Finance & Legal minutes: 2010-08-09

Minutes:

Minutes of F&L Meeting – 8-9-10



Present: Elph, Mary, Carl, Amy





1. Document organizing project



Gail will join us at the first meeting in September to report on her
progress. She will be out of town on the day of our next meeting.



2. Lien



Aaron was planning to get the lien notarized today between business trips.



MONKEY: Amy will e-mail Aaron to find out what the status of this is.



MONKEY: Elph: invoice the household significantly in arrears for the
attorney fees incurred to date. Get amount from Carl.



3. New agreement with household in arrears

Last we heard Cher was waiting to hear back from the household in arrears
whether they would sign the proposed new agreement.



MONKEY: Amy will check in with Cher on the status of this.



4. Foreclosure



No news to report. Dave has remained current on his association fees.



MONKEY: Mary will call Wells Fargo to see what she can find out about the
process at the end of the redemption period. Is there a way that F&L or
Membership can communicate with the Realtor?



5. Annual Review



MONKEY: Carl will contact the three firms we are seeking bids from to see
if they could look at our books on Quickbooks online instead of having us
print out the many statements they requested.



Elph sent Carl information about how our statements can be accessed with a
“read-only” log-in. They can only look at the data and run reports; they
cannot change any data.



MONKEY: Amy will send Carl the contact info for the three firms.



We want to have these bids by September 1 so we know how much to request in
the 2011 GO budget.



6. Reserve Study



We have a document that lists all the new and changed items that people
would like to include in the new reserve study. The next step is to refine
it by making sure the items meet our criteria. When ready, we send this to
Paul Conahan. He will respond with questions. (For example: let’s say we
want to be able to replace the truck. What kind of truck? New or used?
Etc.) We respond to his questions. Then he generates a draft. We review
it and take it to the community to review and approve. There will probably
be some changes, and then Paul will do a final version.



We want to get the reserve study done in tandem with the budget process.
People will need to know whether there will be changes to the monthly fee
that are beyond the scheduled increase we now have ($3.37/mo increase per
year under the current study).



MONKEY: Elph will send us the link to a google doc listing the proposed
changes, and the criteria for reserve fund items, to review before our next
meeting. We will make it a priority to go over this list at the next F&L
meeting.



MONKEY: Elph will prepare a report on how much we have spent using reserve
funds. The amount we have accumulated to date is recorded in a table in the
current reserve fund (which is available on line at
http://www.gocoho.org/my/ in the document section, along with a summary of
proposed changes) – this is a very systematic process. The balance would be
the difference between these two.



7. Budget



The budget process will begin soon. Generally, it begins with a request to
committees to review their budget lines and prepare their requests for the
coming year.



MONKEY: F&L needs to talk about its committee budget at a meeting soon.



8. Matters arising



Elph and Carl discussed times when they could meet for Carl to begin
training on being bookkeeper.



9. Fall meeting times



2nd and 4th Mondays at 7:30 p.m.

2nd Monday at Carl’s, 4th Monday at Amy’s.
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