, but from the “unnatural” wakes of discourteous boaters. One of our boats was under tow the entire 44 mile trip home and three tow lines were broken. “Those” boaters would come very close to the towing vessel and the wakes created set the two boats careening in different directions. When calls were made to “those” boaters, there was no answer. Probably didn't have their radios on!

Some of us went through Peavine Pass lined up single file since the fast current was moving west. All of a sudden 8 boats came through in the same direction and split us with 4 of them on each side. The waves they created and the rebounds off the beaches sent our four boats “surfing” in every direction. Once through the Pass, “they” took off South, never looking back. Repeated calls were left unanswered. Nothing was damaged, BUT! When I spoke with the Coast Guard on Monday, they said that there wasn't much they could do. However, they did say to call the offending boat on Channel 16, then switch to a working channel and let them know exactly how you feel. Also get their boat name and registration numbers (one boat had no name or numbers!). Boating Courtesy- that's all any of us ask. Besides, it's the law. Let's remember to be courteous to ALL boaters, especially in potentially dangerous situations.- Steve Moore

Opinion from a BYC Member with something to say! Obviously, it doesn't reflect the policies or official position of the BYC. You are welcome to give your comments in this section: contact the Jib Sheet editor at 647-0288.

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State Passes New Lifejacket Law for Kids

Effective July 25, 1999, the State of Washington has a new regulation on the books: Beginning on that date, a personal flotation device (PFD/Lifejacket) must be worn by any child 12 years of age or under when boating on the waters of the state. Key elements of the law include that it must be worn on any vessel less than 19 feet in length when underway on the waters of the state when the child is on an open deck or cockpit of a vessel.

A PFD need not be worn when the child is below deck, or in the cabin of a boat with an enclosed cabin; when the child is on board a Coast Guard inspected passenger-carrying vessel operating on the navigable waters of the United States; or when a child is on board a vessel at a time and place where no person would reasonably expect a drowning to occur.

The fine for infractions is $66. No other infraction need be present for enforcement to take place.

Editor's note: With such comfortable, lightweight vests available, why not have your kids wear one all the time aboard?

Cruise Schedule Continues Through the Summer

If you can help with any cruises, call Bob.

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Remember the Lifering Program? Have You Sent In Your Gift/Pledge?

These cash contributions total over $7,900 so far, as Members of the BYC send in cash and begin fulfilling over $20,000 in pledges to date. Each reduction in the principal lowers the interest we're paying, too, giving us more money for Club programs in the years to come. Your Lifering contributions will go directly to extra principal reduction of the debt on our building mortgage.

THANKS to each donor so far! Now it's your turn. You'll be recognized on a plaque depending on your gift of $100 or more . . . Although many members are choosing just to send in money anonymously. After your gift is received, you'll get an acknowledgement from BYC Secretary Karen Callery who chairs this fund-raising program.

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Spring 2 Racing Results


Congratulations to not only all the winners, but also to every boat on the water each Wednesday night. Many of you race for the competition and many race for the fun, but ALL race for the joy of being on the water. For those not racing, you can also enjoy them each Wednesday evening by going to Boulevard Park. Racing starts at 6:00 pm. TAKE YOUR CAMERA !!! If you would like to either crew on a boat or help with the race committee, contact Keith McLean through the BYC office.

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1999 Junior Sailing: A Year of Change and Progress

The Bellingham Yacht Club Junior Sailing Program is off and running under new and revitalized volunteer leadership for the 1999 year. The learn-to-sail and Junior racing programs are both getting active as the season begins. But it hasn't been easy . . .

As winter 1998-99 came and went, a few parents from last year (most not Club members) misunderstood some activities of the BYC's leadership over past years, and opted to run an “independent” program, using last year's part-time instructor. In fact, they even made an effort to use BYC's boats (which were purchased over the years with funds donated or raised by our members)! Fortunately, our 1998-99 officers put a stop to that with the assistance of interested donors.

The misunderstandings grew in part out of our Club's financial reporting at the time: The funds received for youth projects were not clearly separate on the books, so some parents felt the Club had “cheated” them out of “their funds”. But just as the income wasn't well-segregated, neither were expenses, and the fact is that the Club has always had a “loss” on Junior sailing after the cost of boats, mark boats, fuel for committee boats, insurance, telephone, and administration are considered in the equation. The Board has always considered this “loss” to be, in fact, an important contribution to the program, and has budgeted for it in all past years, or adjusted budgets after the fact to accommodate the youth fleet's activities.

This “insurgency” by a few parents actually helped our Club, because enough of our veteran youth fleet volunteers came forward and said, “We'll help!” Of particular note are Lynne & Bruce Hamilton, Marlene Bolster, Bob Williamson, Al Callery, and new BYC Member Joe Carrico, who have done a lot of work to get things rolling and back on track. When these key folks made their commitments, some of the parents came back into the BYC fold.

To reinforce the BYC's perspective that the Junior Racing Team program (the other part of the Junior Fleet is the Learn-to-Sail program) is first for sons and daughters of members, the Board of Trustees required higher team fees for children of non-members.

The Jib Sheet asked Commodore McCord about youth sailing, and why we support it. “It's simple,” he said. “We feel we have a responsibility to develop a love for the water, teach seamanship and sailing skills, and offer a quality recreational opportunity for our young people. Sailing seems to attract good kids, and we think it's important to foster the activity!”

