Finance Mtg Jan 23, 2018

To see the google doc version, please click here.

January 23, 2018: FInance Meeting, 7 PM -

Corey, Celia, Nadja, Taften, Thomas, Kris, Ethan in attendance

Future meeting: Budget Meeting needs to happen before the 27th of Feb. Feb 6th will be the budget meeting and Feb 20th for leftover Budget & Finance Meeting.

Quickbooks Report - Arrears

  • Couple minor potential errors found in the reports; Corey to meet 1:1 with the individuals for correction

  • Two units account for more than half of our current arrears

  • Pending volunteer hours for Nov, Dec, Jan

  • Small group to meet with particular members to discuss plans on recapping/restoring financial confidence.

  • We would like to deliver demands for payment to both households. We have been very generous up until now with very little communication back.

  • The demand for payment needs to be re-written to not be all caps and to clarify other language.

  • Thomas will work with Corey to get that written up and get those delivered.

  • Money in reserves -- Can this be applied against our mortgage, reduce the time to complete?

  • Kris did not yet contact bank;

  • Some of the accounts may need to be applied against other projects (e.g. laundry fixes and replacements)

  • Namely, can the Savings Account values be applied against mortgage?

  • Concern is that currently it accrues very little value; even if put into a CD, it doesn’t have a large return; best idea might be to apply it against our large remaining principal on mortgage

  • Corey & Kris to take up communication to bank, get information by next Finance Meeting

  • Budget: When?

  • Kris: Meet in two weeks (after January Board meeting) to review 2018 budgetary plans for submission to the board

  • Some numbers are pending; Kris is compiling and collating these. Some insurance and accrual values are pending, and should be delivered before end of January

  • Celia: Definitely want to include the Reserve Study in the 2018 budget, as the information is very relevant and a powerful tool to be referenced every year for budgeting.

  • One reserve study suggest how much we should be depositing for reserves; suggests we double it, and add $10k per year, ultimately putting $100k / year in a matter of years to merely maintain the buildings

  • Expenditures and graphs need to be decided finalized for us to include into the budget and plan ahead; might mean changes and modifications to our budget

  • $600k in shares/bonds - Can this be traded or exchanged for even a form of value?

  • Thomas & Kris to email Alan to get this information, potentially pursue selling

  • Kris to email Kamala, our auditor, to introduce Corey & prepare for 2017 auditing actions (potentially)

  • Unexpected $4k in budget

  • Late fees? Money from Apartments (across the alley for trash sharing)?

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