Test Membership Report Vol.1 | Page 63

Board of Directors’ Meeting The Cliffs Resort – Graford Texas December 10, 2012 Meeting Minutes Call to Order President Bleakney called to order a meeting of the Northern Texas PGA Board of Directors at 8:05 a.m. In attendance were the following Board Members: President Bleakney, Vice President Paul Earnest, Secretary Tony Martinez, At-Large Director Casey Paulson, At-Large Director Courtney Connell, At-large Director Simon Buckle, At-Large Director Todd Harbour, Metro Chapter President Craig Brown and East Texas President Ben Burns. Staff members Mark Harrison and Ryan Kossick were also present. Finance Report Paul Earnest and Mark Harrison provided an overview of the Section and Foundation’s financial position through November. Balance Sheet o Balance sheet reflects that we have grown our combined assets to $1.79M o Increase of 13.5% vs. 2011 o Sizable gap between the Section total assets - $559K Foundation assets – $1.24M Section Financial Report o This year we projected -0.6% growth in Section’s budget – anticipated $1.86M total budget o Projected to end the year at approximately $1.94M, 4% over budget o Increase is primarily due to increased revenue over projections in dues, education, and primarily entry fees and sanction fees o The Section is on target to have a good year financially and show a small net profit primarily due to the management of expenses Foundation Financial Report o This year we anticipated -2.2% growth projected in the Foundation’s budget – anticipated $1.71M total budget o Aɽ