Finance Committee Meeting

February 19, 2008

Present: Finance Committee (FC): Jean Strub, John Frisch, Nancy Garner, Sanya Ham, John Lynch and Bill Trzyna

Board of Directors (BOD): Don Horan and Jake Bernard

Finance Committee Members:

• Paul Rankin has resigned from the Finance Committee. He worked with literally every facet of the Finance Committee. His exceptional financial expertise will be greatly missed.

• Additional members are needed in all areas; financial review, contract review and budget primarily.

Status of FRCA Account:

• Review of the December financial reports was completed on January 25, 2008. It was noted that this was not final for 2008. Additional expenses, primarily those related to the December water damager and other adjustments will be made during the 2007 audit.

• Don Horan will contract the auditors to find out if they have started the FRCA 2007 audit.

• CD rates are declining rapidly. Don Horan is working with AMS to obtain the best rates possible for the recently matured CD from Community Association Banc.

• The latest AMS contract proposal is still being revised.

Community Center Account:

• Initial entry to establish the Community Center accounts in the FRCA financial records was accomplished. However, there will have to be a correction since $186 was not reflected in open social activities due to the activity being established with two different names.

• Reconciliation of completed activities is underway. There is a learning curve with the new software and procedures but attitudes are positive and work is progressing.

Contracting:

• Sylva Southwell will provide electronic copies of some contracts that have been renewed but not passed through the Finance Committee.

• Sharon Hilgert was present to discuss the Gate Ad Hoc Committee’s submission of their Request for Contractors for enhancement to the Middlebrook Gate.

• The Finance Committee also reviewed the following contracts:

  • PermaTreat – Mosquito control

  • PermaTreat – Indoor Pest Control

  • Robert B. Payne – Desert Aire Maintenance

  • Robert B. Payne – HVAC Maintenance

  • American Disposal – Dumpster

  • Verizon – phone service 540 899- 9958

2009 Budget:

• It was requested to have this topic included on the next BoD Meeting Agenda, February 27, 2008. Jean Strub and Dan Owens will present the proposed budget strategy

Accounts Receivable Due from Villas:

• The Villas agree to pay $16,177.

• The disputes around the balance of the $27,405 accounts receivable will have to be worked out.

  • Nancy Garner presented a list ($7,868) of invoices paid by Villas in 2005 and 2006 they believe should have FRCA expenses.

  • She also noted disagreement with the audited 2005 Insurance amount of $20,331 paid by the FRCA for the Villas. She believes the amount should be $16,971. Jean Strub agreed to see if copies of the 2005 insurance payments can be found, if not the auditors will be contacted to provide their documentation in support of this expense.

Quarterly Committee Chairs Meeting:

• The BoD met with chairs of all standing committees on February 6, 2008. At this meeting each chair discussed their mission, charter and membership.

• The next quarterly meeting will be held on May 7, 2008

Prepared by:

Jean Strub

February 20, 2008