Finance & Legal minutes: 2012-04-23

Minutes:

F&L Minutes

4-23-12



Present: Mary, Becky, Amy, Kathy, Aaron (for a few minutes)



AGENDA



1. Master Deed

2. Thanks to Aaron who is going off F&L

3. Finops Items

4. CH Loan

5. Draft proposal for the ~$11,000 GOCA balance



MINUTES



1. Master Deed



At the last community meeting, people seemed to like the idea of doing an
FHA application, and we’ll need to make changes to the Master Deed. Becky
is willing to work on the FHA application and Aaron agreed to help out with
the MD aspects. We will create a task-specific job for Aaron in the Fall
work season if he needs to get some work credit for the time he will spend.



We will ask Keast to verify that our MD is in compliance with the law, and
we also need to ask him to sign off on the FHA application and submit it.



MONKEY: Becky will write the pertinent questions we need to ask Keast,
send them to Aaron, and Aaron will send to Keast.



Re: accountability for work – discussion about saying in the MD that work
is required in accordance with the Book of Agreements, rather than spelling
out the details in MD, to allow flexibility.



Aaron will send Keast’s response and recommendations to Finance for input
before we ask Keast to draft the legal language. The community will have
an opportunity to approve the draft before Keast finalizes it.



2. Thanks to Aaron for his long and dedicated service to F&L!



3. Finops items



a) Accounts receivable



RE-MONKEY: Becky and Mary will ask CRC and the household significantly in
arrears to meet to plan a community meeting discussion at the May 21 mtg.



Mary shared information about strategies condo associations have used to
recoup arrears.



Becky sent out a refresher to Talk to remind GO members that our agreement
is that a lien is placed on households with amounts due in excess of $1000.
Three households in addition to the household significantly in arrears have
balances over $1000. We sent e-mail to one household and telephoned
another during the meeting to ask them to pay down their debt to avoid a
lien.



MONKEY: Kathy will send a message to a third household to encourage them
to pay down their debt below $1000 to avoid a lien.

b) Closing out 2011 / 2011 Tax Return

MONKEY: Kathy is going to follow up this week with the CPA on closing out
2011 and filing the GOCA 2011 tax return, and to express concern about the
delay.



c) Rollover accounts



Elph has offered go to United Bank and Trust to set up separate bank
accounts for our rollover funds.



MONKEY: Amy is a signatory and will contact Elph to propose a time to go
with him to United Bank and Trust to set up the accounts. Kathy will send
the relevant information to Amy.



d) Procedure for when GOCA’s account balances get low (cash flow procedure)

Tabled until next meeting; not urgent.



e) Truck mileage billing



MONKEY: Kathy received additional log sheets from Erik and will create a
spreadsheet of amounts owed, and will send these to the CPA to bill
households.



f) Reserve CD matures today, 4/23/12



We have Reserve funds at SSFCU in a CD that matures today. Elph is
arranging for the funds to be transferred to our UMCU account.



4) CH Loan



MONKEY: Kathy will tell the CPA to extend the loan payments to our lenders
for May and June.



MONKEY: Amy will contact InfoCo and Gail to request community meeting
agenda time first to introduce, and then to approve a CH Loan proposal.



5) Draft proposal for the ~$11,000 GOCA balance



Becky drafted a proposal based on feedback from a recent community meeting.
Adi submitted comments; we had a new idea; Becky will rework and send out
again.
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