U.P. Sno-Phlyers Snowmobile Club

2425 Ludington Street

Escanaba, MICH. 49829-1328

Treasurer’s report for the regular monthly

meeting of the club held on Tuesday, december 11, 2007.

The club maintains a checking account @ First Bank Upper Michigan, principal offices located @ 1400 Delta Avenue, Gladstone, MI. 49837. This is the only account for all club funds.

Beginning Balance as of october 31, 2007            $     3,832.29

Total Additions                                                       $     3,212.22     

Total Subtractions                                                $         628.96

Ending Balance as of november 30, 2007              $     6,415.55

Additions shown on bank statement during the month of november, 2007:

            november 8-$3,212.22- from state of michigan d.n.r. from our club’s

            trail-grooming contract (for the whitefish bridge project see note # 3 below)  

Subtractions shown on bank statement during

the month of  november, 2007:

            november 7-$336.43-automatic loan payment to first bank, u.p. for groomer/drag payoff

            november 20-$72.53-club check # 1037 to track, inc. for parts for the groomer     

            november 23-$195.00-club check # 1038 to city insurance agency for groomer/drag insurance

        november 29-$20.00-club check # 1033 to michigan snowmobile association (one year dues)

        november 29-$5.00-club check # 1036 to michigan snowmobile association (note we already had paid $20 but were later informed that the dues were $25)

note 1 accounts receivable:

            $933.00 from state of michigan for the whitefish river bridge design project

            (see note # 3 below).  

            $41.25 from state of michigan for the laraby and inman creek brdige design project ( see note # 4 below). the club submitted a total request of $10,455.00 for  five (5) separate invoices from the engineering firm for this project and received all but the above amount; the club treasurer is investigating why???

            $1,070.74 from state of michigan for the whitefish river bridge design project

            (see note # 3 below).  

            $1,409.38 00 for the 2007-‘08 for trail liability insurance, $1,164.38 for 3 months startup funds for trail brushing and grooming and$150 1^st installment for utilities all from state of michigan d.n.r. trail grooming contract     

        $7,175 from state of michigan for the laraby and inman creek brdige design project ( see note # 4 below).

            $2,862 from state of michigan  for the whitefish river  brdige design project (see note # 3 below).

note 2 accounts payable:

             $7,175 due bittner engineering for the laraby and inman creek bridge design  project (see note # 4 below).

        $2,862 due northwest design group for the whitefish river bridge design project (see note # 3 below).

note 3:

The club is the recipient of a special grant in the amount of $56,321.98 from the State of Michigan, D.N.R. for a project to design a snowmobile bridge over the Whitefish River. Funds are being “drawn down” as the engineering company selected to design the bridge (northwest design of traverse city) submits invoices. When the design phase of the project is complete the project will go out for construction bids and the club expects to enter into an agreement with the State to pay for 100% of the CONSTRUCTION COST OF THE PROJECT.

note 4:

The club is the recipient of a special grant in the amount of $20,500.00 from the State of Michigan, D.N.R. for a project to design several snowmobile bridges over laraby and inman creeks to re-route the existing trail into the community of rapid river. Funds are being “drawn down” as the engineering company selected to design the bridge (bittner engineering of escanaba) submits invoices. When the design phase of the project is complete the project will go out for construction bids and the club expects to enter into an agreement with the State to pay for 100% of the CONSTRUCTION COST OF THE PROJECT.

note 5:

The club has submitted the annual Recreational and Snowmobile Trail Program Grant application to the State of Michigan, D.N.R. in the amount of $16,250.82. this is the principal source of revenue for the club. the contract has not been signed by the state of michigan and returned to the club yet.

note 6:

the club has been notified by the state of michigan, d.n.r. that it is eligible for 100% funding for a new trail groomer/drag for the 2007-’08 season. acquistion of a new machine is contingent upon the amount of funds appropriated by the state legislature from the snowmobile fund and the total amount of requests for funds by club’s with state grooming contracts. more information will be reported when it becomes available.

note 7:

The club owns a 1985 Model 1342-Mid Engine Tucker Sno-Cat trail groomer/drag which was financed by a down payment from club funds in the amount of $1,000.00 and a loan made by First Bank in the amount of $18.058.00 made on 10-28-2005. the club is making payments  on a five (5) year loan to payoff the groomer/drag with monthly payments (59 total) of $336.43 beginning on 12-7-2006 and ending on 11-7-2011. current balance of the loan as of december 7, 2007 is $13,950.47.