2022 BPYC Commodore’s Letter
April 19, 2022
Dear Members,
I hope this message finds you enjoying the blooming warmth of spring, and sensing the bright and breezy days on the water that lie just ahead. I’d like to begin by thanking R.J. Hoar for his five years of impactful and inspiring leadership as Commodore. From overseeing the essential task of dredging our harbor, to steering the Club successfully through two seasons shaped indelibly by a global pandemic, R.J. never encountered a challenge he wasn’t up to or a thankless task he would not gladly take on. The Club is left much stronger by his tenure, and for that we all owe him a debt of gratitude. Thank you, R.J.!
I am honored to be your new Commodore, and look forward to putting my best efforts toward filling the large shoes left by a long line of impressive past Commodores. I’m also excited for a season that we hope will be little affected by Covid. We plan to open and operate the Club essentially as normal, though the Board and Officers will remain vigilant regarding any changes and continue to prioritize the safety of the Membership and Staff above all else.
2022 Flag Officers & Committee Chairs – Mike Massey has been elected as Vice Commodore, Adrian Mott has been elected as Rear Commodore, and Taylor Barstow has been elected as Treasurer. We welcome them all into their new roles! Daisey Carroll has been reelected as Secretary and we thank her for her steadfast service.
Olivia Hennedy remains head of the Junior Sailing Committee; Chelsea Hyde, the Social Committee; Mark Tuller the Building and Grounds Committee; Mike Massey, the Club-Owned Boats Committee, Adrian Mott and Taylor Barstow, the Communications Committee; David Millet, the Membership Committee. Brian McLaughlin is the new head of the Investment and Finance Committee, and Alex Vial has taken over as head of the Strategic Planning Committee. A special thanks goes out to all committee heads old and new, and, as usual, we’d like to remind all Members that BPYC is only as strong as our volunteers. Please reach out to Officers, Board Members, Committee Heads or the Manager if you are interested in getting involved.
BPYC Management & Staff – John Hennedy will return for his eighth (!) season as General Manager. He is an invaluable resource, and we remain eternally grateful to John for his dedication and service to the Club. We are pleased to announce that Mike Massey, Dave Houle and Sean Murphy will all return as part-time launch drivers, while Meadow Hughes will return as a full-time launch driver. Rumor has it that Peter Kittridge will pop in for a cameo, helping to fill in the back half of the season. Finally, Patrick Donahue, retired BPD community officer for the Coastal Area, will be joining the team on a part-time basis. Please stop by and give Pat a warm BPYC welcome as the season begins!
2022 Calendar and Social Events – The Club has a 14-week season. This year, Opening Day is Saturday, June 11th and Closing Day is Sunday, September 19th. We expect our social calendar to be back in full effect in 2022, with the following events on the schedule:
Sunday, July 3: Fourth of July Pig Roast
Saturday, July 16: Commodore’s Reception
Saturday, August 13: Member’s Cocktail Party
Sunday, September 4: Chowder Luncheon
In addition, we expect the Tuesday Night BBQs to be in full swing beginning Tuesday, June 14th, and don’t forget the Annual Membership Meeting on Saturday, August 6th.
BPYC Junior Sailing Program – The BPYC Junior Sailing Program is dedicated to promoting and teaching seamanship and sportsmanship in a safe and fun environment. Our goal is to teach the basics of recreational sailing and racing while instilling a life-long love of sailing. We anticipate a complete return to normalcy for the JSP in 2022, building on the safe and successful program we ran in 2021. The tentative BPYC Junior Sailing Program Calendar is available on the club’s website: www.biddefordpoolyachtclub.org. Olivia Hennedy will be following up with her letter in the coming days with details, but for the time being please take note that the JSP registration deadline for 2022 is Friday, May 27th. We are looking forward to a great summer of junior sailing at BPYC and will be providing updates on a regular basis!
Membership Update – Our membership remains strong and continues to grow. According to our capacity formula we are nearing our proposed maximum membership number, but still have several spots available. We will provide an update at the Annual Meeting, and, if necessary, send out an announcement if we reach the cap and need to temporarily institute a waiting list. In the meantime, if you know of anyone who has been thinking about joining, now is the time!
All junior members under the age of 35 as of June 15, 2022 will continue to receive a 50% discount on their annual dues, and children of members in good standing will continue to be eligible to join without an initiation the year they turn 26. As always, we encourage any young prospective members who qualify for automatic entry this year to take advantage of it – if you are the parent of one, please make sure they are aware of it!
Financial Update and 2022 Budget – 2021 was a great year at the Club with activities getting back to normal and the dredging project completed. Revenue for the Club was up as expected, totaling $312,000 – including $216,000 in membership dues ($13,000 of which were first year premiums), $44,000 in Junior Sailing lessons, $37,000 in additional Club services, and $15,000 in rent between the Annex and a special event. Total expenses were $280,000 – an increase over both 2020 and 2019 that we attribute to rising costs across the board, as seen in the broader economy over the past year. The Club ended 2021 with a positive operating cash surplus of $19,000 not including first year premiums, against a goal of $30,000. Given rising costs, increases in depreciation due to completion of the dredging project, and with significant capital improvements on the docket for this year and beyond, the Trustees have approved a 2022 budget of approximately $340,000 that is projected to bring our end of year cash surplus back above the $30,000 target.
