ROTONDA WEST ASSOCIATION, INC.
Budget & Finance Committee
Minutes - February 16, 2007

PRESENT: Bruce Miller (Chair), Claudette Romano, Lois Burger, John Carroll, Bud Nill, and Hank Artz.

ABSENT: Fred Warner

OTHERS: Nick Gizzi, George Krabbe, John Piepmeier, Joseph Romano, and Norene Kugler (Assistant Manager)

Members of the Englewood Bank were asked to make a Presentation.

Englewood Bank Representatives:

Rob Whalen – Cape Haze Branch Manager
Lane L. Dietrich – President
Rich Emch – Senior Vice President – Commercial Lender
Chris Banting – Assist. Vice President, Automatic Clearing House (ACH) Department   

Discussion topics:

• Electronic Bill Paying
• Individual password and dollar limit to transact Association business
• Dual authentication
• Access to view account activity
• Signature requirement to cash a Certificate of Deposit
• Account and CD interest rates
• Line of credit

President Lane Dietrich stated that weekly “Rate” meetings were held.  John Carroll asked what the Rate was at the present time.  President Dietrich replied, “Just North of 4%.”  John responded, I like the “North Pole.”  President Dietrich said, 4.5% even, now, without negotiations.

• At the present time, Englewood Bank services ten (10) Homeowners Associations. 
• The CDAR program is available.  Rates are - 12 months - 5.39%, 6 months – 5.35%.
• Bank can establish nightly “Sweep” of the checking account.  They will custom tailor Association Accounts.

Chairman Bruce Miller asked Bob Whalen, if the Manager called to cash-in a CD would he do it?  At first Mr. Whelan answered yes, but then prefaced his answer with, “if he was an approved signatory.”  This was the answer everyone was waiting to hear.

A question was asked about other investments such as T-bills.  Yes, they deal with T-bills.  However, T-bills are not producing a very good return on investment at this time.

Discussion ensued about wanting the Bank to be more Pro-Active in the best interest of the Association.

Business statements printed the first of each month.  Business Statement for CDAR account would be custom tailored to the Association.  Statement would be actual dollar amounts.

Discussion ensued pertaining to “On Line Banking.”  Safe guards would be in place.  The Association would designate the person responsible to handle ALL transactions.  Directors would be able to ONLY view accounts, while staff members would have designated limits.  Chris Banting would handle training of designee.

Set automatic amount to be transferred from the Money Market into Checking Account on designated dates.

No charge for night drop service.

Courier Service is available – No Cash accepted.

All in all, Englewood Bank answered all Committee Members concerns and questions.

The next meeting is scheduled for Thursday, February 22, 2007 at 2PM. 

There being no further business, the meeting was adjourned at 4:05PM.

Norene Kugler, Assistant Manager