FINANCE COMMITTEE – AD HOC
Annual Report – May 2007 – April 2008

Board Members: Bob Sale, Herman Wolz, Judi Slajer, Jan O’Leary, Carolyn Patterson
Community Member: Judy Colby
Ex-officio member: Judy Grosvenor, Manager

Accomplishments

  1. Policy
    1. Began work to develop a formal reserve policy and an investment policy for the Community. Recommended and implemented a plan for investing funds in CD’s of varying duration at several financial institutions.
    2. Collections, fees, billings and delinquent accounts:
      • Reviewed water operation finances and recommended increase in billing rates to correct a shortfall problem;
      • Coordinated with Harbor Committee to develop a policy of collecting security deposit from non-resident marina tenants up front;
      • Began evaluation of a water shut-off policy and whether such a policy would be reasonable for Shelter Bay for accounts that are severely past due on their water bills;
      • Initiated sending certified letters to those who have delinquent accounts explaining the lien process and giving them a specific number of days to bring accounts current;
    3. Recommended to the Board that the members of the Community’s Finance Committee also constitute the Finance Committee for the Company.
  2. Budgeting & Reporting
    1. Approved a supplemental monthly report devoted to capital budget detail so that members can track funding sources and progress on capital projects over time;
    2. Worked with the Manager in developing the proposed FY2008/09 Operating and Capital Budgets for the Board and Members review;
    3. Participated in Board and Community meetings to develop methodology for assessing back rent and supplemental rent due to the Tribe as a result of arbitration and to determine the details of billing, collection, accounting and reporting. Developed alternate funding sources to provide a portion of the back rent monies due, in the event that supplemental monies are required.
  3. Disclosure
    1. Reviewed new disclosure requirements of the Northwest Multiple Listing Service. Developed a list of “Frequently Asked Questions” to cover most of the required information and posted this on Shelter Bay Website.
    2. Recommended to the Board the declassification of information related to the master lease negations with the Tribe prior to entering into arbitration and the posting of this on the website.
  4. Audit
    1. Coordinated with CPA/Auditor Williams and Nulle, PLLC on audit of FY 2006/2007 financial statements. Directed auditor to and supplemental tables in the report which break the financial data into two parts, Community and Company, so that the status of each is clear. Final statements were held until January 2008 so that the arbitration Judge’s decision could be noted in the report.
    2. Received a clean opinion from auditor Williams and Nulle for the Financial Statements for the period ending June 30, 2007.
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