I am running for the SIPOA Board of Directors to serve a second term as Treasurer and Chair of the Finance Committee. I am proud of the Finance Committee’s achievements. Over the past three years we (i) paid off the Lake House debt early to save on interest costs, (ii) focused on managing SIPOA’s assets and achieved substantial interest returns, (iii) established escrow accounts for funds to replace our roads and to recut the inlet to separate existing and future reserves and from those reserved for other purposes, and (iv) strongly recommended that SIPOA bring its financial management operations back in house to improve budgeting and financial reporting. SIPOA hired a Director of Finance, who started work in October.
As Treasurer, my major goal will be to continue to oversee SIPOA’s finances and budget. I look forward to working with the Director of Finance and to tackling the huge, new challenge of funding and reserving for the large costs associated with the drainage improvements outlined in the recently completed Drainage Study. I will also continue to strongly endorse that SIPOA work toward establishing adequate reserves for road replacement and for the inlet recut.
Prior to becoming Treasurer, I served on the SIPOA Finance Committee (3 years). As Treasurer and Finance Committee member, I gained an in-depth familiarity with SIPOA’s asset and liability accounts, its income and expense categories, and its operating and capital budgeting procedures. I enjoy good working relationships with the SIPOA staff involved with expenses and budgeting. I also served on the Long-Range Planning Committee (4 years) and as Vice-Chair of the Legal Committee (1 year).
I hold a Ph.D. in economics, have taught at several major universities, and retired from the Federal Reserve Bank of Minneapolis as Senior Research Officer. During my 50+ years as an economist, my focus has been money and banking, so I am very familiar with income statements, balance sheets and financial markets. I am also aware that all policy decisions involve trade offs (there are no free lunches) and that incentives are important (skin in the game matters).
My wife, Lee, and I vacationed on Seabrook Island for many years. In February 2012, we decided to retire here and bought a lot. We moved here permanently from Minneapolis early the following year and into the house we built in December 2013. We have been married for 54 years and have two children and four grandchildren.
Lee and I are very happy with our decision to retire here. Seabrook Island is a wonderful place to live. It is filled with friendly, interesting, and caring people. It is naturally beautiful and has great amenities.
-Submitted by the SIPOA Nominating Committee