Crossville Chronicle, Crossville, TN

Glade Sun

September 25, 2013

Price elected to serve as director at-large

CROSSVILLE — The annual meeting of the Fairfield Glade Community Club Board of Directors was held on Sept. 20 at the Community and Conference Center, where it was announced that Harry Price would be the new director at-large.

Results from the election:

Harry Price received 2,982 votes

Jeff Heston received 1,174 votes

Glen Harper received 1,124 votes

President Bob Stackhouse thanked all of the candidates for volunteering to run knowing the commitment it takes to be on the board. Stackhouse also recognized Pat Davis for all of the hard work she does to help the community.

"For those of you who don't know, Pat Davis helps out the board tremendously. She also helps out the management and all the committees. Without her, we would be lost," said Stackhouse.

Cyd Reide presented Davis with a gift of appreciation.

Diana Chalfant, representative from time share, and John Muldoon, director at-large are retiring from the board this year. Both were recognized and presented with gifts to commemorate their outstanding service to the community.

Stackhouse went on to review some of the improvements to the community that have been accomplishments during their tenure:

• Good Samaritan was built and is now operating;

• The Wyndham Check-In Center is now operating;

• The Cumberland Medical Arts Center is being built and will be completed by the end of December;

• The senior management team has almost been completely replaced in the past three years. Stackhouse added, "I'm proud to say we have an extremely good senior management team in place now."

• Creation and implementation of a long term maintenance plan for all of the facilities;

• Created a system of membership policy review;

• Installed new docks at Dartmoor Marina;

• Installed irrigation systems at Stonehenge and Dorchester;

• Complied with state permit requirements for the wastewater treatment plant, which required the club to put in a new drip field that is now operating very successfully;

• A number of facilities have been updated and remodeled

• Most of the parking lots have been paved, sealed and striped

• And, on average, blacktop has been laid on about three miles of road per year.

Treasurer Pete Cahill announced that a new accounting firm would be conducting the audit. Cahill went on to explain that its simply a good accounting practice to change audit companies every three to five years.

In addition, Cahill announced that, going forward, the audit committee would create a function of an internal auditor, rather than solely relying on an outside firm.

Total revenues for the year were $20,000,267; excess revenue over spending, including depreciation was $1,090,000. Membership equity increased by the same amount, to $39,717,000. Long term debt was reduced by $745,000. Annually, the club spends about $1.3 million servicing long term loans, and each year, interest payments are reduced by about $50,000, which is then applied to the loan principle.

It was also announced that the club's debt has been refinanced. Four banks were invited to bid on refinancing the club's long-term loans. Cumberland County Bank was awarded the contract, for a fixed priced loan of 3.9 percent, lowering the effective rate from 6.5 percent. Free services and a fixed rate line of credit were also included in the package.

The monthly meeting will be held at the Multipurpose Building on Thursday, Sept. 26 at 9 a.m.

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