FAIRLINGTON GLEN COUNCIL OF CO-OWNERS
BOARD OF DIRECTORS MEETING MINUTES
DECEMBER 13, 2005
ATTENDEES: Bob
Patrician, John Fuller, Margaret Windus, Charlie
Robbins, and Alison Burns Trimble
ALSO PRESENT: Jocelyne Corderot (Ct 1), Dave Sherman (Ct 1), Doug Miller (Ct 3), Dan Shapiro (Ct 7), and Tevis Smith (Ct 10)
CALL TO ORDER: Bob Patrician, President, called the
meeting to order at
FINANCE COMMITTEE
CHARGE
Ms. Windus reviewed the proposed charge for the Finance Committee, noting the Committee would provide technical and staff support to the Board. A few changes were suggested by the Board and incorporated into the charge, which is attached to these minutes.
13.12.05.1 MOTION. It was moved and seconded the Finance Committee charge be approved. The motion carried (5-0-0).
RESOLUTION TO REPAY
REPLACEMENT RESERVES
Ms. Windus reviewed the history of past under funding of replacement reserves (compared with approved budgets) and recommended monies be moved from the contingency reserve to replacement reserves in order to finance the replacement reserves as indicated in Co-Owner approved budgets. This will position us well with the auditor, the IRS, and Fairlington Glen Co-Owners.
13.12.05.2 MOTION. It was moved and seconded to approve the transfer of $44,000 from the contingency reserve to replacement reserves, as recommended by Fairlington Glen’s auditor in his March 15, 2005 letter, to fund the deficit in Unappropriated Members’ Equity. The motion carried (5-0-0).
BUDGET WORK GROUP FINANCE
RECOMMENDATIONS
Ms. Windus reviewed a number of recommendations from the Budget Work Group (BWG) related to financial matters, and the Board discussed each in turn. The attached summary, with numbers keyed to the master list of 67 BWG recommendations, provides a short statement of each of the 23 recommendations and action taken by the Board.
13.12.05.3 MOTION. It was moved and seconded the finance-related recommendations of the Budget Work Group be (a) accepted, (b) accepted and referred to the Management Agent, (c) accepted and referred to the Finance Committee, or (d) referred to the Finance Committee, as recommended by the Treasurer. The motion carried (5-0-0).
FAIRLINGTON GLEN
CALENDAR OF ACTIVITIES, 2006
Ms. Windus presented a proposed calendar of activities for 2006, which provides meeting dates for the Board of Directors, the Buildings and Grounds Committee, the Finance Committee, and the steps needed before the Annual Meeting. Mr. Fuller suggested expanding the list of activities leading to the Annual Meeting to be more comprehensive, and Ms. Windus agreed to do so. The calendar will be attached to the January newsletter.
13.12.05.4 MOTION. It was moved and seconded that Mr. Patrician be delegated authority to approve the calendar of dates after revision by Ms. Windus. The motion carried (5-0-0).
NEXT BOARD MEETING
The next Board meeting will be held on
ADJOURN
13.12.05.5. MOTION. It was moved and seconded that the Board
adjourn at
Attachments: Finance Committee Charge
Budget Work Group Finance Recommendations
Prepared by: Alison Burns Trimble, Secretary