President’s Report: August 2023
Dear Members,
One of the warmest summers on record has gripped Southwest Florida and has been relentless. This has been the case for the last 6 weeks. There have been no breaks in the record high temperatures. It has been very difficult for our employees and for owners using their boats to get any relief. Hopefully the weather will break soon.
The following items are ongoing in the repair process:
- As you have been made aware, the hurricane destroyed our entire fire suppression system. The final phase of the reconstruction was to replace the fire suppression motor which failed after every other part of the system was replaced. We have kicked off the project and we anticipate it to be fully functional by September 1st.
- Moving onto the fuel installation, all necessary deposits have been paid and we are in a holding pattern awaiting the ETA for the arrival of the new underground tank. Given the typical lengthy lead times associated with these tanks, we’re optimistic about wrapping up this project by year-end.
- The situation with non-payment from the wind insurance company has not changed. Unfortunately, this has been the position that multiple insurance companies have taken against vast numbers of customers and businesses in SW Florida. We have retained an attorney who specializes in this type of litigation as well as a team of experts who will represent SHYC in our effort to receive a fair settlement from the insurance company. This will take time and I assure you that we will aggressively pursue this action.
- As the Board and I have reported many times, the project to repair the club has been laden with difficulties every step of the way. Almost all of them have been dealt with and have been repaired or replaced. We do have an issue with the appearance of the siding that was installed by the contractor. We are working with the construction company in an effort to correct this issue.
Our management and employees have been phenomenal in their effort to repair our club. I want to recognize Javier Rodriquez, our Harbormaster for his contributions to this end. Javier is our second in command and his tireless efforts have been instrumental in keeping our operations running smoothly. His remarkable work during our recovery in the reconstruction phases is beyond belief. He has been with us for 17 years, starting as a valet and advancing to Harbormaster. He is a credit to the club and our members who know him like and respect him. Thank you, Javier!
Financial Report
August 18, 2023
Cash on Hand: $2,600,136
Reserves: $353,165
CD: $114,820
Total: $3,068,121
Accounts Receivable: $1,522,390
Accounts Payable: $16,932
Thank you all for your continued support and understanding of the difficult circumstances that we have had to work under over the last year. SHYC is blessed with wonderful members that have been so supportive of our efforts. We have come a long way in the reconstruction and recovery of our club and our amazing resurgence continues. As SHYC Board President, I am always available by telephone or to answer your emails to address any concerns or issues.
Sincerely,
Peter Mazzagatti, President
Sanibel Harbour Yacht Club
Pmazzagatti@comcast.net
239-470-9577