2010-02-04 Meeting Minutes - Resident Interactive

MS FINANCE COMMITTEE MINUTES – February 4, 2010Present: Bill Ellis, Joe Joiner, Henry Odell, and Judith PeterickResident Council member Russ SorensonMirabella Executive Director James MunnThe meeting was called to order at 9:00 a.m.The Mirabella-Seattle Board of Directors’ meeting minutes will be available to residentswith a draft initially and the final after approval.The Finance Committee’s role in the 2010-11 MS budget process was discussed.James will be requesting information from other PRS Finance Committee’s on theirparticipation in the budget process. He believes that it will mainly be capital items fromour committees submitted through the Resident Council, which will prioritize thepurchases, e.g. elliptical machine before door opener. Russ will be reviewingcommittee operating budgets with the committees and will extend it to the MS capitalbudget process. The capital requests should include an estimate of the quality of thepurchase, e.g. elliptical machine. James provided the Mirabella budget request form tocommittee members. James will meet with the Finance Committee two or three timesto walk through the numbers and assumptions during budget preparation. Werequested a calendar for this. The department heads at MS will start in May and willinclude marketing projections and annual projections.Joe Joiner joined us at this time.Ed Borgatta needs a copy of signed Resident’s Agreement. This was referred toJames who is fairly confident that all residents have signed copies. All resident files aremaintained in a locked safe in Joanie Vivaz’s office.The Mirabella Foundation has about $1,500 in its account plus a $5,000 anonymousdonation for a stage and funds from the Arts Committee for art sales. Books are kept inMedford.. Kathy Ostrander to be in charge here. They are working on trustees,currently three in Medford but they will be replaced with three local trustees plus oneresident who will be a voting trustee. The sole purpose of the foundation will be tobenefit residents which may include a pool for resident assistance.The money from art sales will be distributed 75% to artist, 10% to Resident Associationand 15% to the Foundation. Rule one will be how money is to be restricted for usage.Jill Collins will not be able to attend the March 22 risk management meeting with theCouncil and Finance Committee.Letter regarding the medical deduction for entrance fee and monthly fees paid in 2009will be out shortly. It cannot be issued until audited financial statements are available.The Committee was referred to Rick Mazza to discuss new resident options: entry feerefund program with a limited number of nonrefundable entry fees.The monthly fees on deceased residents’ apartments cease when all personal items areremoved and keys are returned to MS. This includes getting all major damage fixed.

MS FINANCE COMMITTEE MINUTES – February 4, 2010MS will paint and patch. Refundable portion of entrance fees will be made after sale ofthe apartment occurs.As Joe Joiner had suggested at prior meeting, the December MS financial statementswere out by Jan. 18. James said our comments helped in speeding up the distributionprocess.Rick Mazza has become the Chief Accounting Officer of PRS and Mark _________ whohas been with PRS for the last six months will be taking Rick’s former position and hehas already started making changes in process.When Finance Committee liaison to the Residents Council (Russ Sorenson currently) isabsent, Bill Ellis, our chairman, should make a report.The Employee Appreciation Fund has been audited and an audit letter was issued withrecommendations. The auditors, Bill Ellis and Henry Odell, thanked Russ as he waswell prepared and the audit was done in two hours.The use of either Quicken (recommended by Finance Committee) and Quick BooksOnline (recommended by Residents Council) was discussed. The Committee wouldlike more detailed information as to whether Quicken could evolve into a more completepackage, e.g. can it be converted to Quick Books Online. We also need to knowwhether PRS would allow us to put Quicken on the business office machines. Judithand Karen Smith, secretary to the Council, will review this and report back.A clarification of the application of entrance fee funds was tabled to the next meeting.Discussion of revision to our Mission Statement was deferred.The January 14 minutes were approved as amended and the December 10 minuteswere approved.The next meeting will be on February 25. The March 18 meeting will be cancelled andmoved to March 25.Meeting adjourned – 12:10 p.m.Respectfully submitted,Judith Peterick, Secretary