ROTONDA WEST ASSOCIATION, INC.
Budget & Finance Committee
Minutes - February 1, 2007

PRESENT: Bruce Miller (Chair), Hank Artz, Lois Burger, Bud Nill

ABSENT: Fred Warner

OTHERS: Joseph & Claudette Romano, George & Donna Krabbe, Don & Ginny Mahon, Nick Gizzi, Dick Wasserman, Margie & John Carroll, John Eisele, Derek Gilbert, Tom Madsen, RWA Manager.

Chair Bruce Miller called the meeting to order 3:30pm.  A quorum was present.

Minutes from the January 25, 2007 meeting were accepted as presented.

The Manager was asked to describe the entire financial process and how he and the bank interfaced, including deposits, check writing, transfers between accounts, purchasing and cashing CD’s, and reporting.

The Manager indicated that the Association’s accountant, Geoff Lorah would be at the Community Center on February 5 and 6 to perform their audit.  Geoff would be available during this period to attend a Committee Meeting where Ted Penland, Vice President of First Community Bank, our banker, would give a presentation.

Items to be considered by the Committee when interviewing bankers are the availability/advisability of sweeping our checking account every night to provide some additional interest income and the possibility of establishing a line of credit for emergency use.

Also discussed was when/how both the incoming assessments and the CD’s maturing on February 23 should be invested.  The Manager was asked to provide a month-by-month cash flow projection for 2007 in order to determine what our probable cash requirements might be and what monies the Association could invest.  The Manager indicated that this could be ready for review by Friday, February 9, 2007.

The agenda for the regularly scheduled meeting on February 22, 2007 should contain an item calling for a discussion of the RWA Lien and Foreclosure procedures.

The next meeting will be Thursday, February 9 at 2PM.

The meeting adjourned at 4:40PM.