![Minutes: Finance & Legal 2013-01-13 [Minutes]](display/images/gocohologo.gif)
Finance & Legal minutes: 2013-01-13
Minutes:
Attending: Debbi, Becky, Keith, Adi- accounts receivable: Debbi is having conversations and feels there
is progress
Debbi will craft a proposal to limit guest room usage if guest room
fees are not paid in a timely manner
- updating liens: wait till Debbi says to do so
- Keith is now trained on how to do truck mileage billing!
- we need a bigger file cabinet, we will buy out of the F&L operating
budget
- 2013 year end stuff: the reserve and savings/rollover accounts
expenditures will be broken out into a separate report and removed
from the budget-to-actuals report (good that they are reported on,
but no idea why they were in budget-to-actuals) so that the totals
make sense (and they are not part of the operating budget anyway)
- charitable donations will be tracked under each committee so that they
balance the association fee income to those lineitems
- receipts have to be turned in within 3 months of the expense! turn
your receipts in if you want to get paid
http://www.gocoho.org/boa/?id=agreement&num=147
- alternative ways to pay out GO CH SDHW investments annually
it is a pain to track the CH SDHW progress and pay out small amounts
annually, need to make this simpler and less tedious
if the community were to buy the system outright, it would cost
$2,670.36 as of now in loans that would have to be paid back across 13
households in proportion to their original loan amount
Becky will think about a proposal to do that
- work remaining to do on Solar PV installations for individual units
many concerns expressed about lack of documentation, legal and GO
agreements, about installations, warranties and ongoing
maintenance/repair expectations of Solar PV panels for individual
households -- installing households know that they will have legal
fees to craft agreements about how their Solar installations will be
repaired, maintained (including paying for moving them off when the
roof shingles are replaced etc.) over the life of the panels
End.
On Sun, Jan 12, 2014 at 08:56:51PM -0500, R.P. Aditya wrote:
> Tomorrow, at 7:30pm in the GO CH sitting room
>
> Agenda
>
> - accounts receivable
>
> - updating liens
>
> - alternative ways to pay out GO CH SDHW investments annually
>
> - matters arising
>
> Thanks,
> Adi
>
> On Mon, Dec 09, 2013 at 10:06:41PM -0500, R.P. Aditya wrote:
> > Attending: Debbi, Becky, Keith, Adi
> >
> > - F&L policy on lost reimbursement checks is now: All GOCA issued lost
> > checks will only be replaced if the original check is stopped and the
> > receipient pays for that bank action (currently the bank charges $25)
> > -- so checks under $25 will not be replaced or stopped (Monkey to
> > Becky to send this out to the community)
> >
> > - Accounts receivable
> >
> > nothing extraordinary to report, two households who are behind are
> > trying to pay extra
> >
> > . update existing lien to $7700+lien placing expenses
> >
> > . possible new lien for other household
> >
> >
> > - new Year and year end stuff
> >
> > Becky needs:
> >
> > . reserve fund increase per household for 2014 (done)
> > . 2014 Budget lineitems in spreadsheet form (Monkey for Adi)
> > . CH solar hot water billing -- debit from CH budget in 2013, credit in 2014
> >
> > - CH loan/assessment
> >
> > Mary hopes to be able to do the F&L special job of marshalling
> > resources for households to pay back their CH loan in 2015 on the next
> > work season (Spring 2014).
> >
> > For those who have not paid the CH loan, $2768.85 will come due on June
> > 30, 2015. The amortization schedule for the CH loan is available
> >
> > https://docs.google.com/spreadsheet/ccc?key=0AqJc8PncDDT1dERRalo2Y2FXRWk1bU05d2N5eXl3LVE&usp=sharing
> >
> > some background can be found in the 2012 loan review
> >
> > https://docs.google.com/document/d/1IQxrqZ5edBcAbBK7FqfPntAFohPTfv7Ld9Z_DUE3JB4/edit?usp=sharing
> >
> > The only "legally enforceable" method to record the "CH construction assessment" is using a lien:
> >
> > http://gocoho.org/pipermail/finance_gocoho.org/2012-October/004832.html
> >
> > and it has to be called an "assessment" because GOCA cannot make loans
> > to individual households legally:
> >
> > http://gocoho.org/pipermail/finance_gocoho.org/2012-September/004721.html
> >
> > scroll down to the Tue, Aug 14, 2012 reply from David Keast addressed to Aaron:
> >
> > > From: Keast, David <DKeast at plunkettcooney.com>
> > > Date: Tue, Aug 14, 2012 at 8:06 AM
> > > Subject: RE: Great Oak Master Deed
> > > To: Aaron Wilson-Ahlstrom <wilsonahlstrom at gmail.com>
> > ...
> >
> > > I have a substantial banking / lending practice and can certainly
> > > help with the loan program form, but I have some concerns. First,
> > > since they are clearly for a personal or household purpose, these
> > > loans will have to be structured as consumer loans and will be
> > > subject to many of the standard consumer regs and disclosures, which
> > > you're not well equipped to handle.
> > >
> > > Moreover, although research may show that there is an exception
> > > which the Association can claim, consumer lending is regulated in
> > > Michigan -- it's unclear to me that the Association's powers under
> > > the Nonprofit Corporation Act, the Condominium Act and its
> > > governance documents include loans to members, and even if they do,
> > > it may not be able to enforce an obligation unless it has first
> > > qualified as a State regulated lender.
> >
> > based on that legal opinion, it seems like GOCA should not be making
> > loans to individual households. What we have could be construed as
> > "assessments" but then they would have to be recorded as liens.
> >
> >
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> >
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