Finance Committee
Meeting Minutes
April 10, 2018
Members Present: Linda Hartmann, Jennifer Reuter, Mary Anna Taylor, Bonnie Starks, Kyle Packer
Members Absent: none
Board Liaison: Bob Starks
Guests: Bruce Keller, Bill Donlin, Donna Yeltzer, Moe Manion, Pat Hawkins, Tom Hamilton
Approval of the October Finance Committee Meeting Minutes
Motion by: Mary Anna Taylor
Second by: Bonnie Starks
Voting record: all in favor
Review and Approval of the November and January Financial Reports
Motion by: Mary Anna Taylor
Second by: Jennifer Reuter
Voting record: All in favor.
Review and Approval of the 2016-2017 Audited Consolidated Financial Statements Our auditor, Bill Donlin of Donlin & Associates, reviewed the presented the auditor’s opinion, the consolidated HVL & HVGC financial statements for fiscal year 2017, and the Comments for Management report. The auditor’s opinion statement was a “clean” statement with no exceptions. The committee reviewed the consolidated balance sheets, income, and cash flow statements for 2017 including a review of the changes from the 2016 fiscal year. Member’s equity increased by $182,517 for the year. The cash balance increased by $36,360 in 2017.
The auditor’s comments to management recommended continued random review of payroll and accounts payable expenditures by the Community Manager and suggested extending these reviews to include golf course operations. He also recommended that transfers of funds and outstanding loan balances between HVL and HVGC be reconciled on a monthly basis.
Kyle called for a motion to accept the 2017 audited financial statements. Bob Starks requested that the operational description of the golf course in Note 1 be changed from semi-public to semi-private.
Motion by:Mary Anna Taylor
Second by:Bonnie Starks
Voting Record:All in favor
Review and Approval of the December Financial Reports
Motion by: Linda Hartmann
Second by: Mary Anna Taylor
Voting record: All in favor
Review and Approval of the February Financial Reports
Item of note: The monies collected by the Girl Scouts for the sluice gate bridge was removed from liabilities and incorporated as part of the asset value.
Motion by: Jennifer Reuter
Second by: Bonnie Starks
Voting record: All in favor
Review and Approval of the March Financial Reports
It was noted that the bank balances did not agree with the bank reconciliation report and that sections were missing from the master exception report. Approval of these statements was delayed pending correction of the reports. Revised reports were issued and distributed to the committee via email. Approvals were obtained electronically.
Motion by: Jennifer Reuter
Second by: Mary Anna Taylor
Voting record: All in favor
Report from Bruce Keller – The excess cash at year end will be added to the allocations budget for 2018. Major anticipated expenditures for 2018 include road maintenance/resurfacing, repairing the dam slippage, purchase of floating docks, and remodeling of the facility on the beach. Expenditures of $32,000 for a new shelter at the marina are pending community prioritization on the amenities survey.
Report from Bob Starks – Nothing to report
Old Business: Linda indicated that she had not received the emails discussing the appointment of the new Finance Committee chair in December. After discussion, it was agreed to recommend to the board that Kyle Packer and Mary Anna Taylor be approved as co-chairs.
New Business:Due to the extensive knowledge base acquired over the years by our auditor, Bill Donlin, and due to his age and the small size of his firm, we recommended that the Community Manager request a transition plan from Bill to ensure a smooth transition in the event of unforeseen changes to his business.
We also agreed to solicit a new committee member to replace John Reiniger.
Motion to Adjourn
Motion by: Bonnie Starks
Second by: Jennifer Reuter
Voting record: All in Favor
Meeting adjourned at 6:20 p.m.
NEXT MEETING TO BE May 15, 2018 at 5:00 pm
Respectfully submitted,
Linda Hartmann
