Letter from the President

January 2019

Greetings SBIA Members,

I hope everyone had a wonderful holiday season.

The Board wanted to share with you our year-end financial results for the 2018 season.  CLICK 2018 Financials for the full financial statement.

Some highlights of the financials include:

  • Current Bank Balance: $25,086.91
  • 2018 Net Income: $91
  • Store Net Income: $4,210.77
  • Functions/Activities Net Income: $158.34

Membership and store revenue both exceeded budget again this year, and the Board did a great job controlling expenses.  This allowed us to meet our courts loan commitment and pay down more of the loan principal than budgeted.

Additionally, the Board wanted to share with you the final accounting of the Courts Restoration project.

  • Approved Project Budget: $198,900
  • Actual Expenses: $190,483
  • Under Budget: $8,417

Thank you to the Courts Subcommittee for all your efforts to realize our beautiful new courts, and to deliver it on time and under budget!

At our 2018 end-of-year meeting the members approved a new Board slate.  I would like to thank the outgoing Board members — Courtney Affanato, Jay Affanato, Mike Brown, Liz Cardiasmenos, Amy Delaney, John Hasson, Tom Malloy and John Tarr — for your many years of service. Your dedication to the association has put us in a very good position, and I know you will remain available to lend a hand and share your wisdom.  Thank you again!

I welcome our new Board members: Sarah Cicchini, Brad Fernandes, Penny Fleming, Michael Halloran, Peter Lind, Jennifer Lynch, Jim Simmons, Kelly Strain and Beth Tuleja.  I look forward to working with you this year and the fresh ideas and enthusiasm you will provide.

If you have any questions about our financials or the association in general please send an email to: newsilverbeach@gmail.com.  Your feedback is always welcome.

Sincerely,

David O’Keefe
President
newsilverbeach@gmail.com