ROTONDA WEST ASSOCIATION, INC.
Budget & Finance Committee
Minutes - February 6, 2007

PRESENT: Bruce Miller (Chair), Lois Burger, Bud Nill, Fred Warner.

ABSENT: Hank Artz

OTHERS: Joseph & Claudette Romano, Nick Gizzi, Dick Wasserman, John Carroll, Dick Duggan, Ted Penland, Vice President of First Community Bank, Geoff Lorah, RWA Auditor and Tom Madsen, RWA Manager

Chair Bruce Miller called the meeting to order at 10AM.  A quorum was present.

The purpose of the meeting was to listen to a presentation by Ted Penland, Vice President of First Community Bank, concerning the services First Community offered to the RWA.

Ted distributed a demand deposit summary and a listing of signatories on the accounts.  He was asked why the interest in the Money Market account was so low.  He replied that he had just noticed that and told the group that he would see to it that it was raised to 4.5%.

Ted was asked if First Community had financial advisory services.  He replied that he believed so and would check into it.

Ted was asked if First Community could make a line of credit available to the RWA.  He indicated that the bank could but would need to check the rates.

Ted was asked if First Community could provide a nightly sweep of our checking account.  Ted said that he would check if it was available.

Ted was asked about the CDARS program and indicated that they were one of the few banks in the area that offered it.  He indicated that this could be expected to yield slightly less than 5%, about ½ percent more than the new Money Market rate, but the advantage was that the CDARS program pushed title to the amount in CDs to other institutions, extending the effective insurance coverage to the RWA well beyond $100,000.

Ted asked to return and another meeting was scheduled for Friday, Feb. 9 at 2PM.

The meeting adjourned at 11:10AM.