Finance & Legal minutes: 2010-01-11

Minutes:

F&L Minutes for 1.11.10

Present: Aaron, Elph, Mary, Amy

1. Welcoming new members: Mary! and Cher (in abstentia)!

2. Late Association Fees - Next Steps

The policy on Late Association Fees was approved at first community meeting in December (December 2). Anyone with an overdue balance on the January statement will see the late fee schedule in effect on their February statement.

>From the policy document: "Owners with existing past due accounts will have three payment periods to bring their balances to zero before a lien is placed." That means that since the proposal was passed on December 2, the first payment period was December 20, and the third payment period would be be February 20. Therefore, liens may be placed on households with overdue balances starting after the March statements are distributed on or about March 6. The policy is written in such a way that F&L can retain flexibility to accept payment plans.

a. Update on status of late households (Elph)

There are four households who are chronically past due. The total is $7,935 past due. Two of these households have active payment plans, a third has communicated an intention and verbal plan to pay off their balance, and the remaining household has never had a payment plan.

b. Contacting owners who are late 2+ months

MONKEY: Elph will notify all four households of the timeline on the placement of liens. Elph will let each household know that someone from Finance or Affordability will follow up with them to provide information and resources available at Great Oak and in the wider community.

We discussed and identified who would contact each of the households.

c. Considering Affordability Cmtee's role

Mary was on the original Affordability Committee as was Debbi Schaubman; both are willing to talk with households as needed.

It's important that any payment plans are both written and realistic. A payment plan needs to have two parts: a monthly payment goal, and a timeline with an end date. It's possible for someone to fall short on the monthly amounts and yet still keep to the end date by making a larger payment along the way.

6. New meeting time

Second Mondays at 8
Fourth Thursdays at 7

MONKEY: Amy will check with Cher to make sure this schedule works for her.


Tabled until the next meeting:

* Consulting a lawyer re: periodically updating the lien
* Consideration of updated F&L Cmtee Mandate (Cher Is working on this)
* Annual Review of finances - make decision?
* Consideration of Workshop liability form

On the stack:

* Review of legal documents
* Strategies for educating members around reserve fund
* Educating members on accessing on-line statements (hold until review is done)
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