Finance
Committee Meeting
June
20, 2006
Present:
Finance Committee (FC): Phyllis
Benaman, Tom Cindric, John Frisch, Jean Strub, John Lynch and Paul Rankin.
Board of Directors (BOD): Mal
Malo and Toni Brown
Contract Reviews:
There was no solicitation packages brought before the FC for review.
The only contract actions since the last meeting related to a maintenance
contract for the exercise equipment. Don
Horan, Chairman of the FC attended a meeting on
6/17/2006
at which a proposal was presented by Life Fitness for quarterly maintenance at
a cost of just over $1,000 per quarter. After Don's review he recommended the
BOD accept the proposal form Life Fitness.
Monitor FRCA (Koger) Account::
There was a discussion related to the FC review of the Financials for the months
of January through May. However, no
details were of the review were delved into since Jeff Koger will be present at
a BOD working session on
6/21/2006
to review the details. There was a
discussion regarding the status of account 1501 Merrill Lynch Account.
Koger was requested to close this account but per the May financials no
action was taken. It was agreed that
this issue be addressed with Jeff Koger at the
6/21/2006
meeting. One other item that was
discussed was the status of our request for Jeff Koger to find out what type of
account we have with CAB, i.e. is this a NOW Account or a Money Market Account.
Monitor
Community Center
Account:
Phyllis Benaman and John Frisch presented a status of the Community Center
Account and a listing of VISA charges for use in determining proper accounting
of these charges. However, they need
copies of the VISA invoices from Koger to complete their review.
An e-mail was sent to Jeff Koger requesting these invoices.
The checking account reconciliations are current.
Contracts:
No contract actions were taken at
this meeting.
Budget:
The Chart of Accounts as
presented by Tom Cindric and John Lynch was discussed and all members of the FC
were in agreement with the document as presented.
Tom Cindric told the FC that he would have to step down from serving on
the Budget Committee because of other commitments.
Jean
Strub and Paul Rankin agreed to help with the Budget prep.
Other:
A member of the Community, Mr. Edward Boos was present at the meeting and
asked what the status was of the payments due from the villas to the master.
Mal responded that the monies were paid, however, we are not sure if the
total amount was paid to date. This
issue will be addressed with Jeff Koger at the
6/21/2006
meeting.
A question was raised about the status of the audit and Mal agreed he
would address this with Jeff Koger at the BOD meeting on
6/21/2006
