Finance & Legal minutes: 2019-10-09

Minutes:

Minutes of 10-9-19 GO Finance & Legal Committee Meeting
Present: Debbi, Sharon, Becky G., Amy


1. Monkeys


• Debbi will ask attorney Rick Delonis to verify her understanding of the
Allocation of Value table. Maybe it doesn’t have to be in the MD.
• Amy will ask Mary for an update on the Reserve Study.
• Amy will ask Process for facilitators for Skills & Thrills weekend - DONE
• Sharon will write an email to a household in arrears - DONE
• Amy to invite Kathy B to meeting in November to discuss Rental Lease
Admin Asst first steps - DONE
• All: ask Kathy B to help identify a potential Check Depositor to train
with her when she comes to a November meeting




2. F&L Budget 2020 - from Mary King


Here are the rough notes form the first budget meeting related to Finance.
Please review at your next meeting, and be prepared to answer any questions
and/or bring revised line item requests to the next budget meeting
scheduled for Monday, October 21st. Thanks!


slight increase in quick book fees, etc. - NOTHING TO DISCUSS
Insurance: less (master and umbrella)- NOTHING TO DISCUSS
and slightly more for truck and volunteers- NOTHING TO DISCUSS
Question re: insurance for F&L: insurance rates changed every three years.
Change line item to amortize it?
We think this is misunderstood. It’s the audit that is every three years.
Should the audit expense be spread out over three years? It’s in a savings
account now. Should we have a line item that adds up over three years now
that the surplus is going away? We’ll do this next year since the account
is full now. The audit will be next year. Becky confirmed this. An audit
in 2020 for the 2019 books.


Insurance for truck and plowing service. Today got quote from one service
for fee per instance. Grounds would rather limp along on our truck and get
new one in spring. Ground will come back with more info at next meeting
* This is not really an F&L issue, really is Grounds. Grounds has decided
to replace the truck this year, from the Reserve. Erik Kauppi is
researching it. Once we know what it is we’ll check in with the insurance
agent. We might be able to work with State Farm on this instead of
Travelers.


3. Meeting dates for next season


To be checked with Becky H. before finalized:


Nov 13 - Sharon would be late or miss.
Dec. 1 @ 6:15 pm
Dec 11
Jan 5 @ 4 pm
Jan 15
Early Feb - many conflicts - schedule if needed
Feb 26
March 11
March 24
April 6
April 22


4. Prep for Skills & Thrills / Master Deed edition


Next time Debbi will have a list. In general, it would be good to think of
ways to make it fun. $100,000 bars?
MONKEY: Amy will ask Process for facilitators for Skills & Thrills weekend
- DONE


5. Bookkeeping updates
1. Arrears
Good news is that one household paid their agreed-upon amount and they are
making progress reducing their arrears. Late fees are waived as long as
they keep it up.
Another household has a payment plan and their late payment fees are waived.
A third household did not make a promised payment. They are now over $2,000
in arrears. Today they said they would make a payment in 5-10 days to get
under $2,000. We are required by community agreement to inform the
community when arrears exceed $2,000. Monday the 21st is the next business
meeting when we could do this. If no payment by then, there are three
options: 1) the household may ask the community for an extension in
person; 2) the household may send a letter to be read at the meeting asking
for an extension, or 3) Debbi will present to the community, reviewing our
agreement that when arrears exceed $2k, we tell the community and get our
lawyer involved. Does the comty want F&L to take these steps?
MONKEY: Sharon will write an email to the household in arrears laying out
the timeline for required next steps and options.


2. Other
• All the people in walkout units who will make payments for the north
slope pathway work have been invoiced, payable by the 15th.
• Becky has calculated the 2018 year-end surplus, still needs to make the
transfers. There’s just a little amount leftover, which will be
distributed proportionately to any savings accounts not at their caps, up
to their caps. There will be nothing leftover to offset the 2020 operating
budget.
• Reserve - Becky G. and Mary King met and went over all the additions to
the reserve since the last study and gathered all the questions we have, to
send to Paul Conahan, our Reserve consultant.


6. Progress on Priority items
a. Master Deed & Bylaws - see #4
b. Reserve Study - see #5
c. Truck Proposal – Awaiting word on a replacement for the truck.
d. Calendar of routine tasks – underway
e. Landlord leases –See #8.
g. Unit modifications/Documenting build-outs (Master Deed, insurance,
Buildings/ARC process) – the
MD part has already been discussed in a plenary conversation.


7. Ongoing items
* SriEnergy - DONE - received and deposited check.
* Sarah’s rental lease - MONKEY: Amy will ask Becky H. - did Sarah
respond? Subsequent to the meeting, Becky H. said that she hasn’t heard
from Sarah.


8. Matters arising
* MONKEY: Amy to invite Kathy B to first or second meeting in November to
discuss Lease Admin Asst job
* MONKEY: We will ask Kathy B to help identify a potential Check
Depositor to train with her when she comes to a November meeting


9. Next meeting
* 10-23-19
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