Holiday Hideaway Association Board Meeting Minutes 20040110

Saturday, January 10, 2004

Members present: : Pres. Sharon Schlittenhard, Zobra Wambleska, Hal Forsey, Anne Casperson, Mark Spahr, Sec. Susan Wintermantel, Treas. Barbara Larson.

Paul Taylor, attorney, has not gotten his review of the Guemes Island Water Company documents to Sharon. However, he did say verbally that he didn't find anything that would prevent the HHA from taking over the water company. Sharon gave him lots of notice about this meeting and the need to have his report but he didn't get it to her.
Hal Forsey and Susan Wintermantel met with Warren Walz, accountant, on Friday. Warren saw nothing alarming in the financial statements so there is no financial reason not to proceed. Hal estimates that start up costs and professional fees may be higher than originally estimated so that by October 1, 2004 when the $23,000 loan is due there might be a short fall of approximately $4,000. (The surcharge generates only approximately 60% of the loan payment.) Mark Spahr noted that water companies usually have higher income in the summer months. Hal has tried to make his estimates conservatively so the shortfall may, in fact, be smaller.

Mr. Walz made quite a few suggestions for how financial systems might be set up and managed. He would like having separate entities or at least separate books. He feels that a professional bookkeeper is important to provide proper accounting and record keeping. Choice of software that is good with invoices will save time, and therefore, money. He recommends obtaining nonprofit status.

Mark will hire and oversee the necessary employees and has some ideas for the billing, accts receivable position. If we have employees we need to pay the required payroll taxes, etc. The board will look at the books on a regular basis and use an accountant where needed. The books will be totally separate from the HHA books.

Submitted by Secretary, Susan Wintermantel

Tags: HHA Holiday Hideaway 2004
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