Fifty SCLA Members gathered May 27 for the 2023 Annual Meeting of Members at the Spider Lake Town Hall. Outgoing President Larry Keller opened the meeting with highlights including the FINAL approval of the first "Comprehensive Lake Management Plan" (CLMP) in March, 2023, water quality monitoring, project pike, lake surveys, SCLA events and the completion of the $1.2M Preserve & Protect Campaign launched nine years ago.
Larry thanked volunteers, including Ray Langer, AIS Chair for his tireless work on the CLMP and other lake surveys, Membership Chair Lynn Kane who created and distributed the 2023 directory of members; members of the Membership Committee who organized the 4th of July Boat Parade, the Annual Picnic, S.L.E.E.K., and Gina Blayney, Chair of the Education Committee for rejuvenating the educational series "Wine & Wisdom.
Outgoing and former board members were recognized for their leadership and service: Martha Coventry, Lynn Kane and former president Lili Herbert. Two members were elected to the SCLA board of directors: Jerry Keating, for his second term, and David Meyer, for his first term.
Ray Langer, AIS & Water Quality Chair highlighted the work of the committee and the results of the "Landing Monitor Program" which is expanding hours of coverage in 2023 thanks to availability of funding. SCLA landing monitors inspected 2,400 boats in 2022 (120 of which had been on lakes with eurasian water milfoil in the preceding five days). Ray also highlighted the threat of Yellow Flag Iris (YFI) to the lakes. YFI is a toxic weed that since 2017 SCLA has prioritized for eradication.
Kris Dew and Mary Keating presented (on behalf of Chair Gina Blayney) key 2023 educational events, Lynn Kane presented membership committee work and Wendy Wood presented the Finance Report.
The good news on the finance front is that the endowment draw covered 24% of the FY 23 budget, while "FISH MEMBER GIFTS" covered 39%. Financial viability will depend on the continuance of "FISH MEMBER GIFTS" and converting small fish members to "A BIGGER FISH" and to convince 100% of members to become a "FISH MEMBER" so the operating budget is covered. Please renew your memberships at the end of the year with a "FISH GIFT" - we all love this place and we need Fish Gifts to continue to protect it. Fish Member Gifts go directly to fund expenses; categories have fish names: Record Musky ($1,000), Walleye ($500), Bass ($250), and Bluegill ($100).
New SCLA Co-Presidents elected at the May 19th board of directors meeting: Jerry Keating (also Philanthropy Chair) and Wendy Wood (also Investment Chair), and Vice President/Secretary Alex Farrell. Kathy Schmidt continues as Treasurer and Finance Chair.
The theme of the new Co-Presidents for the coming term is 3-Fold: VOLUNTEERS (recruit more!) FINANCIAL VIABILITY (100% Fish Members) and COMMUNITY BUILDING via educational events that are fun to attend. Please join us!
Endowment Fund: Investment Performance As of 3/31/23
The SCLA endowment is managed to meet two goals: preserve the inflation adjusted value of endowed gifts in perpetuity while supporting a meaningful and dependable rate of spending from the endowment each year. An additional goal is to outperform, net of fees, a market benchmark which represents the target asset allocation. The endowment is invested in an allocation of 65% global equities and 35% U.S. bonds.
As of March 31, 2023: The SCLA endowment trailing one-year return (net of fees) for the period ended March 31, 2023 was -5.7%. This exceeded the 65/35 market benchmark return of -6.4%. Since inception of the fund in 2016, the annualized return net of fees was 7.1%, 0.6% above the market benchmark of 6.5%.