Finance & Legal minutes: 2014-07-14

Special Notes:

F & L Task List now in Important Documents/Finance & Legal Section

Agenda:

Quickbooks update and related items
7-21 GO Mtg Update
Solar Hot Water Loans Proposal
2013 Taxes
Estimated quarterly tax payment for 2014
Accounts receivable
Fall jobs
2015 Budget process timeline
CH Loans update
Truck insurance inquiry from TS
Reserve study
Review F&L task list

Minutes:

Minutes of 7-14-14 F&L Meeting

Present: Debbi, Becky, Keith, Amy

1. Quickbooks update and related items

Quickbooks update - A second bug was discovered last week. It's a new bug,
but there is a workaround, so they probably won't fix it. Now we are
waiting to get our existing duplicated data backed up somewhere so Becky
can start making the corrections. Susan and Len were able to back it up,
but Becky is waiting for a back up file from Quickbooks that works on a
Mac. We all supported the idea that Becky go ahead with starting to
correct the data now, since we have access to Len's backup if needed. She
hopes to be able to make the corrections by the end of this week.

7-21 GO Mtg Update: Becky has 30 minutes on the agenda to update the
community with a brief explanation of what's been going on and a Q&A.

Solar Hot Water Loans Proposal: This proposal is ready to come back to the
community for a decision, but we don't have all the numbers because the
2013 taxes aren't done yet because of the Quickbooks issue. However, at
the first presentation of the proposal, community members did not seem to
need exact numbers in order to move forward. So at the 7-21 business
meeting, we could decide to postpone again, or do a straw poll to see if
people want to have more discussion and then just approve the proposal.

2013 Taxes: If the files are corrected quickly, Len might be able to get
the taxes done by next Monday's business meeting -- but the chances are
fairly slim.

2. Estimated quarterly tax payment for 2014

Even though we don't anticipate owing any taxes in 2014 because of the
solar panel rebate, we have made two quarterly estimated tax payments this
year just to be sure we are covered, and will likely get a refund.

3. Accounts receivable

Reviewed, discussed, planned follow-up.

4. Fall jobs

Budget: Mary agreed to play the facilitator role during this fall's budget
process and asked for someone to work with her to provide spreadsheets and
data. Dale has agreed to do this. Amy will send him an e-mail asking him
to activate the assistant job and to pre-assign himself, as well as to
activate Mary's job and pre-assign her. This was overlooked in the
transition of F&L convenership from Adi to Amy.

Special projects: Syndallas agreed to take on the project to define how
owners record ownership of the right to use their garages. Amy has
preassigned her.

Mary and Elph both received credit last season for special projects that
are not yet finished. Amy will follow up with Elph, who is developing an
investment policy for the Reserve Fund. Mary will work on her special
project as described in #6 below.

5. 2015 Budget process timeline

Amy will talk with Mary about this and help get the word out to committees
and the community.

6. CH Loans update

Mary is going to talk to all 11 households to find out what people's plans
and ideas are. Debbi will check in with Mary.

7. Truck insurance inquiry from TS

Adi covered this on e-mail (thank you, Adi!). In brief, TS needed a
refresher about the insurance situation that prevents us from sharing our
truck with TS.

9. Reserve study

Timeline: The reserve spreadsheet has no household payment data in it for
2015. If the new study is not complete by the end of 2014 (and it may well
not be, since updating it may be a lengthy process), we could temporarily
raise the rate by 10-11% in 2015 as we have for each of the past several
years, and then make a bookkeeping adjustment mid-year to reflect the
amount we agree on for the 2015 increase. We definitely want to have the
numbers in hand by fall 2015 budget time.

Keith will contact Paul Conahan to find out if he willing to work with us
again, how much will it cost, how long will it take, what are the steps,
etc.

10. Review F&L task list - Google doc

We updated this list. Amy put the link on the WIKI in the Important
Documents/Finance & Legal section.

https://docs.google.com/document/d/1_dmnNJmHmrwwFIfnscnRbPK-_8_kmahfFsOTn_fEvTY/edit?authkey=CLL_lcgE&authkey=CLL_lcgE&pli=1#

11. Meeting start time - 7 pm ok

12. Next meeting - July 28
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