Minutes - Finance Committee

Draft Minutes Rev A dtd 3/11/2021

Finance Committee Meeting Tuesday, March 9, 2021

9:30 AM Electronic Zoom Format

 

Distributions: Previous Minutes, Financial Reports, Agenda

Any ECIA member wishing a copy of distributions please contact financechair1@gmail.com

 

Attendees: Committee Amelia Adair, Dan Drobnis (Chair), Kathy Ritschel; Board Sal Monaco (Treasurer, Liaison), David Sorkin (Alt. Liaison), Nancy Sulzberg (President); Staff Julie Navarro (General Manager), Mike Rogers (Operations Manager), Kristen Kipp (Bookkeeper, Portfolio Manager)

  1. 1.   Public Comment--None
  1. 2.   Agenda Rev A adopted as distributed.

 

  1. 3.   Approval of Minutes

Feb. 9, 2021 Regular Meeting—Draft A adopted as distributed.

 

  1. 4. Financial Reports—15 minutes TOTAL for Committee questions prior to meeting
  • Review of January, 2021, Income and Bank Statements
    • Discussion of Bylaws requirement for Federally Insured Investments; one new CD must be cashed and reinvested. Issurer will do at no penalty.
    • Discussion of Investment Policy in Bylaws vs. separate document—to be continued.
  • Review of Accounts Receivable and Collection Activities
    • Separate A/R document is redundant to report within financials—Kristen will discontinue.
    • Collection attorney is pursuing foreclosure to secure property title to certain long-term, high-value accounts—is proving effective in getting accounts settled.

 

  1. 5.   General Manager’s Report
  • Changes to near-term Replacement/Repair items—none this month.
  • Transfer of ECIA property near stables to EAWSD
    • Water Board would like to obtain County Permit for construction of maintenance building on property adjacent to Stables.
    • Water Board to meet with hearing officer 3/22 on approval of building.
  • Security Camera Installations
    • Compadres park not installed yet.
    • Stables proving difficult to network back to Community Center.
  • County Hike/Bike Path funding—County to use $10K of state-approved funds to survey Azul Rd.
  1. 6.   Board Liaison’s Report
  • Board Actions, including on Finance Committee morion
    • 2020 Independent Audit approved
  • Insurance Task Group
    • Interviews and tours with candidate agents have been done.
    • Insurance for non-equine liability at Stables may be a problem, possibly making it difficult to procure any liability coverage for entire ECIA.
  • Other Board information
    • Annual Meeting scheduled for Monday, May 3.
    • Dan will provide a short talk on Repair/Replacement Reserves.
  1. 7. Office Procedures Review plan
  • Plan will focus on Procedures developed by GM.
  • Will be held late April.

 

  1. 8. HOAMCO maintenance of Replacement/Repair Reserves analysis and reporting
  • Investigating a tentative plan to maintain a master list of assets in Asset Panda.
  • Use Asset Panda to update information in the Association Reserves annual report.
  • Use Association Reserves software to produce 30-yr analysis of expenditures.
  • Use AR report to feed the 30-yr financial model Excel spreadsheet.
  • A key will be automating the information transfers as much as possible.
  • Mike and Kristen doing some preliminary investigations, report in April.

 

  1. 9. Next Meeting

            Regular Meeting Tuesday, April 13, 9:30 AM via Zoom

           

  1. 13. Adjourn—11:05.