Down East Seniors Club hears WYCC history

Published 3:33 pm Friday, April 8, 2016

The Down East Seniors Club held its April 6 meeting at the Blind Center of North Carolina in Washington. President Ed Hamrick led the meeting. Jim Hackney played for the singing of “God Bless America,” and Charlie Mike Smith gave the invocation. Dick Paul provided humor.

Charlie Moore introduced William Taylor, board member of the Washington Yacht & Country Club. Mr. Taylor gave the history of WYCC leading up to the current drive to recruit new members. In 1972, a new clubhouse was built to replace one that had extensive fire damage. At that time the club borrowed $1 million from a local bank to finance the new building. More debt has been accumulated over the years to make other improvements and the resulting monthly loan payments were $15,000. Payments were being met satisfactorily until 2008 when some members dropped out due to the economic recession. By 2013, the club had to raise dues and levy a special assessment. This caused about 200 more members to drop out. A small group of the members got together and raised $1.1 million, which they loaned the club with the understanding that for the first five years the club would pay them 5 percent interest only. This allowed the club to pay off the original loan and reduce remaining monthly loan payments to $5,000. They have started an aggressive campaign to recruit new members by offering reduced dues and initiation fees for a limited period. They will also rent the clubhouse to non-members for weddings.

Ed Bolen won the 50/50 drawing.