Finance & Legal minutes: 2017-02-08

Minutes:

GO Finance & Legal Committee

Minutes of 2-8-17 Meeting



Present: Becky G., Becky H., Keith, Amy




1. Discuss proposals for 2-20-17 Community Meeting



Becky H. drafted the two proposals below. She will work in these edits
from our discussion:



a) Draft Proposal for an Audit of GOCA’s 2016 Books



Item 3. Our first audit, with the options we chose, cost $2450. Future
audits might be less. A review would be even less.



Item 15. To be clear, Becky is not asking to be paid now.



We still need to know whether the vote must be a majority of households or
individuals.

b) Draft Proposal to Establish a Rotation for Official Audits of Great
Oak Cohousing Association’s Books

Becky H. will revise the wording to explain that the community can change
the rotation any year at the time of the legally required vote.



c) Amy will ask for time on the agenda. How much time for each? Total
of 30 mins. Who will present? Amy [Subsequent to the meeting, we found
that there was not enough room on the 2-20-17 agenda so we will bring this
forward in March.]



2. Requests/questions from a community member

a) Posting Financial and Legal documents

Request: [Please post] the 2015 reserve study and link to the live reserve
spreadsheet on the boa site, publically viewable, just as the 2010 study
was posted….also, please maintain a log of items that were added and
removed from each study and post that as part of the same item on the BOA



Response: As F&L does not maintain the BOA, Amy will check in with the BOA
maintainer about this request. We agree that the full study from Paul
should be in the BOA. It’s already on the WIKI.



There is a tab with a log of items that need to be changed in the 2020
reserve study as well as a tab with the criteria that need to be met for
additions at:



https://docs.google.com/spreadsheets/d/1lfDRjdjES55mC2o0aopW-rSk3j-lrn88zwMUzLN3HKw/edit#gid=7




Refer to the official text of Paul’s 2015 study to see what was added and
removed.

[image: Description:
https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif]


b) CH Special Assessment Liens


Question: when will special assessment liens be placed? It has been almost
2 years
since the proposal required them:

http://www.gocoho.org/boa/?id=agreement&num=242

and there is an exposure and lack of paper trail with any legal basis to
track
that lien/loan.”



Response: It’s on our cooler list and we’ll get to it as soon we can.



3. Bookkeeping Updates



a. 2015 Audit – next steps



Becky has been gathering all the relevant documents and will post them on
the Important Documents page of the WIKI.



While she’s at it, she will group and label “Historical F&L Documents.”



January reports are coming soon.



4. Arrears



We received a payment from the household that was at risk of a lien; they
are now under $1000 in arrears.



Another household has been over $1000 in arrears for over a month. Becky
H. will send an email stating that we will place a lien if they have not
brought their arrears down below $1000 by the end of the month.



5. Insurance



a) Walkthrough with insurance agency – Keith did this last
Thursday. Gave them pdfs of the 3 floor plans that are on the WIKI, and
plans for the garages. The inspector also took dimensions and made sketches
of the buildings he didn’t have, and took pictures of each side of each
building. He asked about the treehouse and took pictures. Came back the
next day and took more pictures. He measured the dimensions of the
workshop because we didn’t have a plan. He also looked inside the CH.



b) Amy emailed insurance co. to request update on Treehouse
insurance, no

response yet



We need clarity on when we need to pay our association insurance. It was
very hard to know when we started last year. There are two companies, one
holds our association policy; the other holds the volunteer workers policy.
Amy will follow up on this question as well as the treehouse insurance.



6. Garage inventory to township; communicating process to community -
Becky H.



The garage inventory is done and Becky took it to the township. Becky H.
will send an email to inform the community that this was done, and that all
future sales of garages need to be recorded both at the Township for tax
purposes, and with the GO Bookkeeper, for Reserve Fund purposes.



7. Master Deed Updates – no news.



8. Other matters carrying forward or arising – none.



9. Next Meeting: Tuesday, February 21 @ 7 pm This meeting was cancelled
because of members’ conflicts. Next meeting will be on Sunday, March 5 @ 7
pm.





F&L’s Cooler doc:

https://docs.google.com/document/d/1_dmnNJmHmrwwFIfnscnRbPK-_8_kmahfFsOTn_fEvTY/edit
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://gocoho.org/pipermail/finance-minutes_gocoho.org/attachments/20170226/d334c66a/attachment-0001.html>