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Finances Committe - November 21 2017 Minutes

Nadja, Kris, Mike, Corey, Taften, Thomas in attendance

Kris: Accounts receivable. Offer amnesty for getting caught up. To encourage those that are only a little late. If they are paid up by Dec. 1st then we can waive the Dec Charges. Paid up in full.

Kris: Members balance will be taken care of during the sale process completion. (member pulled account up out of arrears immediately, not an issue)

Thomas motions that a Demand for Payment be delivered by December 5 to members who have not paid any portion of the current and previous months’ carrying charges by 5:00 PM on the 5th day of that month.

Corey seconds.

(Not strictly neccessary per se, but wanted added formality to ensure it's carried out.)

A payment plan must be submitted immediately to the Treasurer for approval for all members delinquent, either this current month or current and previous month.

**Current AR report seems rather inaccurate at this time and needs updating -- Kris & Lee to create new AR report for November board meeting

2) members in arrears receive a an email and paper invoice to their door monthly. To be delivered on 12/5! IMMEDIATELY for all -- Thomas, Taften, Corey volunteer to hand-deliver these.

3) written payment plan with signature for each member behind more than 30 days - can be delivered electronically

4) action plan for collections or lawyer for members who in arrears and not keeping a promised payment plan

Points #3 and #4 are part of the collection plan and will be included/mentioned in the Demand for Payment delivered to members. Kris: The balance sheet, what’s in the checking and the reserves. Edward jones, Drew is the contact person. Leann is the contact from Edward Jones.

Kris: Paypal is working great! No concerns so far.

Alternative to Paypal: the bank might be able to do it now because of an update to their system at Sun Rise Bank.

Nadja: Can we pay down the mortgage early? How much less per month would we be paying? Drew: You have questions you can put in an email and then we can pass those along to Sun Rise. Linda in Mortgage, we are looking to pay down our mortgage and who can we talk to about that. If we did 50k, what would that look like? Would it bring down the monthly payment? Kris: Or another payment every month. An extra payment amount towards the mortgage balance but is worried about that would look like if that payment was then expected by the mortgage company.

Next Finance Committee meeting is Tuesday December 12, at 6:30 PM!

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