Finance & Legal minutes: 2008-07-14

Minutes:

Attending: Helen, Emily, Adi

- tree house insurance review

MONKEY: Elph will call Barb Young to ask if we need a "tree house" rider

- work assignments review

convener: open
check writer: Elph
check depositer: Carl
bookkeeper: Kathy B.
2 counted members: open
steering rep: open

- reimbursement form -- pending re-design, not urgent so will punt

- master deed addendum/update

need cleanup of the table, then need to re-present to community and ask why
not put in Bylaws (otherwise we need the approval of all first Mortgage
holders -- ie. banks -- as well as owners since it makes material changes to
owners properties (unlike TS easement))

END.

> previous meeting minutes below.
>
> Current bank balances:
>
> o GO -- Workshop Construction: 24,650.55
> o Republic Savings: 300.23
> o Sunrise Capital Reserve Money Market Account: 100,156.07
> o Sunrise Capital Reserve Share Draft Account: 60.51
> o Sunrise GOCA Draft: 48,777.58
> o Sunrise GOCA Savings: 5.00
>
> Meals loan balance:
>
> o Sunrise Great Oak Meals Program: 1,063.89
>
> latest spending statements and association fee payment report available at:
>
> http://www.gocoho.org/documents/statements
>
> (click on 2008)
>
> Adi
>
>
> On Mon, Jun 09, 2008 at 11:46:06PM +0000, R.P. Aditya wrote:
> > Attending: Helen, Elph, Adi
> >
> > - report from Citizen bank (holder of our GOCA loans $107k remaining in
> > principal -- we pay $378/month on the principal and $500/month on interest!)
> >
> > Citizen purchased Republic -- Elph needed to talk to them in person due to
> > some address snafus (due to late payment we got a $45 fee). Found that (David
> > Pratt - first VP of corporate loan) their commercial banking services is much
> > better than at Sunrise (including a USB check scanning machine), so will look
> > into moving our cash accounts to Citizen and moving our loan to Sunrise etc.,
> > will report back after more investigation
> >
> > - modifications to reimbursement form -- Elph, would like to update the form
> > including an additional check box for reimbursement to check (remove ambiguity
> > and fine print) and chart of accounts on the back
> >
> > MONKEY: Elph will look at combining GOCA and Meals reimbursement forms for
> > efficiency
> >
> > - making bill paying more efficient -- what criteria to use to see what is
> > paid online; would like to reduce work but not just move it around -- ie.
> > bookkeeper shouldn't now have to spend more time reconciling; debit card vs.
> > ACH; will talk with bookkeeper and depositor
> >
> > End.
> >
> > On Mon, Jun 09, 2008 at 01:05:01AM +0000, R.P. Aditya wrote:
> > > F&L will be meeting tomorrow at 7pm in the CH sitting room.
> > >
> > > Current Bank Account balances:
> > >
> > > o Republic Savings: 300.23
> > > o Sunrise Capital Reserve Money Market Account: 87,338.69
> > > o Sunrise GOCA Draft: 54,563.19
> > >
> > > and what meals still owes the association:
> > >
> > > o Sunrise Great Oak Meals Program: 1,140.89
> > >
> > > May reports are available at:
> > >
> > > http://www.gocoho.org/documents/statements
> > >
> > > under "2008".
> > >
> > > Minutes from the last meeting are below.
> > >
> > > Please let me know if you have any items to add to the agenda other than
> > > reviewing the past meeting minutes.
> > >
> > > Thanks,
> > > Adi
> > >
> > >
> > > On Mon, May 12, 2008 at 11:48:44PM +0000, R.P. Aditya wrote:
> > > > Attending: Helen, Elph, Adi, Emily, Bo
> > > >
> > > > - review of accounts and statements
> > > >
> > > > nothing of note
> > > >
> > > > - letter from contracter about integrity of kids loft
> > > >
> > > > MONKEY for Elph
> > > >
> > > > - master deed next steps
> > > >
> > > > Article XII of the GO Master Deed says that we have to get the consent of
> > > > owners and mortgagees for any "material" changes to the responsibility for
> > > > maintenance, repair and replacement:
> > > >
> > > > ARTICLE XII AMENDMENT OR TERMINATION
> > > >
> > > > (7) The Project documents may be amended for a proper purpose, other than as
> > > > set forth in this Article, even if the amendment will materially alter or
> > > > change the rights of the owners, mortgagees or other interested parties, with
> > > > the prior written consent of two-thirds (2/3) of the first mortgagees (based
> > > > upon one (1) vote for each mortgage owner) and owners of the individual units.
> > > > An owner's unit dimensions or the responsibility for maintenance, repair and
> > > > replacement thereof may not be modified in any material way without his
> > > > consent and that of his mortgagee.
> > > >
> > > > We will finalize the LCE/GCE table and clear up any questions/ambiguities and
> > > > then submit the table along with a letter to all owners and mortgagees for
> > > > consent (2/3rds majority is required) along with the two other amendments. We
> > > > will then have all the amendments attached to the Master Deed by the township
> > > > clerk.
> > > >
> > > > END.
> >
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