Membership Meeting

Dear Members:

After assessing the condition of our facility over the past several months, the Board of Governors has developed a capital improvement program to upgrade the Chequesset experience for our members, guests and management staff. These improvements include roof repair/replacement at the Club House, replacement of the tennis court fencing around the two hard-surface courts, renovations to the men’s and women’s bathrooms, structural modifications at the Boathouse, boiler replacement, and the installation of an emergency generator, to name a few. As many of you will attest, these improvements are much needed for the long-term viability of the Club’s operations. To fund the planned capital improvement projects, the Board recently voted to secure a revolving line of credit in the amount of $400,000 through Cape Cod Five. The line of credit will be collateralized through our Investment Fund.  Please be advised that members of the Investment Committee were consulted and are aligned with the Board’s decision.

Our decision to apply for the Line of Credit is based on the current favorable interest rates which are lower than the rate of return we have been realizing from the Investment Fund. Also, the way the Investment Fund is structured, we can access only the interest and dividends generated for the first four years of the Fund’s life. The annual interest and dividends generated from the Investment Fund will more than cover the principal and interest payments on the revolving line of credit and enable the Fund to continue to grow. It is also important to note that the Line of Credit is structured like a typical Home Equity Loan; we will only be charged interest on the portion of the Line of Credit that is used.

In order to approve our loan application, Cape Cod Five, (which is the custodian of the Investment Fund), has requested a vote from the membership authorizing the Board of Governors to execute a revolving line of credit in the amount of $400,000 and to use the Investment Fund as collateral for the loan. Towards that end we will hold a General Membership Meeting via Zoom on March 31 at 6 p.m. to answer any questions about the credit line, the projects we plan to complete, and to get your vote of authorization to move forward.

We also plan to take this opportunity to introduce Barry McLaughlin, our new general manager, to the membership. Barry will be available to say hello, give you a brief synopsis of his background and to answer any questions.

All members who have paid their 2021 dues are eligible to participate in this important meeting that will have a lasting impact on the future of the Club. If you have not paid for your membership yet, please go to:

https://chequessettclub.com/golf-tennis-sailing/

We will send out the Zoom link and a passcode to all paid-up 2021 members several days before the meeting.

Thank you in advance for participating and we look forward to seeing you (virtually) on March 31.