August 8, 2018
Members Present: Linda Hartmann, Jennifer Reuter, Mary Anna Taylor, Bonnie Starks
Members Absent: Kyle Packer
Board Liaison: Bob Starks
Guests: Bruce Keller, Lee Steczynski
Approval of the July Finance Committee Meeting Minutes
Motion by: Jennifer Reuter
Second by: Bonnie Starks
Voting record: all in favor
Review and Approval of July Financial Reports
The committee discussed expenditures related to mulch, an on-line deed app, and membership in the Dearborn One organization. Jennifer continued last month’s discussion on how some capital expenditure items appear on both the escrow and income statements until adjusted in the year-end audit. This appears to overstate expenditures against budget throughout the year. We decided that a monetized list of those items to be moved at year-end should be added to the financial statements for clarification. Linda requested that projected expenditures be extended to five years on the escrow report. The committee discussed standard accounting controls related to purchase order approvals and noted that there are inconsistencies between departments on expenditure dollar amounts that require a pre-approved purchase order. Bruce is to review.
Motion by: Linda Hartmann
Second by: Bonnie Starks
Voting record: All in favor
Report from Bruce Keller – Bruce indicated that the amenities survey being prepared by the Future Planning Committee would be released soon
Report from Bob Starks – Bob continued last month’s discussion on the usage of amenities by members having past due assessments. Bruce noted that only 2% of HVL members carry overdue balances. He agreed to submit a detailed guidelines on what repayment schedules and payment security would be required.
Report on HVCG mid-year financial statement – Jennifer Reuter reviewed golf course revenue and expenses as of June, 2018. She noted that dues are in line with budget projections and that dues revenue per member are higher than last year. She also noted that HVCG is about 1000 rounds down this year due to weather along with the related greens and golf cart fees. Compared to last year, there are 4 fewer golf outings (and associated snack bar revenue) although this was anticipated in this year’s budget. Leagues and the 10-round pass offering somewhat offset the revenue lost due to fewer rounds, and revenue from the pro shop is higher than budget. Jennifer also noted that expenses are up 3% due to increased equipment maintenance and that some needed equipment was purchased used at auction.
Old Business: No old business
New Business: No new business this month. The first draft of the 2019 budget will be reviewed next month.
Motion to Adjourn
Motion by: Bonnie Starks
Second by: Linda Hartmann
Voting record: All in Favor
Meeting adjourned at 5:58 p.m.
NEXT MEETING TO BE Wednesday September 12, 2018 at 5:00 pm