From Junior Sailing Fleet Captain Lynne Hamilton's point of view, another emphasis is on bringing kids into the Club to make them future Club Members. “Juniors” eventually become “seniors”, she points out!

Now that the program is running for the summer, BYC's Fleet Captain Bob Knudson is trying to find ways to keep additional funds rolling into the program. As you'll recall from last month's Jib Sheet, Bob, for example, is donating receipts from his dental care for BYC members to the youth sailing project. The Fleet has considered a number of funding ideas, including auctions, etc. You'll be hearing more about them in the months to come, we suspect!

Lynne is anxious to thank the adult sailors who've become donating members of the Sailing Foundation, which serves as a conduit for tax-deductible contributions through which our Junior programs are funded. Dick Johnson and Dan Olson have been especially helpful in Foundation co-ordination. The Junior Sailing group is writing all contributing BYC members (and others, too) to thank them for their support.

In addition, the fleet is being given a Hobie 33 to teach crew teamwork and racing skills. This boat, which will be kept on a trailer that's coming with it, will be a great asset, and the kids and leaders are really excited.

That's where this BYC program is now: Underway, almost fully re-organized, and something to be proud of!

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Financial Report

Jack Black, Rear Commodore & Treasurer

A number of members looked at last month's financial comparison and told us “It doesn't make sense how we spent so much on programs last year!” That's right, because we didn't! Last year's programs cost a total of $14,67.88 NET after the program income from fees, race packets, etc. were deducted!

So with this issue of the Jib Sheet we've restated the figures to more accurately reflect our real operations. The total is the same as before for last year (unfortunately), a loss of $23,055.91.

For May, you'll see we posted another profit, and our mortgage will drop under $200,000 in June for the first time! Hurrah! The reason is obvious when you compare the first eight months of this year with the 12 months of last year …..

As always, we welcome your inspection of our financial records and systems. Call Joe Coons at 647-0288 to set a time.

Here are the Club's Condensed Balance Sheets: On 9/30/98 On 5/31/99  
Cash on hand & in banks: $ 23,866.77 $ 27,832.88  
Accounts receivable 8,117.03 6,005.25  
Other current assets 23,393.53 16,226.07  
Total current assets $ 55,377.33 $ 50,064.20  
Fixed assets, net of depreciation 301,533.00 $301,116,96  
Total assets $356,910.33 $351,181.16  
Total Current Liabilities $ 29,020.40 $ 27,803.87 *
Note Payable, Bank 213,117.27 200,930.85
Total Equity 114,772.66 122,446.44  
Total Liabilities and Capital $356,910.33 $351,181.16  
* Includes $21,578 in not-yet-earned dues, moorage fees, and Past Commodore's  
grants that have been paid in advance to the Club, but need not be repaid.  
Here are the Income Statements: 97-98 Year 10/1/98-5/31/99  
Dues & Other Misc. Income $ 78,248.18 $ 34,603.26  
Net Building Income after Costs 10,668.39 10,188.18  
Total Revenues $ 88,916.57 $ 44,791.44  
Payroll & Payroll Taxes (19,166.10) (60.01)  
Programs and Activities (14,617.88) (3,641.24) §
Interest, net of income & expenses (19,014.12) (12,476.76)  
Depreciation (29,069.57) (17,072.00)  
Administration & Office (30,104.81) (6,601.20)  
NET PROFIT (“-” = LOSS) $ (23,055.91) $ 4,940.23  
§ (Includes $3,065 Jr. & Sr. sailing prepayments with few expenses so far.)  
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Your BYC was the host for the Junior Ski to Sea Regatta. Competitors came from all over the Northwest and British Columbia for the event, one of nine regionalNorthwest Youth Racing Circuit regattas held this summer. Winds held up for both days, and there were 53 boats. Boats included Optimists, Bytes, and Lasers. Leadership included Wendy and George Hewitt (who co-chaired the event) and Lynne and Bruce Hamilton, while the BYC and Royal Vancouver Yacht Club shared Race Committee duties with Steve Ross and Dick Johnson from the BYC. Paul Beich shared mark boat responsibilities with Bob Williamson.

Many of the kids were billeted with local families.

There were eight races for each class held, and Steve Ross (who's been involved with the Juniors for several years) said, “It's the best two day racing conditions I've ever seen! We had two days of steady winds, and it was great for the kids, even if it was rough on the committee and mark boats . . .”

Note that BYC will also host the One Design Regatta, another one of the nine regionals, in September.

Thanks to all who volunteered, and to the Port of Bellingham and the Chamber of Commerce, sponsors of the event, for their substantial assistance.

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Predicted Log Race

Sailors have their Wednesday night series and their long distance races. What do power boaters have? Predicted Log Races!!! Again this year, John Gargett has volunteered to put on this race. Held the Saturday before the Commodore's Picnic, it is a chance to hone those navigation skills. Speed is not required. An updated chart of the course, a compass and a desire to have some fun while learning is all that is needed. Last years event was a lot of fun and ended in Inati Bay on Saturday afternoon. A Potluck that evening and the Commodore's Picnic on Sunday made for a very enjoyable weekend. Watch the Jib Sheet for further details. (p.s. - the awards were great!)

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