Minnesota Boat Club Inc

“A change to MBC bylaws was approved by the MBC membership at the annual membership meeting in April 2024. The change relates to section 10.5 - Multiple Offices.The change allows an officer, with the exception of the President, to serve up to 2 offices simultaneously. An officer cannot be re-elected for both offices.Prior to the change, only the offices of Secretary and Treasurer could be combined and no other officer could serve in more than one office simultaneously.”

“Organization has members. Individuals who pay dues are eligible to vote at the annual meeting for the officers & directors. Directors serve a 3 year term with one-third being elected annually.”

“The annual tax return is prepared by an accounting firm. The tax return is distributed to all board members for review and discussion. Any required adjustments are made, and the tax return is signed, filed & made available upon request.”

“Organization is small; the majority of outlays are for utilities, insurance and similar types of outlays which would not create any conflicts of interest. For any unusual &/or potential conflicts of interest, the item is discussed at a board meeting prior to any funding.”

“Conflict of interest policy and governing documents will be made available upon request to an Officer of the organization.”

“Officers and board directors are not compensated for their duties as officers and board directors. A board of directors member may receive compensation for their services as a coach or other services to the organization during the year. A budget for coaching services is discussed and approved by the board each year. The board member being compensated for services such as coaching is not involved in the discussion or approval of their compensation.”

“In 2013, the St Paul & MN Foundation established an account to provide annual assistance to maintain the historic boathouse, youth rowing, and general operations.”

“Land & Buildings Cost Current Depr Accum Depr NetLand $55,000Building $1,190,858 $28,854 * $616,767 Equipment $418,330 $12,145 $381,737Total $1,664,188 $40,999 $998,504 $665,684*($21,252 of depr relates to unrelated trade income.)”

“Schedule of Debt Original Beg Year End Year Avg for YearCity of St Paul STAR $218,750 $31,227 $18,247 $24,737 20 years, 1.75%”