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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

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

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