Finance & Legal minutes: 2003-10-19

Minutes:

Finance & Legal
10/19/03

Attendance: Katie, Willie, Judith, Dale

Ad hoc budget committee progress (Dale)
--[[Committee]] met, discussed all the concerns brought up at the meeting, and made some adjustments. Total budget is about $67,000 (minus $7,000 in office income for a total of $60,000). Will go up for approval Monday.

Common House and [[Garages]] loan (Dave)
--Dave's info: Currently, Sunrise credit union is not able to offer us a competitive loan, nor with reasonable terms. Among local banks contacted, Republic seems to be both comfortable with cohousing and willing to offer us a reasonable loan. Option for either fixed or variable rate. 5 year term. Requires documentation on our budget (which hopefully will be approved at the next business meeting, Monday).
--Question--how many banks were approached and didn't follow through with giving us a proposal? (This will likely be asked when we present.)
--Monkey: Advise steering of loan in process.
--Monkey: At Nov 5 meeting advise community of loan progress.
Decision--we are moving ahead with the loan from Republic.
Monkey: Start preparing documents for loan. Dave, maybe Dale.

Checking/savings accounts location (related to loans)
--Moving $$ from cohousing club to association
Decision: If necessary, we'll move the checking/savings account to the bank that is giving us the loan.

Setting up bookkeeping (Dale)
--Goals for initial invoices
Dale and Willy will be involved in the initial set up of the books. We need to contact the people at the Sunward walk-thru to see who is interested in doing the actual bookkeeping.
Monkey: Dale will contact folks from the Sunward walk-thru.

--People/roles
We will ask [[Elph]] to collect checks and record them. Until CH is done, just give to [[Elph]]. Afterwards, put up a lock box.
Monkey: Make up a check deposit log sheet. Per check: Name of person, check number, date on check, amount. Then per sheet, a signature line, a total amount, and date being handed off to depositor. Also a date and signature line for the depositor to sign. Katie.
Deposit checks: Judith will deposit checks (to whatever bank/CU we're using). She will make deposits, consisting of the entire contents of check deposit log sheets. She signs at the bottom, dates it, and passes it to the bookkeeper.
[[Elph]] will generate a log of deposits to give to the bookkeeper.
Monkey: [[Bookkeeper]]--need to query the people who were at the meeting.

--Check printing
Monkey: Once we know where account will be, need to print checks.
Monkey: We need a stamp for endorsing checks for deposit. Do this after we get the new bank account.


Goal: Issue invoices by end of month. Will be for November, will reflect new budget.
Proposed policies: Payments due by 10th of month. Statements will go out by 28th of the month. Late fee starts on the 11th. 5% for up to 10 days late, 10% after.


Long Term Capital Reserve Fund
--Getting information
--Information to members
We will defer to a later meeting due to time constraints.


Liability w/childcare, uninsured contractors, etc.
Monkey: Let's ask Kelly to look into this issue.


Budget overview
Monkey: We will make the [[BudgetOverview]] page well known as a introduction to LTCRF and other budget overview.

Policies
--Discretionary fund prioritization process
--Annual budget process (and timing)
----When to review our initial budget?
--Mid-year changes to budget
--Special accounts
----STCR
----Contingency (who/how spent)--automatic increase.
----discretionary (multi-year, etc.)
----LTCRF--who/how spent, how reported
--Auto 3% increase in LTCRF, overall budget?
--Late fees and when payments are due, form of payment.
--Renters and owners--how to communicate about fees due, etc.
Monkey: Willie will set up a Wiki page for discussion of policies above.


Labor budget for F&L
--Review roles from meeting w/Carol
--[[Meals]] billing?

Comcast agreement
Please review the agreement online (see earlier email) and forward any concerns to F&L. We'll try to finish this up next F&L meeting.


Next meeting dates: Nov 3, Monday, 7pm, at Willie & Katie's unit #33.


Cooler
--Review/audit CDC books
--Review/audit our books
--Insurance for truck. Coverage for Bobcat? Accidents removing snow?
--LTCRF investing policy