Finance & Legal minutes: 2013-03-25

Minutes:

Attending: Becky, Mary, Adi

> - The CH loan will have to be repaid on June 30, 2015. In antcipation of
> that date, F&L has been tasked with "After 2 years F&L will re-convene
> an affordability task force and bring back a discussion to the
> community to present options and work with individual households." We
> would like to talk about that this year so we can know how to plan in
> 2014.

Brainstorm of activiites to consider:

- affordability committee reconvene

- identify banks that might extend personal loans

- ask UM credit union for some special arrangement/rate for members?

- payoff faster so you can pay off June 30,2015

- extra work for bookkeeper to keep track of different rates for
different households, so won't recommend that

- give just 2 options to each household: 1) to payoff early or 2) not

- what is the payoff amount when loan is due? $2786 on 6/1/2015

- home equity line of credit if not underwater

- pay off at time of refinance

we recommend having a work position in fall 2013 to marshall this
process

> - proposal to put any operating budget money at year end into the
> reserve rather than rebate it, as recommended by CPA (Len) and it
> saves us federal tax (because it isn't interest income)!

- we have a hard time knowing when the right time is to rebate because
of year-end expenses

- if committees are under-spending, then rebating is the right thing
to do because it is affecting the current operating budget and
residents

- we don't want to have unspent money

- after we pay off back taxes, we will bring forward a proposal to deal
with the rebates

both above items will inform the reserve fund spending/investment policy
so we table that for now

END.


