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

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