Finance & Legal minutes: 2005-07-25

Minutes:

[[FinanceAndLegalMinutes]]
Monday, July 25th, 7pm
location: Adi's house
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* monkey review
* taxes review
* steering report
* finops and bookkeeper's report
** when will we see monthly committee statements?
* clarify definition of community improvements budget line
** http://gocoho.org/pipermail/budget_gocoho.org/2005-July/000020.html
* process plan for master deed changes
* which work positions will we want for fall?
* budget surplus / deficit proposal - are we on for the next meeting?
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F&L COMMITTEE MINUTES
Monday, July 25th

F&L committee met Monday evening, July 25th, on Adi's deck. Present: Willie, Tracy & Seth, Adi & Divya, [[Elph]], Judith, & Jim G.

Agenda:
* monkey review
* steering report
* finops and bookkeeper's report
* clarify definition of community improvements budget line
* process plan for master deed changes
* which work positions will we want for fall?
* budget surplus / deficit proposal - are we on for the next meeting?

Tax returns: These are finished. As a double-check, Willie showed a copy to his CPA brother, who assured him they are basically ok, aside from some minor niggles. We do not need to file an amended return.

Monkey review:
* Tracy is still working on the manual for how GO members can sell one another their rights to use a garage. Adi is completing a final map & list of who has which garage.
* Adi is also continuing to work with Membership committee on new-member orientation. [Later in the meeting, Adi received a telephone message about this] Our lawyer will polish the language for what is required of sellers and of new members; GO will decide in a community meeting what questions should be asked of the lawyer; and will have final approval of the language adopted.
* Willie will continue to solicit another bid for our association insurance. However, he feels - and the rest of the committee concurs - that we can have confidence in Barb Young's knowledge of our community, and of our policy with her company, State Farm; so that we should not shift coverage unless there is a quite substantial difference in costs and coverage.
* Adi reported that the insurance company probably does not care if the truck is occasionally driven by a licensed driver who is not yet 25. However, our standing community policy does stipulate that drivers must be members age 25 or older; Grounds and F&L will work together to clarify the wording about requiring "membership" - that clarification to be brought before a community meeting.
* Tracy & [[Elph]] are continuing to work on setting up a money-market account for our funds held in reserve.

Steering [[Committee]] report: Steering heard a report from Buildings on our continuing problems with window wells, which have now been referred for solution - beyond Royal - to Phoenix construction.
Steering authorized Grounds to spend up to $2000 for grading at the west end, to be done while the earth-moving equipment is on site at Touchstone. It is expected that this can be paid for from the 2005 line item in Steering's budget for contingency/emergency expenditures.

Fin-ops and book-keeper's report: Bill had already reported, by e-mail, that George had "made much headway getting GO QuickBooks up-to-date." Bill and George were meeting Monday night - at the same time as F&L's meeting - to review reports to committees on expenditures. They hopes to have these ready to pass out by Tuesday. Note: On Tuesday, these committee reports did actually go out.

Clarifying the definition of "community improvements" budget line: Ted had asked whether we could / should specify, at the time the budget is adopted, which improvements might be made. Rather than at the end of the year, if there is still money left. Or can it [in 2006 and thereafter] be spent during the year, if so decided by the community? We decided to respond to Ted that, for this year, the intention has been to wait until the end, to decide what any available funds should be spent on in the following year. This helps us to avoid running into a deficit for the current year, because of spending for community improvements before we have funds available.

Plan for master deed changes: Tracy is preparing language regarding garage ownership and use. Membership committee is working on new-member requirements. Willie, on LCE/GCE issues. These will all be brought before the community for review and decision.

Which work positions will be want listed for the season beginning in November:
* Convenor [4]
* [[FinOps]] [4]
* General bookkeeper [6]
* Member bookkeeper [4]
* Check logger [ 3]
* Check writer [4 ?]
* Check depositer [1] [same person as member bookkeeper]
* Insurance point person [1] [not necessarily same person as convenor]
* Steering rep [1]
* Reserve fund admin. [1 ?] [Elph will find out who in GO is interested in being part of reserve-fund group]
* Asst bookkeeper ["bookkeeper in waiting"] - Ask fin-ops to write job description, and decide hours

Budget surplus - deficit proposal: Jim G will ask for time on next business meeting agenda.

NEXT MEETING: Aug. 8, back in the air-conditioned CH sitting room. Jim G will take minutes.