OUR HOUSE SQUIRREL ISLAND TRUST MEETING

November 24th, 2017 (Friday)

180 Main Street Walpole, MA
11:00 AM

Trustees Present:
Kim Draper
Paul Graycar
Rip Hastings
Barbara (Draper) Millett
Elly (Draper) Pendergast

Shareholders Present:
Teddy Draper
Trip Graycar
Adrienne (Draper) Olson
Robin (Graycar) Onuma
Katie (Graycar) Ricciardi

Other Attendees:
C. Mitchell Draper Jr.
Bernadette Graycar
Craig R. Millett
Mark Olson

I. ESTABLISH QUORUM – Kim calls meeting to order and establishes quorum

II. APPOINT SECRETARY – Elly appoints and Paul seconds Adrienne Olson as
secretary, so moved

III. REVIEW and APPROVE MINUTES July 6, 2017– Barbara moves, Paul seconds, all
approve minutes

IV. WEBSITE REVIEW

a. Trust document – Elly / Bear to send to Kim to post to the website
b. Parking lot resources – Please email Abby with all parking resources so that
she can post them
c. Housekeeping deep clean schedule – Katie will post schedule
d. Update Addresses – Please send to Kim to post to the website if yours isn’t
correct

V. 2017 MAINTENANCE REVIEW – See attached 2017 “Our House” Maintenance

Report
a. Correction: please note that Robin completed Dee’s room windows (scraped
and painted)
 VI. 2018 MAINTENANCE

a. Review Richard Hallinan’s proposals

i. Need to confirm that Westside porch roof is included in the
estimate
b. Review 2018 To-do list –
i. Families to review list and post to the Trust Facebook page
items that they would like to tackle during their time next
summer
ii. Kim to track assignments and post the final list at the
beginning of the summer
iii. Remove the following items as they are completed:
1. Dee’s windows
2. Look at the water pump
c. Chimney / Mason – Richard has sought out McFarland’s to ask about
coming to the island to look at the chimney – KIM to seek out a mason,
will keep us posted

SO MOVED to approve all items on Richard Hallinan’s items on the list

VII. 2017 HOUSEKEEPING REVIEW

VIII. 2018 HOUSEKEEPING PLAN
a. Katie appointed chair of housekeeping committee
b. Review deep clean list assignments – will post based on the weeks
selected on the island
c. Discuss applying for a Amazon credit card to manage the
subscriptions for the summer (e.g., paper towels, toilet paper, dish
soap, laundry detergent, dishwasher soap, sponges, foil, plastic wrap)

IX. 2017 BUDGET REVIEW

a. Bear recommends that the budget items be moved up in the agenda so
that maintenance, other items that rely on the budget can be fully
discussed.
b. Items of Note:
i. Our dividends will go away next year because we have sold the
life insurance shares to cover the one-time investments in
2018 maintenance, namely the roof
ii. Additional income is the

X. 2018 PROPOSED BUDGET

a. NOTES:
 i. Sale of $28,000 life insurance stock sale will be taxed by ~25%,
so need to adjust our plans for those funds accordingly
ii. Entertainment increased to $700, Fees & Charges
iii. Combining Expenses, Home Improvement & Home Supplies
line items as one going forward
iv. Approve update of maintenance budget to $26,000, leaving
($10K of remaining Life Insurance sales for future projects)
v. Update Life Insurance from $1500 to $2500
vi. Increase the maintenance budget for 2018 to $26,000
vii. Add $2,000 to budget for contingency to allow for cash on hand
for additional expenses

b. TOTAL BUDGET is $52,100, we’ll draw $22,000 from current funds in

the account, have $12,500 from income from rent, leaving $17,600 of
income required from shareholders.

c. COST PER SHARE: Looking at $17,600 of income required from

shareholders, the cost per share (w/ 12,000 shares) = $1.47 per
share; treasurer will request that amount per share at specific
increments across the year.

% of 2017 Budget Total Per # of Prime

Shareholder Shares Shares Responsibility Clan Wks Per Clan
Paul J. Graycar 15 0% $22.00 $4,400 2
Robin Onuma 995 8% $1,459.33
Katie Ricciardi 995 8% $1,459.33
Paul Graycar III 995 8% $1,459.33
Elly Pendergast 15 0% $22.00 $4,400
Lee Gagen 995 8% $1,459.33 2
Sally McCance 995 8% $1,459.33
Georgia Wilson 995 8% $1,459.33
Kim Draper 10 0% $14.67 $4,400
Copeland Draper 2
IV 1495 12% $2,192.67
Abby Draper 1495 12% $2,192.67
Barbara Millett 10 0% $14.67 $4,400
Adrienne Olson 1495 12% $2,192.67 2
Edward Draper 1495 12% $2,192.67
TOTAL 12000 $17,600 $17,600 8

XI. 2018 Vacation Picks:

a. Please discuss your picks with your clans and be prepared to select
before Christmas
 b. The order is as follows:
i. Graycar
ii. Pendergast
iii. Draper/Munro
iv. Draper/Millett
c. Primary Week O ept 9
ptions:
i. July 1 – 15
ii. July 15 – 29
iii. July 29 - August 12
iv. August 12 – 26
d. Additional Week Options:
i. June 17-24
ii. June 24 – July 1
iii. Aug 26 – Sept 2
iv. Sept 2 – S
XII. TRUST – discuss Stock ownership versus time on the Island
a. Elly has updated the Trust ownership / certificates as of Nov 24, 2018
i. Families with 3 children will have 995 each; Families with 2
kids will have 1495 each
b. Please mail back old certificates to Elly ASAP to 59 Wellesley St,
Weston MA 02493
c. Moving forward, the “Equity” cost will be distributed as cost by share
d. We should also consider dividing time by shares / clan as well in the
case that share distribution gets unequal.

XIII. Other Business:

a. Draper Brothers Update
i. Keeping dividends the same, agree not to see completely
ii. One family is owning all decisions
iii. Mill property land has been assessed – getting commercial
broker to look at leasing the space
iv. Kristen needs to let others in to the process
b. Elly proposes that we rotate the chair of the meeting – Kim
recommends that we rotate the person as it is the FIRST pick of the
summer will own both July and November meetings