Finance & Legal minutes: 2003-04-27

Minutes:

Attendance: Jim G, Judith, Kelly, Katie, Willie, Dale

Sunday 4/27/03 6:30 pm Panera's

Jim is gone for 2 weeks, starting this Friday. Judith will convene May 5th meeting. Next meeting--Sunday May 18th? That's the community building weekend.

* We need to decide on the 2nd May meeting, at May 5th meeting.


Insurance

We had 3 bids from Kelly (yea!!!). One bid is out of line, but right now that agent is hard to reach to clarify the bid. At the meeting on the 5th we'll have two of them present (three if it's reasonable). We'll meet in CDC office.

Monkey: DG send request to CDC for use of office May 5th 7-9 pm.

New construction is always hard to insure. Sunward has several years of history. They will need 45 days notice to get everything put together for Nationwide (Steve Deluca); no time frame from the other agent.



Contingency

We're ready with the contingency proposal. The situation is now firmer--$150K is gone to CH completion. Presumably the 2 garages also come out (at $10,7xx each). We're not including the garages not yet spoken for--this will hopefully clear up soon. We can now specify the contingency proceeds better.

Can we tell people at the next meeting--here are places we expect proposals (CH--probably coming in with a 3 level package proposal). Willie will put this back in. For example:

CH furnishing
Play structure
workshop
grounds
LTCRF
Reduce CH completion loan

Community-owned garages are already spent (as of today, 4/27), but we need a proposal to put them into 1) the CH completion loan or 2) the contingency. F&L recommends it comes out of contingency. This is special--we already decided we want them, so we have to fund them somehow. We might phrase that we're just proposing to make explicit what many people might have assumed--that the garages would be funded from contingency proceeds. This proposal might want to include background info from our programming weekend when we programmed the site.

We'll suggest to the facilitators/infoco that we see this as conceptually pretty simple--potentially we can consense in one meeting (with fall back to two meeting).

Monkey: Jim G will write this proposal and circulate.

Willie will present the contingency proceeds proposal.


Operating budget and discretionary funds

Proposal to delay 2003 discretionary budget? Concern that by having discretionary amount, it might be a lot to add.

We should keep in mind that we might have money rolling over from the cohousing club account.

F&L could add in a line item to contingency list for funding the discretionary fund this year.

How do we go forward with the budget process?

Dale is willing to continue working with the "dollars and hours" process, if desired. Another piece needed is a way to get information from each committee.

--defining the data needed
----LTCRF per unit
----time
----expenses
----labor/time
--contacting the committees to ask for this information
--contact Sunward for their input (what will we trade?)
--following up with committees for information
--preparing the "dollars and hours" process to take this info and present an interactive way of getting people's input on priorities, desire to trade off work for money, and getting buy in on the total budget
--analyzing this data, to craft proposed initial budgets: time, association fees
--presenting this initial budget for approval

What is our deadline? By well before the first people move in (mid July). Say early July.

Monkey: Jim will contact conveners of CH and grounds and process.
Don't need one for construction.
Monkey: Judith will take membership, marketing, fun club.
Monkey: Dale will get in touch with JD regarding LTCRF.

Monkey: Dale will compose an email specifying what we need (LTCRF, STCRF, labor, labor/time, expenses, Sunward), link to spreadsheet with current info, and send this to go-finance for use by above.

Willie raises the timeline for contingency--1st meeting of May (7th) contingency proposal consensed upon. 2nd meeting of May (19th) deadline for blurbs. 1st meeting in June--have time to discuss at a meeting. A week later, deadline for responses. 2nd meeting in June we'll bring results to community (for possible tweaking).

What is our plan for doing the budget?

In our committee report time, make sure people know we're working on bringing a proposal.

Monkey: Judith will present a summary of what we're planning, at the May 7th.

We will go ahead with the "dollars and hours" to get feedback.


Audit

Several GO members would like F&L to bring forth a proposal that at the end of the project we get some kind of audit. We need to ask CDC if they're already going to have an outside audit, and if so, how we can access it.

Monkey: Jim (after the 18th of May), will ask JD the question above.
Monkey: Willie will talk to his brother for more information on audits.

Monkey: Willie will go over the spreadsheet to make sure everything makes sense.
Monkey: Dale will send the spreadsheet to Willie and Katie.

Ended at 8:09 pm