Finance & Legal minutes: 2012-10-08

Minutes:

- bookkeeper's report on arrears etc.
-- HOA arrears collection from owing households

2 households are pushing against the $1000 threshold and Becky will warn
both households that a lien will be placed unless they pay

1 household who owes $9K+ has fallen behind again in their monthly
payments; plus the one CH office rented by their household is also
behind by 2 months rent -- at the next F&L meeting we will set a
timeline with concrete steps to address the case

- placing a lien on the one unit under foreclosure currently

GOCA has received a notice of foreclosure on one unit; that unit will
cross the $1000 threshold in November if they do not pay their HOA dues
any longer -- do we add the "CH assessment" amount to the lien? we will
bring that discussion to the community

- any new information from CPA about how many years of GOCA federal
taxes we have to amend?

we are going to arrange a face to face meeting with the CPA to get our
questions answered

- possibly 2013 operating Budget matters?

Becky will communicate with Mary to update the tax arrears payment out
of rollovers proposal to say that the insurance deductible rollover be
the last to be taken from and the first to be replenished in case of
money left over since we don't have any other clear mechanism to add
money to that rollover in 2013. If there is no money left over, we will
use the 2014 budget to collect money for the insurance deductible
rollover.

- we need to notify the community that money that renters owe to GOCA
(guest room or truck fees typically) or meals, will go on the owner's
association statement if the renter leaves without paying. The
relevant section from our Bylaws:

http://gocoho.org/boa/?id=agreement&num=70

ARTICLE IX
LEASES

1. Notice of Leases. Any co-owner, including the developer, who desires
to rent or lease a condominium unit shall inform the association in
writing at least 10 days before presenting a lease form to a
prospective tenant and, at the same time, shall give the association
a copy of the exact lease form for its review for compliance with the
condominium documents. If the developer proposes to rent condominium
units before the transitional control date, it shall notify either
the advisory committee or each co-owner in writing.

2. Terms of Leases. Tenants and non-co-owner occupants shall comply with
the provisions of the condominium documents of the project, and all
lease and rental agreements shall state this condition.

3. Remedies. If the association determines that any tenant or
non-co-owner occupant has failed to comply with the provisions of the
condominium documents, the association may take the following
actions:

a. The association shall notify the co-owner by certified mail addressed
to the co-owner at the co-owner's last known residence of the alleged
violation by the tenant
b. The co-owner shall have 15 days after receiving the notice to
investigate and correct the alleged breach by the tenant or to advise
the association that a violation has not occurred.
c. If, after 15 days, the association believes that the alleged breach
has not been cured or might be repeated, it may institute an action for
eviction against the tenant or non-co-owner occupant and a simultaneous
action for money damages (in the same or another action) against the
co-owner and the tenant or non-co-owner occupant for breach of the
provisions of the condominium documents. The relief stated in this
provision may be by summary proceeding. The association may hold both
the tenant and the co-owner liable for any damages to the general common
elements caused by the co-owner or the tenant.

End.

On Sat, Oct 06, 2012 at 03:28:57PM -0400, R.P. Aditya wrote:
> All are welcome to the F&L meeting at 7:30pm in the GO CH sitting room
> on Monday, October 8.
>
> Agenda includes:
>
> - bookkeeper's report on arrears etc.
>
> - any new information from CPA about how many years of GOCA federal
> taxes we have to amend?
>
> - HOA arrears collection from owing households
>
> - possibly 2013 operating Budget matters?
>
> - placing a lien on the one unit under foreclosure currently
>
> We will talk about the Master Deed updates at the next F&L meeting
> (after the next Budget community meeting).
>
> Meeting minutes from previous meeting below.
>
> Thanks,
> Adi
>
> On Mon, Sep 24, 2012 at 09:13:42PM -0400, R.P. Aditya wrote:
> > Attending: Becky G., Mary K., Adi, Eric M.
> >
> > - any new information from CPA about how many years of GOCA federal
> > taxes we have to amend?
> >
> > no response yet from CPA, we're hoping to get it soon so Kathy will call
> > him tomorrow
> >
> > - need to figure out how much of 2011 taxes should be paid out of
> > interest income in the reserve
> >
> > We had $3108 in interest income in 2011, all of it from the reserve fund
> > accounts. So 30% of that is $932 however we need to double check with
> > Len that's how he calculated the interest income.
> >
> > - any updates to F&L operating budget lineitems?
> >
> > we're going to propose paying the arrears out of some of the rollover
> > cash we have and any 2011, 2012 rebates -- so cutting out the arrears
> > line item and setting it to $0
> >
> > - do we need a "Bad Debt" lineitem in our operating budget?
> >
> > we should ask CPA Len, but setting it to $0 for now
> >
> > - HOA arrears collection from owing households
> >
> > no update yet
> >
> > - reserve fund contribution increase will be $10.40 per household --
> > need to update the spreadsheet and share it
> >
> > https://docs.google.com/spreadsheet/ccc?key=0AqJc8PncDDT1dDNVUkFTaUhMUWhMNkNhSG1SWlluR0E&pli=1#gid=0
> >
> > Minutes from the last time are below.
> >
> > On Mon, Sep 10, 2012 at 10:08:57PM -0400, R.P. Aditya wrote:
> > > 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.
> > >
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