Finance Committee Meeting Minutes
April 15, 2008
Present: Finance Committee (FC): Jean Strub, John Frisch, Sanya Ham, Dan Owens, Bill Trzyna and Don Horan, Treasurer and committee liaison.
Also present was Toni Brown, President of the Board of Directors
2007 Draft Audit:
All documents making of the draft audit were discussed. Don Horan and Jean Strub will draft a list of the questions for Toni Brown to forward to the auditors.
A material weakness was identified due to the lack of recording social activities in the FRCA financial records. This issue had already been addressed by the Board of Directors and the Finance Committee. Procedures have been developed for recording all social activities starting in 2007. Bank statements for the past two years were forwarded to the auditor resulting in an ending balance for the Social BB&T Bank Account and reconstructed prior years’ income and expenses as of December 31, 2007.
Community Center :
Bill Trzyna confirmed all bank reconciliations are current. All expenses appear to be reasonable. About 10 activities have been financial and will be ready to forward to AMS this week to be recorded in the FRCA Financial Records
Saturday morning coffee social is now being record in the FRCA Financial Records on a monthly basis.
Contracting :
Sylva provided hard copies of the three PermaTreat contracts for review. Two of these had previously been reviewed by the Financial Committee in February with recommendations for changes.
PermaTreat Mosquito Contract – In February the FC recommended:
clarification of the number of retention ponds being serviced. New version just states all storm water ponds, not specific number of ponds being serviced. Sylva verbally stated there were 5 ponds.
clarification of the cost since it just stated $450 ea. Need to know if it is per month for all ponds, per month for each pond? New version states each service. Since the previous contract was for $850 per month it is still unclear if it is now $450 per service per pond of if in fact that has been reduced to a total of $450/mo.
Recommend lining through the sentence regarding agreement continuing thereafter until suspended by either party. New version has this portion lined out.
PermaTreat Pest Control Contract for club house insects and rats – In February the FC recommended approval this contract but recommended specific start end dates and lining through the sentence regarding agreement continuing thereafter until suspended by either party. So really no need to review again.
PermaTreat Pest Control Contract for club house exterior rodent traps is a new contract we have not had before and did not budget for. Initial service $150 with each additional monthly service $30, for a total of $480. Recommend approval, but also recommend specific start end dates and lining through the sentence regarding agreement continuing thereafter under suspended by either party.
Prepared by:
Jean Strub
April 23, 2008