Finance & Legal minutes: 2010-08-25

Minutes:

Minutes of F&L Meeting

8-25-10



Present: Aaron, Carl, Mary, Amy



1. Wells-Fargo

Mary will try to reach Wells-Fargo on Friday or Saturday to get information
about the redemption period on Dave Butler’s unit and a contact person so we
can send an information packet about cohousing.



2. Updating State “resident agent” records

Adi is the current “resident agent” for GO with the State. He is willing to
continue but wants to know if we want to change this to someone else. He
cautioned that because the annual renewal notice comes in July and is due
October 1, we need to be mindful of changes of personnel when work seasons
change.



We suggested that the bookkeeper should do this going forward. Adi
responded that he recommends that the roles be kept separate to avoid
conflict of interest or liability issues.



MONKEY: Carl will discuss this further with Adi and report back at the next
meeting.



We also think that F&L needs to develop a schedule of annual tasks such as
this so we can keep track of what's done or not.


3. 2009 tax return

There was discussion on e-mail about the Association’s 2009 tax return. The
concerns appear to have been resolved and Elph has given the CPA the green
light to file the return.



4. Accounts Receivable

Four households did not pay their association fees in August. We suspect
that all of these households simply forgot; none have a history of late
payments. One additional household has not paid for two months but has
checked in with us and we know what is going on.

MONKEY: Carl will send reminders to the households in arrears.



MONKEY: Aaron will send Carl, our incoming bookkeeper, Cher’s document on
procedures around policies.



5. Annual Review bids

MONKEY: Carl will make these calls asap.



6. Reserve Fund: Review proposed additions, changes, deletions

Using the criteria below, we went through the document that Elph has been
compiling listing proposed additions, changes, and deletions to the Reserve
Study. We discussed and annotated each item using the Reserve criteria:

1. Costs $2,000 or more

2. Life span between 5-30 years

3. Predictability (i.e. spending on a schedule vs. tapping into a fund
on a random basis)

Aaron was monkeyed to follow up with several community members to ask for
more information. Amy is following up on one item.



MONKEY: Amy will invite Paul Conahan to the next F&L meeting.


MONKEY: When we meet with Paul, ask if we could add a special line item to
the Reserve Fund that would be similar to or replace the Buildings
Maintenance Rollover Fund, for all the items that don’t quite meet the
criteria yet which feel like they are beyond our regular Buildings operating
budget lines.



MONKEY: Amy will ask Kathy if she can help answer some questions about the
Reserve Fund’s account history (income, expenses, balance).



7. Next meeting



Monday the 13th at Carl & Mary’s.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://gocoho.org/pipermail/finance-minutes_gocoho.org/attachments/20100829/75237920/attachment.html>