Minutes of the Finance Committee Meeting

November 12, 2013

Present were: Tom Egan, Ron Marinoff, Bob Shellenberg.

Debra Golden and Pavati Zeno presented their request for an increase in the social budget. They would like $10,000 for the newly reformatted Recreation and Welcoming Committees now called the Social Committee. This will encompass the holiday parties including the Easter and Halloween events, a summer BBQ and an annual adult party.

The discussion included the pros and cons of having the welcoming parties in someone’s home as opposed to having them at the CC. The Committee felt that for insurance reasons it would be prudent to have any LVHA sanctioned event with alcohol be held at the CC.

Motion: Tom Egan moved to approve the budget of $10,000. It was seconded by Bob Schellenberg and unanimously approved.

It was decided that in order to balance the budget $6,000 would be moved from the contingency fund to the social activities budget to cover the additional amount.

The Finance Committee also felt that it would be wise to move an additional $5,000 from the contingency fund to the Legal and Professional budget.

A dues increase was discussed. The Committee reiterated that there was no need for a dues increase unless the Board was going to take on a large remodel project soon. It was decided that they would not recommend a dues increase to the Board at this time.

The CD’s were discussed and it was decided that a CD would be opened at another bank so as to reduce the amount of money held at Union Bank to less than $250,000.

The CPA would remain the same for the time being as the CPAs suggested at a prior meeting were not chosen.