Member Dues and Fees – After nearly ten years of holding dues steady, the Officers and Trustees have voted unanimously to raise dues for the 2022 season. Ancillary fees such as boat storage and locker rental have also been nominally raised, and the structure simplified. We imagine this will not come as a surprise to our Members– all of us are experiencing pervasive inflation throughout our personal and professional lives, from pumping gas to personnel costs to material purchases. The Club is not immune. The cost of keeping the Club and our Fleet fully staffed, safe and well-maintained has simply gone up. Further, we have a fiduciary duty to provide for projected capital projects, and the big ones keep on coming. Just over a year ago we completed the dredging, and already this fall we need to raise the Clubhouse onto more solid and elevated foundations while shoring up the riprap that protects our peninsula. More capital-intensive projects lie ahead, and their true costs look to exceed what we conservatively projected just a few short years ago.
Based on the facilities and services available to the membership, and in consideration of the challenging macroeconomic environment, the Board is confident that we continue to deliver immense value, and we remain proud of the efforts made to keep dues low overall and avoid capital calls. You will be receiving an email shortly with reminders on how to use the website to pay your dues. We are asking everyone to renew their dues online again this year; however, you may also print the invoice and send in a check. The Club will continue to impose a 15% surcharge for dues paid after May 31st. Please ensure all of your information is up to date, and if you have any questions or issues with the website, please email [email protected]. Finally, I realize that in any situation such as this there are bound to be questions – my personal contact information is at the bottom of this letter and I welcome you to address any questions or concerns you may have to me directly.
Capital Budgeting – As previously mentioned, the long-term capital needs of the Club continue to present a challenge. The recently completed dredging cost the Club over $250,000, and the cost to raise the clubhouse and repair the riprap this next offseason could easily exceed that. In last year’s letter we mentioned an effort to explore establishing a fund to gather and grow the Club’s long-term resources. We are pleased to formally announce that last fall the Board, under the leadership of then-Commodore R.J. Hoar, officially launched the Goldenrod Investment Fund. The purpose of the fund is to “hold reserves for future depreciable capital projects of BPYC and for other special needs of BPYC as determined by the Trustees, and to provide for the investment of the cash and other assets designated by the Trustees that are held by the Fund.” The fund will be conservatively managed by Charter Oak Capital Management, a New England-based RIA with several local offices. The BPYC Investment and Finance Committee provides oversight from the Club’s perspective in line with the Board-approved Investment Policy document, which is available for review by any Member upon request.
So, what does this mean in layman’s terms? It means that we have established a formal and enduring mechanism for ensuring the long-term viability of the Club. BPYC was founded on the spirit of volunteerism, when ten brothers got together and raised a peninsula from the Pool on which they would build their sailing club. Since then, numerous individuals and families have given of themselves, in myriad ways, to keep the Club afloat. Now, we see not just the opportunity but the necessity to shore up the Club’s foundations, both literally and figuratively, so that you, your children, your children’s children and beyond can have access to the one-of-a-kind experiences that make BPYC an irreplaceable part of the Biddeford Pool community and the setting for some of your most cherished memories. Going forward, we aim to raise donations for the Fund to address some of our most immediately pressing capital requirements, including the raising of the clubhouse, while also preparing to address future needs both forecasted and unforeseeable. And, by keeping these funds conservatively invested, we will increase our chances of growing the money net of inflation rather than watching our long-term capital fund depreciate on a real dollar basis year after year.
More details will be forthcoming in a letter later this spring specifically about the Goldenrod Fund, which will of course include an invitation to contribute and instructions on the easiest ways to do so. In the meantime, if you have any questions, please feel free to address them to me or to our Treasurer Taylor Barstow, and we will either answer them personally or connect you to the Investment and Finance Committee as needed. We can’t tell you how excited we are to have this new facility available as a way for any Member to get involved in making sure that BPYC is here for future generations to enjoy.
Forward Looking - Several key objectives continue to guide all our efforts for the Club:
Sustainability. Maintaining a vital Membership and addressing demographic and inter-generational issues. We have rejuvenated the junior membership while building the overall membership back nearly to capacity. We have elected younger Trustees to the Board and as Officers in order to lay the groundwork for capable stewardship of the Club for years to come.
Physical and Financial Health. Maintaining a strong balance sheet and making long-term investments. We have a strong balance sheet and have thus far been able to consistently fund all needed capital projects. This year’s necessary and judicious dues increase combined with the launch of the Goldenrod Fund establishes a clear path toward enduring financial stability for the Club.
Community. Ensuring the Club is a welcoming, safe, and enjoyable place for members and guests alike. The Club and its Membership remain as committed as ever to treating everyone with dignity and respect, and to maintaining our fine reputation within the yachting community. The Officers and Board continue to take this commitment seriously.
Affordability. Maintaining a cost structure that is affordable to all Members, throughout our community. After years of holding dues steady we have responsibly responded to macroeconomic conditions with an increase equitably distributed across the Membership, and have elected once again to forego capital calls. The Goldenrod Fund establishes a mechanism whereby individuals who are able and interested can contribute to ensuring the long-term viability and affordability of BPYC as a vibrant community sailing club.
Professionalism. Improving governance and developing our staff to provide excellent service to our Members. Our staff is both proficient and professional, and we engage in ongoing staff training to improve and upgrade their skills and preparation.
I want to thank our Officers, Trustees, Committees, and the entire Membership for their many contributions to the Club. Thank you again to R.J. for his five years of leadership and service, and a special thank you, again, to John for being the heart and soul (and strong back) of the Club during his eight years and counting as General Manager. We look forward to eight more! I look forward to seeing you all around the Club and, most importantly, out on the water.