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Let's Have a Mortgage Burning Party!

02/22/2016 8:42 PM | John Webster (Administrator)

In January we made our last mortgage payment!!!  I can recall when the mortgage balance was in excess of $500,000!  

Further, this month we made our second payment of $34,000 to pay off a three year short term loan to construct the marina wall and improved roadway.  This time next year, we will be debt-free!  Believe me, we have an enviable balance sheet. 

Congratulations to us!   Deep gratitude to all our members, volunteer Board members, and flag officers; especially those that went before us – what wonderful stewardship!  The next chapter of our 109 year old Club is ahead of us.

Banks review balance sheets, but examine cash flow.  Our story is admirable here too, in that we run a tight fiscal ship and break-even over the years.  As Treasurer, I want to underscore that our future relies on protecting and enhancing revenue.  To that end, please encourage folks to come on down and explore joining our merry band of lake enthusiasts.  

Chip Bryce, IYC Treasurer


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Ithaca Yacht Club

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