March 4, 2017 – 10 am
Attendees: President R. Grasso, Treasurer K. Schisler, Secretary R. Lamontagne
- Eagle Scout Project Presentation:
Zachery Ables made a presentation to the board concerning his Eagle Scout project for the Willow Lake community. The project consists of wood chipping those portions of the trail around the lake that would allow for better access and ease of walking; installation of 3 benches in different areas for rest and visual appreciation of the lake area; and the building of a 16 foot long, 3 foot wide bridge over the lake drainage channel. The bridge would allow for uninterrupted walking access around the lake. The board had several comments, recommendations for him regarding costs and liability issues. The secretary will send him an email asking for firm costs and clarification of the liability issues.
- Financial Review:
In reviewing the 2016 financial records, one 2016 assessment was not collected. The president will send an email requesting payment for the 2016 assessment. There are five unpaid assessments for 2017. The final date for payment is March 31, 2017. Reminders will be sent out. The treasurer has set up new accounting processes that should track community expenses more seamlessly. It was suggested by the treasurer that one of the other board members sign and date the financials after reviewing them at the board meetings. The treasurer will send out the financials to the other board members before the board meetings to review and as such be prepared to address the financials in an informed manner.
The treasurer presented applications and corporate resolutions requiring signatures for establishment of accounts at First Internet Bank and BofI Federal Bank. A savings account with a current interest rate of .8% and three CDs with 12, 24, and 36 month terms and interest rates of 1.25%, 1.5%, and 1.7%, respectively, will be established with First Internet Bank. A business interest checking and money market savings, both currently earning .8% interest, will be established with BofI Federal Bank. The applications and resolutions were signed, and the treasurer will take the necessary steps to establish and fund the accounts. The treasurer has closed all the PNC CDs into the PNC money market account until it can be transferred to the new CDs with the First Internet Bank. The local PNC checking account would continue to be maintained with a small balance after transitioning most of the activity to BofI.
The treasurer will prepare and file Federal taxes. The use of the free tax service was not up to community standards. The annual franchise tax has been paid, and the paperwork to change the registered agent name/address has been submitted to the state
- Swale Repair:
The bioswale between lots 9-10 has been repaired. Later this spring some additional grass seed will need to be applied to completely repair the bioswale area. Inspection of the work was done by two of the board members. Awaiting the final cost from Water Conservation District. Matching grants for the work were available and will be applied to the total costs. The Water Conservation District was asked to prepare an estimate to repair the swale for lot 11. It is anticipated that the work would be included in the 2018 budget.
- Audits:
Section 8.4 of the Bylaws state that the treasurer shall “cause an annual budget audit of the Associations books to be made by public accountant at the completion of each fiscal year etc”. The last review was a records review of the books from 2011 to 2014 and this was done by Books Associates, CPA. The use of public accountants is a costly process. A discussion about getting the bylaws changed to allow for a committee of homeowners (1-3 members) to conduct the review of the financial records annually was held. It was decided that a bylaws change to allow for a committee to review the annual books be presented for a vote at the annual meeting. Also, the board would review the books for 2015. It was not determined if the board would review the 2016 records or whether it be done externally.
- Miscellaneous Items:
The treasurer will now update the directory on an annual basis since the information concerning the annual meeting asks that association members submit updated contact information when paying their assessments.
The next board meeting is scheduled for April 21, 2017 at 10:00 am. Contact a board member if you plan to attend.