Finance Committee Meeting Minute, April 17 2018
Finance Committee Meeting -- 04/17/18
Drew, Julia, Corey, Mike, Thomas, Celia in attendance
Edward Jones Guest speaker! Edward Jones Financial Advisor - Tenner Stoe
One BMO Harris Bank CD @ 1.05%; worth $5k
2,520 @ $13.69 (total worth $34.6k)
Total Assets? $54,991.97
Re Edward Jones: How do we invest the above assets?
Specifically cash, but, should we make any other adjustments to other investments?
How long do we want to hold it?
When do we expect to need it?
Proposal: Put our cash assets into a 3-month CD for the time being; Finance Committee to re-assess in a quarter's time
CD layering/stacking: Don't need to buy into a single term; can buy multiple stages so the money comes due at different dates
Tenner's contact is Drew; Tenner will contact Drew 4/18/18 to confirm the 3 month CD
$5k coming due in May; defer to the May Finance meeting
Next meeting: Consider goals and performance discussion for the Committee meeting?
Budget document shared with the team; no major changes or alterations since last meeting
Finalizing some budget line-items with Lee; total less than $1k to be fixed
Seeking approval from the board on 4/24/18 on numbers
Members in Arrears
Provide example payment plan to folks that are in arrears
Exactly what data is needed from them to be in compliance? When, and how?
Reminder: Must be minimum carrying charges + % past amount owed referenced in payment plan
Otherwise, CVC must work to excersize of Section 9 from Bylaws
What is the housing law in regards to cooperatives; eviction rules around cooperatives? --Thomas & Corey to reach out to our attorney by 4/24