First finance meeting of year

First Finance Meeting of Year

So we just had the first finance meeting of 2017 called by our new treasurer Doug Dresser. The subject was the Certified Audit and there was a presentation made by our accounting firm. 

As a side story, we now have a new auditing firm,the old firm was merged into the new firm. Their name is Lanter, Leonardo and DiCrescenzo. The first thing our new account manager Alex Leonardo  told the meeting was that in the corporate accounting world a managing partner is required to be changed every 5 years for many obvious reasons. He will be our new managing partner and will start with a clean slate. I liked him for this.

Although we are in sound financial footing we found out that we need a new reserve study and our operating account should have from $600,000 to $1,200,000 in the bank at all times but has $0. in the bank at the end of the quarter. We will need to address this in the 2018 budget most likely with a dues increase. A contributing factor was the drive up project went over budget by $700,000.