Finance & Legal minutes: 2012-09-10

Minutes:

Attending: Mary K., Judith S., Eric M., Adi

- F&L Meeting time and length

we're going to keep the meetings on the 2nd and 4th Mondays, 9/24, 10/8
will be at 7:30pm we'll try 6:30pm on 10/22 pending Becky's assent

- Bookkeeper report on arrears

The balances of units owing arrears better than before and several
units have paid in August (only one household over $1000).

Renters who have unpaid balances will have those balances transferred to
their landlord, esp. if they have just moved out! GOCA cannot be
responsible for tracking down subletters and renters for payment.

- review of Laywer advice on obtaining a judgement on household in
arrears

We decided to proceed with this as per the community's wishes and have
to collect the necessary information for the laywer.

- review of F&L operating budget lineitems

. Workshop construction loan should be paid monthly interest+principal
-- YTD looks like it only is paying interest?

. Is there a reason why the Finance::Bookkeeping and Operating
lineitems are separate?

. Could we lower the Professional Bookkeeper fees?

probably best to consider the work for 3 years of income tax statements
to be prepared arrears will eat up our budget this year and hard to
predict next year, so for now, leave as is at $4000

- YTD reports per committee for August and September?

we need them before 9/19 so committees can review them as part of
looking at their operating budget requests

- Bookkeeper help on finding all transactions related to Laird
Facilitation Training loans

Kathy found the $8000 out from the reserve and the $8524 paid back
(including interest) into the reserve, so that reserve expenditure is
fully account for.

- is water/sewer billing for households still fairly accurate based on
charges?

Yes, Becky did a review of charges in 2011/2012 and we are on track so
the amount billed will not change in 2013. Note that we will move the
water/sewer billing for units into the Operating Budget directly in
2013.

- Documenting CH outstanding amount as assessment amounts for those
households that did not prepay (formerly called CH loan)

Our lawyer recommends that a lien is placed for the amount owed by each
household. We need to know what impact such a line will have on
individuals (esp. their credit report/rating) -- we will ask Kathryn
Greiner (sp?) or similar knowledgeable person who will come talk to us
from UMFCU for skills and thrills. So we need to be sure to ask her.

- review of LCE/GCE master deed changes proposal from lawyer, reviewing
process for getting the master deed amendment approved

punt on this till we get a reply from Keast based on our request for
clarification

- For the Budget meeting on 9/19 we will review info from:

Operating Budget - https://docs.google.com/spreadsheet/ccc?key=0Ajzz0UJz12OsdE9pRmtvNDlzblVnVjduSnUtUlJNWXc&authkey=CI69pFs&authkey=CI69pFs&pli=1#gid=0

YTD spending - sent monthly to each committee mailing list and a overall
budget to actuals is sent to talk@

Rollover balances - bank balance report is sent every Friday to finance@

Reserve fund contributions - we have an agreement from 2010 that details
the planned increases -- approx $11 per unit in 2013 over the 2012
amount. The agreement is found here:

http://gocoho.org/boa/?id=agreement&num=199

End.