Finance & Legal minutes: 2010-09-27

Minutes:

Minutes of F&L Meeting

9-27-10



Present: Carl, Aaron, Peter, Amy



1. Accounts Payable



We discussed a number of late payment situations. Carl will send reminders;
it appears that most of these are oversights.



2. Questions from Common House about Budget/Finops processes



MONKEY: Aaron, Carl, Elph, Kathy, and Becky should sit down to go over
accounting questions Becky has about guest room fees, gifts, rentals, tax
implications, etc.



3. Reserve Study



We need to get our final numbers to Paul asap. He will ready to do the
inspection in another week or so.



Fire Suppression

We will recommend to Buildings that we add expansion tanks to the Reserve
Fund and go ahead and purchase and install them all now. [Subsequent to the
meeting, we found out that the lifespan of expansion tanks is too long for
them to be included in the Reserve Fund.]



MONKEY: Aaron will get back to Becky about countertops and cabinets.

MONKEY: Amy will get back to Adi about IT infrastructure.

MONKEY: Carl will follow up on the worksheet that Paul sent him.

MONKEY: Aaron will e-mail Grounds about the recommendation to bring truck
into reserve fund.

MONKEY: Aaron will get a price for Hobart replacement from Becky.



We spent the rest of the meeting discussing the pros and cons of whether
decks etc. belong in the GO Reserve Fund. Paul Conahan had told us that
typical condo associations require owners to maintain additions to their
units such as decks. However, GO spent four meetings a few years ago
discussing this and concluded that decks *should* be included in GO's
Reserve Fund. Mary recalled that there was a process agreement that this
would be reviewed when the Reserve Fund came up again – which is now. However,
we’ve discovered this too late. There is not sufficient time for the
community to discuss this before or during the current budget process, so we
think it needs to stay the same for the current Reserve Study. There are
compelling reasons to include decks; and compelling reasons not to include
decks. It's not a simple situation.



[A few days later, Carl and Amy met with Adi for a tutorial on the history
of GO’s discussion about decks and other LCE/GCE issues. Aaron and Amy
subsequently had a conversation about this with Dale, receiving additional
information. Amy typed notes from these conversations and they will be sent
out separately as minutes of “special” F&L meetings.]
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