HHCI BUDGET & FINANCE COMMITTEE MEETING

September 24, 2008 2 PM

The meeting convened at 2:03 PM in Unit A102. Present were George Field, Warren Miller, Kay Franklin, Ed McEnroe, Ruth Thomas and Ed Plummer.

Upon motion of George Field, with second by Kay Franklin, the minutes of the previous meeting were approved as circulated.

In reviewing the delinquencies report, it appears that at least one payment of $1050 contribution to working capital has not been credited to HHCI. So far as Warren can tell at this point it may trace back to a sale from last year. He will contact SCS to trace this down as well as contributions from the sale of B105 & B205 this summer.

Warren Miller reviewed the latest financials and continues to feel that we are in pretty good shape. With regard to the 2008 budget, we are over on some line items but under on others and Warren anticipates a modest surplus for the year.

Warren reports an on-going difference of opinion about the presentation of certain items in the financial reports. Specifically, he thought he had resolved the issue with the auditors and SCS that Initial Working Capital (3110) be included in reporting operating funds yet SCS insists on excluding it. Similarly, SCS continues to show $770 in account 1153 as an accounts receivable from the developer in spite of the fact that we have informed SCS over and over that the amount was for a roof inspection report, for which we never expected reimbursement – and this goes back to spring of 2007.

Ed reported that he had planned to order LED replacement light bulbs for the lobbies but discovered that the supplier had just this week added a white-coated variety and expects to add a warm-white version by next week. Coated bulbs would hide that inside were 32 distinct points of light and would be more suitable for use in the chandeliers without lamp shades.

The budget for 2009 needs to be adopted and presented to SCS in November. At the next meeting, we should have the year-to-date numbers through September, so that we can make final adjustments to our proposed budget.

The meeting adjourned at 3:49 PM.

Respectfully submitted by Ed Plummer