Finance Committee Meetingn May '18
Finance Committee Meeting
May 21 2018
Taften, Thomas, Julia, Corey in attendance
Members in Arrears
It’s now one sheet, and just over $11k -- thank you Corey and neighbors for your determination and hard work here!
Payment plans are now in place for all member residents
What happens when a payment plan is defaulted on?
In June, if any of the existing paymnt plans are defaulted on, general direction is to write up a Demand for Payment notice and deliver that to the resident
Keeping the lawyers information & data on retainer
What date in the month is a payment plan due?
5:00 PM by the 5th of the month, then again by 5:00 PM by the 15th month
Two “gates” per se during the month, expectation is that there will be communication on member in arrears
How long should a member be off arrears to be considered “in good standing”?
At least 12 months? Period of time to be considered--
Copied verbiage from the Payment Policy
https://docs.wixstatic.com/ugd/cdf056_a7387c2a31254624add4a832bd99486b.pdf
Any member who cannot pay their carrying charges by the 5th of the month must submit a written Payment Plan instead, that describes how and when the carrying charges and any additional fees will be paid in full, to result in a zero balance by 5:00 pm. on the last day of the month. If a Payment Plan is received as stated, all late fees will be waived, except for a one-time $15 payment plan fee. The carrying charges and all appropriate fees must be paid by the end of the month.
Technically, a Payment Plan therefore needs to include when a given resident will pay all of their past due amount and by what date,
Edward Jones Investments
What direction/decisions do we want Drew to express to Tenner?
When to have them paid out?
General direction is to slate Edward Jones for cooperative building expenditures
Specifically windows -- as cost is highest
However, could be used to cover multiple lower costs
Next Finance Meeting: June 19, 2018 at 7 PM Central, right before the board meeting
