June '18 Finance Committee Meeting
Finance Committee Meeting
June 19th, 2018
Taften, Kris, Nadja, Julia, Corey in attendance
Audit Reports Here (Link: https://drive.google.com/file/d/1l1283t-FiZmrZ_xtZIhckzWl7HjypWqY/view)
Everything looking good as the general summary.
2 significant deficiencies that are inevitable because of the size of our business and are expected.
Small accounting staff
Financial statements prepared for management and the board do not have required footnotes, required under Generally Accepted Accounting Principles.
Arrears
Both members in arrears are following their payment plans and are paying slightly over regular carrying charges to get caught up.
Electronic Payment
Still need to look into a business account with them.
Can we have bank to bank? Not yet, our bank doesn’t have that.
Homestead
Several units have been flipped from homestead to non-homestead at random. Please double check your status here (Link: https://www.hennepin.us/residents/property/homestead) Go to how and when to apply. It looks like online applications are now being processed as well.
Edward Jones CD
What to use the money on.
Windows? Need an assessment from Empire. Please report any issues.
Reinvest?
Multiple buildings projects needed in the near future. Carpet, windows, tuckpointing
Towards the Mortgage?
Decision of finance, we will reinvest to bonds and earmark the money for buildings needs.
Next Finance Meeting: July 24th, 2018 at 7 PM CST
