Summary of Finance Committee Meeting of 20 February 2007
Present:
Finance Committee: Sanya Ham, Don Horan, John Lynch
Board of Directors (BoD): Mal Malo
Villas BoD: Nancy Garner, Treasurer
Villas Finance Committee: Dottie Fields, Chairman
Monitor Community Center Account: Activity Director Ann Jones has ordered Quickbooks Pro and delivery is imminent.
Armstrong Management believes that some information about the Community Center Account should appear in the overall financial records of Falls Run Community Association. This topic will be discussed at a later meeting.
2007 Mason & Mason Report: Our questions concerning the 2007 Mason & Mason report have been forwarded to Mason & Mason. Mason & Mason will respond to our questions at the 21 March BoD working session, which is a change from the originally scheduled response at the 21 February BoD working session. The change in date was requested by the BoD.
Monitor FRCA Account: The interaction with Armstrong Management is going well. However, Armstrong Management is having difficulty getting clear information from Koger Management concerning prepaid assessments and assessments due from homeowners. Armstrong Management will ultimately get the best information they can from Koger Management and then have it verified by the individual homeowners.
Jean Strub sent a message saying that she has been reviewing the invoices approved and coded by Sylva Southwell, Armstrong Management’s on-site manager, and has not found any errors this month.
Better reconciliation of the canceled Visa debit card is still being sought. John Frisch has examined the Activity Director’s receipts for her debit card purchases. He sent a message verifying that, based on his examination, all of the entries appear to be Falls Run Community Center related. The purchase receipts show how much was paid from the debit card account. Information showing how much was deposited into the credit card account and its final balance in December 2006 has to come from Koger Management’s final financial report. This information may only become available when the 2006 audit is completed.
Goldklang, et al. has completed the 2005 audit and it is being reviewed by their management to make sure it meets their standards. There is hope that it will be sent to the FRCA BoD by 1 March. It will be a "qualified" audit. Goldklang representatives are frequently present at Armstrong Management’s offices to obtain information for the 2006 audit from the Koger Management’s financial records that were delivered to Armstrong Management.
Mal Malo read a statement saying that the Attorney General of Virginia has filed suit against Koger Management. The suit requests that Koger Management be put into receivership to straighten out their financial records. The receivership is to find out how much money, if any, was taken from the 336 communities served by Koger Management. The suit will be heard in Fairfax City on Monday, 26 February.
Villas Assessment Income: Dottie Fields, Chairman of the Villas Finance Committee, said that she had information showing the total income to FRCA from the Villas’ Capital Contributions at initial settlement and from the monthly assessments from the Villas to date. Her information begins in late March 2005 with the first Villa settlement. Dottie is eager to compare her calculations with information the FRCA Finance Committee may have. Jean Strub is the member of the FRCA Finance Committee with the best information on income, and Don Horan said he would have Jean contact Dottie.