Finance Committee Meeting Minutes 6/24/20

Finance Committee

Meeting Minutes

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

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