On Sun, Mar 24, 2013 at 04:17:45PM -0400, R.P. Aditya wrote:
> In the GO CH at 7:30pm, all welcome.
>
> Agenda items include:
>
> - reserve fund spending and investment policy
>
> - proposal to put any operating budget money at year end into the
> reserve rather than rebate it, as recommended by CPA (Len) and it
> saves us federal tax (because it isn't interest income)!
>
> - The CH loan will have to be repaid on June 30, 2015. In antcipation of
> that date, F&L has been tasked with "After 2 years F&L will re-convene
> an affordability task force and bring back a discussion to the
> community to present options and work with individual households." We
> would like to talk about that this year so we can know how to plan in
> 2014.
>
> - followups from meeting with Len
>
> - any other matters arising.
>
> Thanks,
> Adi
>
>
> On Mon, Mar 11, 2013 at 10:04:39PM -0400, R.P. Aditya wrote:
> > Attending: Becky, Debbie, Mary, Adi
> >
> > Unit 14 Garage status
> >
> > If a unit is foreclosed, the unit and the garage that goes with it
> > belongs to the bank (first mortgagee). Since F&L/GOCA still knows a
> > garage is assigned to unit 14, the bank also will be informed so that
> > there is no confusion.
> >
> >
> > TS recycling billing
> >
> > Becky will setup invoices through QB for TS recycling.
> >
> >
> > We have a meeting with our CPA on March 15, at 8:15am, all are invited.
> >
> >
> > Debbie has an agreement with one household in arrears to pay the
> > balance by April 1, 2013, in which case 2 months of late fees will be
> > waived.
> >
> > Debbie has left letters for two other households in arrears in their
> > cubbies.
> >
> > We talked about how we need to bring a proposal to the community about
> > changing how we do rebates.
> >
> > Adi is still working on how to update a lien, has to contact the
> > county clerks office
> >
> > Becky, Adi and Kathy will prepare a list of questions for their meeting
> > with Len on Wednesday.
> >
> > End.
> >
> >
> > On Sat, Mar 09, 2013 at 09:04:35AM -0500, R.P. Aditya wrote:
> > > We will be meeting in the GO CH sitting room at 7:30pm on Monday, March
> > > 11.
> > >
> > > Thanks,
> > > Adi
> > >
> > > On Mon, Feb 25, 2013 at 08:26:28PM -0500, R.P. Aditya wrote:
> > > > Attending: Becky, Debbi, Adi
> > > >
> > > > AR - when Debbi has been able to make contact, the results have been
> > > > positive, however coordinating with several people has been challenging
> > > > -- it is a work in progress and F&L is glad to have Debbi's help!
> > > >
> > > > Reimbursements - checks will be done within 7-10 business days, credits
> > > > will be done by month's end so will show up in the next statement
> > > >
> > > > TS recycling rolloff billing will soon be automated and they will pay
> > > > 50% of budgeted annually unless adjusted at year's end by GO Grounds
> > > > request
> > > >
> > > > 2012 books closing meeting needs to be coordinated with Len -- Becky
> > > > will get with Kathy and schedule
> > > >
> > > > We're collecting as many of the relevant Reserve fund "spreadsheets" in
> > > > a single Google Doc as tabs so we can all refer to the same thing:
> > > >
> > > > https://docs.google.com/spreadsheet/ccc?key=0AqJc8PncDDT1dDNVUkFTaUhMUWhMNkNhSG1SWlluR0E&usp=sharing
> > > >
> > > > End.
> > > >
> > > > On Sat, Feb 23, 2013 at 07:35:40AM -0500, R.P. Aditya wrote:
> > > > > All are welcome to the F&L meeting in the GO CH sitting room this
> > > > > upcoming Monday at 7:30pm.
> > > > >
> > > > > Tentative agenda:
> > > > >
> > > > > - Debbi's report on accounts receivables
> > > > >
> > > > > - wrap up of TS recycling rolloff billing changes
> > > > >
> > > > > - 2012 books closing, any outstanding items
> > > > >
> > > > > - 2012 and previous year taxes, scheduling meeting with accountant
> > > > >
> > > > > - reserve spending policy
> > > > >
> > > > > - any other items
> > > > >
> > > > > Thanks,
> > > > > Adi
> > > > >
> > > > > On Mon, Jan 28, 2013 at 08:51:52PM -0500, R.P. Aditya wrote:
> > > > > > Attending: Debbi, Becky, Adi
> > > > > >
> > > > > > - F&L will offer to household that is very behind to waive late fees if
> > > > > > they stay current on HOA monthly plus an additional amount to catch up.
> > > > > >
> > > > > > - Debbi will talk to renters and owners who are behind.
> > > > > >
> > > > > > - Renters with a $200 total outstanding balance (inclusive of late fees)
> > > > > > will trigger transfer of balance to landlord balance (email will be sent
> > > > > > to the community to remind folks)
> > > > > >
> > > > > > - Becky (the internal bookkeeper) hopes to have entered all
> > > > > > reimbursements for 2012 by the end of the first week of Feb 2013.
> > > > > >
> > > > > > - we are awaiting final confirmation from Len that 2011 books are closed
> > > > > > (Kathy did the last round of transferring to the rollovers for that
> > > > > > year)
> > > > > >
> > > > > > - we are going to re-look at how we charge TS for the shared use of the
> > > > > > rolloff -- the current process to determine the fee is very cumbersome
> > > > > > and likely outdated
> > > > > >
> > > > > > - can we make the default method of reimbursement a credit? but that
> > > > > > messes with auto-pay...so no for now
> > > > > >
> > > > > > - although we have an open-books policy, if a member A wants to ask
> > > > > > about another member's (B) account, as a courtesy, the bookkeeper will
> > > > > > inform member B about the request
> > > > > >
> > > > > > - Becky and Kathy will try to talk and/or meet with Len about our
> > > > > > internal bookkeeper change as well as see what has happened with our
> > > > > > previous years' tax recalculation
> > > > > >
> > > > > > - Becky will also ask Len about writing a letter to Jan (the previous
> > > > > > tax preparer) asking her to explain the calcuations of our taxes and
> > > > > > why there was such a discrepancy compared to what Len has calculated
> > > > > > and if it was an error, request Jan to pay any penalties that are due
> > > > > > to the IRS
> > > > > >
> > > > > > - Becky wonders if we can find a better way to deal with the 3 boxes of
> > > > > > files (invoices, reimbursement forms, etc.) we've accumulated over the
> > > > > > last 9+ years -- maybe we can scan things over a year old? possibly,
> > > > > > let's see how often Becky has to refer to things over the next month
> > > > > >
> > > > > > - when we make payments out of the reserve, we should update the "Txn
> > > > > > schedule" tab in the shared spreadsheet:
> > > > > >
> > > > > > https://docs.google.com/spreadsheet/ccc?key=0AqJc8PncDDT1dDNVUkFTaUhMUWhMNkNhSG1SWlluR0E
> > > > > >
> > > > > > so the next one we need info for are Dining room tables
> > > > > >
> > > > > > Done.
> > > > > >
> > > > > >
> > > > > > On Thu, Jan 24, 2013 at 12:33:28PM -0500, R.P. Aditya wrote:
> > > > > > > All are welcome to the F&L meeting in the GO CH sitting room this
> > > > > > > upcoming Monday at 7:30pm.
> > > > > > >
> > > > > > > Tentative agenda:
> > > > > > >
> > > > > > > - 2012 books closing, any outstanding items
> > > > > > >
> > > > > > > - 2012 and previous year taxes
> > > > > > >
> > > > > > > - reserve spending policy
> > > > > > >
> > > > > > > - any other items
> > > > > > >
> > > > > > > I will be out for the first meeting in Feb, 2/11, and that would be a
> > > > > > > good meeting to review any outstanding association fees.
> > > > > > >
> > > > > > > Please let me know if there are any other items to add to the agenda.
> > > > > > >
> > > > > > > Thanks,
> > > > > > > Adi
> > > > > > >
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