North Channel Yacht Club Membership Roster 2025

THE FUND The fund shall be maintained by deposit of at least 15% of the annual Club Membership Revenues into a separate account by December 31 of each year, plus any giŌs, bequests, or contribuƟons earmarked for the Fund. The CommiƩee and Club Treasurer will jointly determine the type of account and the financial insƟtuƟon to be used, and the total balance of the account will be a minimum of $50,000 and will not exceed $500,000. Notwithstanding such minimum requirement, the Fund CommiƩee and Board of Directors may jointly agree to temporarily waive this requirement upon the occurrence of an event deemed to be a significant threat to the Club’s assets and ongoing operaƟons. Disbursements from the fund will not exceed 50% of the balance at any one given Ɵme. The Board of Directors may decline any giŌ, bequest, or contribuƟon that it determines is not in the best interest of the Club. The Club Treasurer will report fund transacƟons and balances along with the periodic Club Treasurer’s Report. The Board of Directors must request disbursement of funds from the Cash Reserve & Major Capital Expenditure Fund CommiƩee and the CommiƩee must determine that the request meets the requirements for disbursement as outlined above before approval.

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