Finance & Legal minutes: 2012-01-22

Minutes:

*F&L** Meeting Minutes*

1/22/12





In attendance: Kathy Boblitt, Becky Grover, Rod Johnson, Aaron Aalstrom,
Amy Harris, Mary King





1. Discussion about Meals debit/credit card:

· Meals wants a debit/credit card to allow for larger purchases
on-line.

· The Meals Shopper would have to keep track of what is purchased
separately for the CH & what is purchased for Meals

· The Meals account sometimes slips below what might be debited. Meals
wants to have a $1,000 balance at all times in the account, but that
doesn’t always happen.

· The debit card has to be in someone’s name – it can’t be in Great
Oak’s name. Kathy will check to see if we can get a credit card in Great
Oak’s name.

· In an effort to prompt people who make Meals purchases to submit
receipts in a timely fashion, it was suggested that Meals make a policy
such that if the purchaser does not turn in receipts within a certain
timeframe, they would be responsible for the entire cost.

· The CPA advised us that Committees should approve all major
purchases in advance by signing a purchase form or documenting it in the
minutes.

· In addition, per the CPA, our new internal controls include:

o We will have 2 people sign checks now

o Statements will go directly to the CPA – not the person who writes the
checks

These internal controls were recommended with GOCA's accounts in mind.
F&L invites
the Meals Committee to consider implementing similar controls for Meals
accounting.



· Meals plans to report to the entire community each month about how
much is owed by Meals, how much folks owe Meals and the current balance in
the account.

· There are 4 TS folks who have moved out without paying a Meals
balance. Gail has emailed them directly and received no response. We
should consider them uncollectable (none were over $50) and move on.

· Discussed gains and losses of a credit card vs. a debit card.

· Meals will discuss these issues at a future meeting.



2. Check-in on bookkeeping details discussed last time including reports &

monkey review:



· Kathy needs to close the Norbel account after one last check clears.

· Becky will draft a letter to the community about the new internal
controls we want the committees to follow.

· F&L needs to get on the March 19th agenda to discuss the new
internal controls & reports. We will invite Len to come to the meeting to
meet the community and explain how to read the new reports.

· Kathy & Becky will continue to work on developing a list of reports
to present to the new bookkeeper.

· Kathy will look for past tax returns to see if we have declared a
cash or accrual system in case we want to make a change in the future.

· Aaron & Amy will meet to review minutes from December before
finalizing a letter to Keast about the Master Deed.

· We need to ask Keast what we can do within our Master Deed to
protect ourselves from predatory buyers – including the possible impact on
our work program.

· ALL TS fees to GO (other than for Meals) have been paid up after
Kathy told those with outstanding balances that a $25 fee would be charged.



3. Check-in with Becky - any help needed for 2/3 Alternative Meeting on

$11,000?



All set to discuss the $11K on 2/3. Need to email folks to let them know
to bring a committee or individual “pitch” to the meeting for any special
projects they have in mind.





4. Check-in on additional information Adi sent via e-mail since our last

meeting re: the monetary value of our work.



· Amy will work w. Adi to develop some questions for Keast. Depending
on his answers, F&L may support floating a balloon (not a proposal) about
these concerns at a community meeting. F&L would focus on discussing the
legal and financial risks of a predatory buyer. The idea Adi is thinking
would include Work in the solution. If the community is interested in
pursuing that idea further, then it would need to be shepherded back to the
community by Work.



5. Info from TS on liability:



· Amy: Call Barb Young to find out if we are covered if a member for
Great Oak is injured while doingwork for Great Oak.



6. Are we ready to tackle the next project, and if so, what will it be?



· Review and prioritize our list of things to do.

· We still need to finish up our current projects before taking on new
things.
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