Summary of Finance Committee Meeting of 1 August 2006

Present:

            Finance Committee:  Sanya Ham, Don Horan, Paul Rankin, Jean Strub

            Board of Directors (BoD):  Toni Brown, Jackie Richards

RFP for Management Contract:  In response to a recent request from the BoD, the Finance Committee spent most of this meeting reviewing and discussing a draft request for proposals (RFP) for a management contract.  A draft RFP was approved by the committee and will be sent to other BoD committees for their input.

Monitor FRCA (Koger) Account:  There was time for only brief discussion of this topic.  Although some of the documents requested from Koger Management were delivered, quite a bit was not delivered.  Some June invoices were delivered, but about a dozen were not.  The general ledger was provided for June, but ledger information for January through April 2006 is still missing.  Bank statements and some check copies were not provided.  Visa debit card statements for November 2005 through March 2006 were not provided.  Based on the documentation provided, several significant errors in the 30 June Financial Reports were identified.

Investment Strategy:  Four CDs reportedly were purchased by Koger Management. as requested, but we have no paperwork on them yet.

Budget:  The deadline for submitting a recommended 2007 budget to the BoD is 30 September.  All contracts known to the Finance Committee have been reviewed and associated costs for 2007 estimated for each contract.  The monthly reports from Koger Management will provide budget information for expected 2007 income and non-contractual expenses.  Final review will occur in mid September.