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Minutes For La Casa Finance Committee Meeting – Draft
July 16, 2018
Call To Order: Jack Pasquale, Chairman called the meeting to order at 9:00a.m.
Roll Call: Members Present: Jan Danner. Members teleconferenced: Diane Richardson, Dan Mahoney, Ron Long, Jack Pasquale, Denis Meikle
HOA Board Liaison: Teleconferenced-Hank Madura, Treasurer
Staff Representatives: Randy Browning, Gary Beeler
Guests: Teleconferenced: Ruth Meikle, President
Agenda: Motion to approve the agenda carried.
Minutes: Motion to approve Minutes from May 14, 2018 carried.
Review of June, 2018 Financial Statements: The Committee reviewed the Bank Balances, Profit & Loss Statements, Balance Sheets, Transaction Details, Asset Acquisition, Reserve Expenditures and General Journal entries. The larger budget variances were discussed and explained. Two bank accounts, Sun Trust and Regions Bank continue to be active and do not pay any interest on their balances and will hold at times over $100,000. Hank Madura stated that these accounts are maintained to stay within the FDIC limits and in accordance with our Investment Policy. Dan Mahoney stated that he felt it was inappropriate to keep such large balances in bank accounts that pay no interest. He stated that we should transfer these excess funds to Fidelity and earn at least the current money market rate of 1.55% and still have ready access to the funds through Fidelity check writing and wire transfer capability and still be in accordance with Investment Policy. The bank charge at Florida Community was in error and will be reversed. We now have check writing and electronic transfer capability on all three accounts at Fidelity. Further discussion on bank accounts was deferred to allow sufficient time for budget coverage. Mr. Beeler informed the Committee that our rental income will be declining consistently with the continuing sale of shares. The Committee accepted the June, 2018 Financial Statements as presented in the meeting. The Statements are posted on the sales office board.
Projects Update: Randy Browning gave the Committee an update on projects and issued a written summary to the Committee. His summary is attached to these minutes.
Internal Control: Jan Danner met with Gary Beeler to document his procedures. He will be preparing a draft on these procedures for review by the Finance Committee sometime within the next 30 days.
2019 Budget: Gary Beeler provided to the Committee a budget worksheet similar to prior years to serve as a guide in preparing the 2019 budget. The Committee reviewed the worksheet in lengthy detail covering both projected income and disbursements and identified the initial changes and those line items that needed further review. Gary Beeler will update his worksheet for the identified changes which will be re-reviewed by the Committee at the next budget meeting on July 23, 2018.
Uber-conference calling: Efforts continue to move forward in establishing this improvement to our conferencing call service.
Meeting Adjourned: At 11:09 a.m.
Next Meeting: July 23, 2018 at 9:00 am in the Sales Office Board Room.
Attest: Dan Mahoney, Secretary
Attachment: Project Update
ATTACHMENT – PROJECT UPDATES
RESERVE COMPLETED:
Storm Drains $185,000
Pedestals: $124,333
Tennis Courts (#2 & 3): $19,560
Lake Pumps: $6,902.68
Front Wall: $11,760
CAPITOL OPERATING:
Front Fence: $9,909.07