Finance & Legal minutes: 2005-07-11

Agenda:

* steering report
* finops and bookkeeper's report
o closing the books?
* contingency allocation proposal
* budget surplus/deficit proposal
* LCE/GCE presentation
* garage ownership research
* dec sheet, and other insurance bids
* committee mandate
* investing LTCRF
o do we manage loans from the reserve? how?
* FandLCurrentMonkeys

Minutes:

Minutes by: Jim Graham

Present: Tracy, JimG, Adi, Willie, KathyB, Elph. Judith, at the end. Seth, Divya and Daniel -as well as Dale - made brief, cameo appearances.

Agenda: - Steering report - Finops & bookkeepers' reports

- Closing the books?

- Contingency allocation proposal - Budget surplus / deficit proposal - LCE / GCE presentation - Garage ownership research. - "Dec" sheet, and other insurance bids - Committee mandate - Investing LTCRF

- Do we manage loans from the reserve? how?

- F&L current monkeys

Monkeys from this meeting:

TRACY will create a manual for "how to transfer your rights to a

specific garage."

ADI will create a document showing official assignments [of

garage use] by the association to specific individuals, with a map.

WILLIE as insurance point person will solicit another quote for

the association's insurance, based on the "dec" = declaration sheet we have on file.

ELPH will take TRACY through the process of how to move LTCRF

moneys to a money-market fund.

ADI will find out from Membership how to handle the requirement

that prospective new members are required to attend at least 1 community business meeting and 1 social event.

ADI will remind the community of the policy that only Great Oak

members age 25 or older are allowed to drive the truck.

Minutes

- Steering Comm has not met since F&L's own last meeting. However,

the issue of grading the West end of our property [the "playing field"] following the work on Touchstone continues to be a major concern; as does the question of how to pay for what we want done there.

- Kathy, the member book-keeper, reports that members' bills are

caught up. And also that she, George, Patti and Bill had a good working session, and that George has begun to catch up on entries from past months, entering them in QuickBooks. Kathy does still have some puzzles in QuickBooks to figure out.

[Later in the meeting] Bill reported that Patti has passed

off responsibility to George, but is still available to answer questions.

George should soon be able to start generating reports to committees, and to the community.

- Surveys, about what community members want the Contingency

Allocations to be, are still slow coming in: fewer than half have been received so far. Willie will present the results at a community meeting in August.

- F&L will request time at the next community meeting for the surplus

/ deficit proposal. Jim G will present it.

- Figures for LCE / GCE are still being checked. That committee is

meeting on Tuesday, the 12th, with Paul.

- Garage ownership?

Tracy reported on her contact with Absolute Title, who stated that garages are, effectively, a limited common element, having nothing to do with mortgages. People may - as a private matter - sell someone their rights, granting the use of what the association owns.

Monkey: Tracy will create a manual for "how to transfer your

rights to use a specific garage"

Monkey: Adi will create a document showing official assignments

by the association to individuals, with a map. What is on the Wiki will be noted as being "for information only."

- Insurance. Willie, as insurance point person, will solicit another

quote for the association's insurance, based on the "dec" = declaration sheet we have on file.

- LTCRF should be moved, by FinOps, to a money-market fund. Elph will

take Tracy through the process.

- Willie led us through a review and update of outstanding monkeys.
- Monkey: Adi will find out from Membership how to handle the

requirement that prospective new members are required to attend at least 1 business meeting and 1 social event.

- Do we owe taxes on interest earned? Elph will find out how

this needs to be set up.

- Monkey: Adi will remind the community of the policy that only

Great Oak members age 25 or older are allowed to drive the truck.

NEXT MEETING: Monday, July 25th, 7 pm in the sitting room. JimG will take minutes.