Finance & Legal minutes: 2007-06-11

Agenda:

Finance Cmtee Meeting June 11, 2007 Minutes

Agenda
1. Review Financial Reports
2. Late Association Fee Reports
3. LCE/GCE
4. Budget Time
5. Electronic Payments

Minutes:

1. Review Financial Reports

Financial reports are not ready yet.

Kathy is going to start entering check register into Quickbooks
directly and print a copy for her records.

Tracy will talk to Melisa bout doing the same from her end

Melisa says that the merged jobs did not add much time to the
depositer job.
Melisa says she is checking the box three times a month and depositing
as needed.

Tracy will get back to putting the report on the back of the statements.

2. Late Association Fee Reports

Tracy will get with Elph on this months late association fee report
Tracy will email pdf of form to Judith.

We will have late association fee report in July reports

3. LCE/GCE

Staining and Painting - Owner
Cleaning - Owner
Maintenance - Owner
Repair - Association
DEFINED as threatening the structural integrity (as agreed by Buildings)
Replacement - Association

For the purpose of the discussion Decks/Stoop are defined as having a
replacement value of over $1000.

Proposed that Decks cannot be removed without community permission -
it is a change to the outside of your house and has to go through
process.

If a deck is removed and not replaced the unit will receive a credit
towards future reserve fund payments of the amount previously paid for
that deck.

Buidlings will do regular inspections of decks on a schedule that they
determine. Owners are encouraged to notify the buidlings cmtee of any
structural integrity issues.

Owners doing repair/replacement work: Buildings has to get bids from
contractors to do work on association property, an owner who wants to
bid is encouraged to do so. All work shall have pulled permits.

4. Budget Time
Tracy has told Rod that she will help him with Budget.

5. Electronic Payments
Reasoning for using community wide...
PayPal is the best solution for us and it will cost us 3% on each
transaction.
Savings of 2 to 3 hours per month of Work Labor estimated.
Time Savings on the part of members writing checks
Avoidance of late fees on part of members
We don't have to pay for bounce checks
The member can use electronic check or credit card to pay.
Payment can be made to happen automatically.

But that's not really worth $5 to most members.

We could offer it as an option for members to take advantage of.
Convenience would be a major reason for members to take advantage of
this. For those that don't like writing their checks or forget to
write their checks, then setting up an autopayment from their checking
account may be worth a 3% fee.

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