<html><body><div style="font-family: Arial; font-size: 12pt; color: #000000"><div>At the bank today I asked about our savings account (aka "Restricted Funds Account", aka "Rainy Day Account", aka "Contingency Fund", aka "Capital Improvements Fund") and confirmed that all that is necessary to deposit funds is a check made out to PYC and a savings deposit slip, and that to withdraw funds I and only I have signature authority. </div><div><br></div><div>In August 2001 the Board voted to cap the "Contingency Fund" at $50,000. I haven't found any reference to increasing that limit but the current balance of our "Restricted Funds Account" is a little over $62,000. I also have not yet found any reference to a "Capital Improvements Fund" per se but there may well be such hidden in the minutes somewhere. If anyone can find a reference to it, please let me know. </div><div><br></div><div>At the November Board meeting I will propose putting additional funds into savings - $50,000 or perhaps $100,000 - and ask the Board to affirm that Board approval is necessary to take funds out. Apparently there was a bit of a kerfuffle back in 2004/2005 when the Treasurer, I believe acting under the direction of the Commodore, withdrew $30,000 without Board authorization from the Contingency Fund to meet current expenses. We might also give some thought to an investment vehicle other than our simple savings account. Finally, someone in addition to myself should have signature authority to our checking account, savings account and payroll account. As far as I know, only Andy Courteau has signature authority to the Kennebunk Savings account. <br></div><div><br></div><div>Doyle<br></div><div><br></div><hr id="zwchr"><div style="color:#000;font-weight:normal;font-style:normal;text-decoration:none;font-family:Helvetica,Arial,sans-serif;font-size:12pt;"><div class="WordSection1"><div><div><div><blockquote style="border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in"><div><div><div><div><div><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><br></p></div></div></div></div></div></blockquote></div></div></div></div></div></div></body></html>