June 24, 2020
Members Present: Mary Anna Taylor, Bonnie Starks, Lee Stecynski, Linda Hartmann, Kyle Packer
Members Absent: none
Board Liaison: Bob Starks
Guests: Bruce Keller, Bill Donlan, Pat Hawkins, Donna Yeltzer, Marla Ratliff (by phone)
Review and Approval of the Minutes from the May 20, 2020 meeting
Motion By: Mary Anna Taylor
Second By: Bonnie Starks
Voting Record: all in favor
Review and Approval of Year End 2019 Financial Audit and Management Report
Bill Donlan, HVL auditor, reviewed the consolidated HVLPOA and HVGC 2019 balance sheet, income statement, and cash flow analyses. The consolidated loss (including non-cash expenses) was $58,237; however, Mr. Donlan stated that the overall position of HVL continues to be strong. The cash flow analysis showed a decrease in cash of $463,270 due primarily to outflows of $759,409 for additions to property, buildings, and equipment. Mr. Donlan also reviewed suggestions to HVL management regarding financial controls and noted 2019 activities tied to recommendations from prior years. His primary suggestion for the future was to perform semi-annual reconciliations of account details to G/L balances.
Mr. Donlan also presented a 2020 break even analysis for the HVGC that projects a deficit of $29,725 (excluding non-cash expenses) along with estimates of the number of new members that would be required to offset that operating deficit (22) and the operating deficit along with debt service on the cart loan (44). Alternately, he suggested that the projected deficit could be covered with a special assessment to GC members. This does not include additional costs for desired capital improvements.
Motion to Accept the 2019 Audit Report: Bonnie Starks
Second by: Linda Hartmann
Voting Record: all in favor
Review and Approval the December, 2019 Financial Statements
Approval was postponed pending a list of adjustments made to the unaudited statements during the audit review. The committee will vote on approval of the December statements via email after reviewing this information.
Review and Approval of the May, 2020 Financial Statements
Review of the May statements was postponed until the next meeting.
Report from Bruce Keller
Bruce reviewed work-in-progress expenditures for the beach wall and drainage, road paving, and pickleball courts. He noted that some of next year’s allocation for road drag patching will be spent this year and that future work will be planned for alternate years. Bruce indicated that HVL received monies from the government CARE program, but that usage of these funds was on hold until the grant is confirmed. Bruce also indicated that expenses at the HVGC were down due to the COVID quarantine restrictions during March and April, but that the percentage of associated expenses were down as well. He also presented a budget vs. actual for the HVGC through May 13, 2020.
Report from Bob Starks: nothing to report
Old Business: none
New Business: none
Motion to Adjourn
Motion by: Bonne Starks
Second by: Mary Anna Taylor
Voting record: All in Favor
Meeting adjourned at 6:26 p.m.
NEXT MEETING TO BE HELD ON Wednesday, August 19, 2020 at 5:00 pm