Christmann, Colburn, Cook, Longhany re-elected trustees for three-year terms; Epworth, Burt Park are priority projects
Silver Lake Institute Members and friends made their way to Epworth Hall for a warm breakfast preceding the annual Cottage Owners Meeting at 10 am. The morning was mildly cool but comfortable, readying everyone for the breakfast to come. The coolness helped keep Epworth Hall comfortable even through the close of the meeting at 11:30 am.
Along with an amazing variety of breakfast dishes, there was also a variety of drinks available including coffee made in the new 100-cup percolator. The setting and the conduct of the meeting was informal and welcoming. The meeting was opened with prayer by Tom Kraft and Kevin Colburn led the gathered group in the Pledge of Allegiance. The Trustees then introduced themselves since most of those present do not attend the monthly Trustee meetings.
Treasurer Jill Knitter reviewed the 2021 and 2022 financial statements. She indicated that although the cost of gasoline was up, "it's been a good year."
The review of investments by Kevin Colburn was not quite as rosy but many could anticipate that from regular TV and newspaper reports about the stock market. He reported that in 2020 we had a 17% increase in one investment set and an 87% increase in the second investment set. Only the first quarter was in for 2022, so he simply reported it as being "down" which is not unusual for a less than full year's report.
Trustee President Colburn reminded us that the new rental rules became effective this year. They can be found in the SLI Handbook at 3.1.27 titled Leasing Permit Fee and Penalty. This is the policy whereby if your cottage gets a rental permit so that you can rent it out for a rental fee, you must register your cottage as a Rental and pay the annual $500 fee and a one-time reimbursable deposit for the purpose of covering damage to the SLI and/or violations in the Handbook. Please read this 3.1.27 section for a more precise and detailed explanation if you are not yet aware of it and if it applies to you.
Today the Trustees are proposing three new paragraphs be added to 3.1.27: The first to exclude immediate family from these provisions and consider immediate family as part of the ownership. The second is to establish a cap on the number of rental unit permits which is currently 16 and establish a waiting list for those who wish to have a rental permit. The third is: "If a property, with an existing rental permit is sold, the rental permit will be transferred to the buyer only if there is a currently existing lease. Once the existing lease expires, the rental permit will also expire. A rental permit will then be offered to the first person on the waiting list. Should there be no one on the waiting list, a rental permit will be offered to the buyer."
A vote was taken and the body of the cottage owners approved the three new provisions to the already established rental policy.
Bob Cook gave a brief status of the Capital Campaign made necessary by increasing costs of roofing materials and the length of time it has been delayed. Residents were urged to support the campaign. Sharon Pratt gave a brief but interesting history of Epworth Hall.
In response to a question, Kevin Colburn gave a most informative explanation on our status as a 501c3 organization which must be actively kept through our service programs such as SLE, concerts, speakers, etc. He said that Epworth was listed around $1M and between Stoody and Hoag, nearly another million. Then add the value of all the waterfront property SLI owns and our taxes could be easily tripled without maintaining this tax exempt status. Volunteers not only make this community what it is, but make it affordable.
Conclusion and Closing of the Meeting: The last two business items: The Burt Park playground and the swimming area will be covered in a separate article.