Finance Mtg Jan 23, 2018
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)?
