Cas Casa a Blan Blanca ca Board of Directors Meeting April 14, - PowerPoint PPT Presentation

Cas Casa a Blan Blanca ca Board of Directors Meeting April 14, 2016

Agenda Roll Call Old Business I. XI. Call Meeting to Order - Quorum determined Lighthouse Contract II. I. Motion to Excuse Absent Directors XII. New Business III. Proper Meeting Notice - Agenda has been posted Marketing Budget Request IV. I. in accordance with Florida Statutes XIII. Comments from Owners Approval of Minutes - Mar. 12, 2016 V. Set Date for next month’s meeting – Thurs. May 26 th 6:30PM Rental Manager Report VI. VII. CAM Report VIII. Officer’s Reports Adjournment Treasurer’s Report IX. Committee Report’s X. Grounds (Action Plan) I. Building II. Plumbing III. Rental/Marketing (Action Plan) IV. Hospitality V.

Rental Manager’s Report

CAM Manager’s Report

President’s Report

Transition To Do List  Completed: (2/12 > 2/26 - day 15)  To Do: (2/27 > 3/11 - day 30)  Meeting with attorneys  BOD meeting - structure and Management co approval  Retained attorney for CBVR  Property/Rental Manager - (finalize Tom w/ Ana, Greg)  Auditor contact  Head Maintenance finalize (Tom, w/ Lighthouse)  Insurance company - policies, proposal for  Maintenance man finalize (Head Main, Tom) additional liability coverage for BOD  Rental Program Real Estate Broker (Tom)  Contacts with various Rental managers and  Financial component for Rental Program /Broker (Tom, companies, referrals, references Greg)  Interviewed 3/3 Management Companies  Employee Contracts (Tom, legal, Lthouse)  Interviewed 2/3 Rental managers Finalize additional liability/BOD (Tom)  Interviewed 3/3 cleaning companies  Office staff interviews -14 pre-screened resumes  Interviewed Head Maintenance (Donna/manager)  Contact w/ accountant for CBVR  Reservation software (manager/reservationists, Donna) ✓ Cleaning Company finalize (Ana)  Office access, keys, photos  Computers backed up Inventory - Maintenance, linens, office (photos, lists, quantities)  Bank signature cards 5/5, new account Retain (Bld/Grounds walking property next week to prioritize action items Management Co (BOD mtg) finalize contract (Tom) and will take photos in storage, maintenance areas)

Transition To Do List  To Do: (2/27 > 3/11 - day 30 ) (Cont’d.) 3/11 5:00 PM Locks, keys (locksmith)  Transfer Lighthouse from PCM - letter 3/4/16 3/12 BOD meeting - Welcome new staff, contract approval Financial Records accts, credit cards, banking info, authorized signatures Newsletter to Owners (Tom, Jan) new employee team Documents photos Contractual Information 2nd quarter maintenance payment info to owners Contractor bids (Lighthouse) Owner information- contacts, banking Audit (in depth) through March 31 (Auditor w/Treasurer) Software license transfer Computer - website, reservation software, Constant  Constant Contact membership info/access Contact, owners link  Feb Rent checks (PCM) (manager w/ domain owner and webmaster) Bank signature cards 5/5 (Tom, Ana > Donna, Greg, Review/revise staff expectations (manager) Lighthouse, manager)  TEAM Meeting 3:00 PM 3/11 new employees, BOD, CAM, rental financial/Broker - photos, organization

Financial Report

Financial Report  2015 Audit  Audit conducted by Flanagan & Jason, Inc. – John Jason  Draft audit received March 21 st  Final audit received March 25 th  Expanded audit procedures for 2015 per Board’s request • All sample sizes were doubled • Examined 95% of all non-recurring invoices > $2,500 • Searched for vendors related to Board members or management • Verified paver project payments agreed to original contract and approved CO’s • Tested payroll and credit card expense activity • Examined management contracts • Tested rental income and rental commission income  Auditor’s Opinion • Financial statements present fairly, in all material respects, the financial position of CBA, Inc. and Subsidiary as of Dec. 31, 2015 in conformity with GAAP

Financial Report  2015 Audit (cont’d.)  Management Letter • No opinion expressed on the effectiveness of CBA’s internal controls – No deficiencies in internal controls were identified that were considered to be material weaknesses • Several sets of BOD meeting minutes were not approved by the Board – Recommend that all minutes be approved at the following meeting • Strengthen internal controls – Recommend all receipts be attached to credit card statements when approved for payment – Recommend the Board document the approval of all material invoices and contracts in the minutes  Board acknowledgement and acceptance of 2015 Audit – vote required  Audit will be posted on Owner’s Portal or a copy is available upon request  2015 Tax Returns  Federal and state tax returns prepared by Flanagan & Jason, Inc.  Tax returns signed and mailed on April 4 th

Financial Report  2016 CBA Budget  February final numbers were not reported at March 12th BOD meeting as not yet available  Revenue • Final numbers as of March 31st show revenue totaling $136,792 which is slightly under budget

Financial Report  2016 CBA Budget - February (cont’d.)  Operating Expenses • Operating expenses for the same period total $140,939 also significantly over budget, leaving an excess of expenses over revenue (deficit) in the amount of $4,147

Financial Report Balance Sheet - Assets

Financial Report Balance Sheet – Liabilities

Financial Report Balance Sheet – Equity

Financial Report Reserves

Financial Report  2016 CBVR Budget - March  Introduction of RCM: • John Luchowec • Kathryn Han  RCM currently implementing internal control of financials in-house for CBVR escrow & operating accounts  RCM in process of recovering data from unorganized paper trails, bank statements and data provided from transition • Internally, all financials are viewed & audited, & provided with backup documentation (required approvals, invoices, receipts, etc.)  Banks - Signatures in place. All invoices, charges, debits and transfers are validated/approved by Shawna then processed by RCM • All checks from/for Casa Blanca Vacation Rentals escrow account & operating account require two signatures (RCM and Board)  Quickbooks (accounting software) installed and updated at CB’s server onsite as well as RCM • RCM will continuously provide updated data onto CB’s server • Quickbooks structure being implemented, Chart of Accounts established and implementing/categorizing data from bank, check stubs and Vacation RentPro • Subcategorizing and prepping data for future reports processing

Financial Report  2016 CBVR Budget - March (cont’d.)  Updated technology and up to date security encryption being setup to ensure financial documents are adequately protected  Working on implementing data link from Vacation RentPro into internal accounting system  Working with Shawna to establish procedures and processing for Accounting Department: Payroll, Owner Payments, A/R & A/P and Budgeting  CBVR budget vs actual report for the month of March to be completed by Friday, April 22

Reserve Study  Reserve Study  Board approved engaging GAB Robins North America at March 12 th BOD meeting • Conduct an updated study – Scope of Work - Update Reserve Study with Inspection » Thorough on-site inspection of common area improvements/reserve components – Detailed reserve funding analyses using both Component Funding Analysis and Cash Flow Analysis (Pooling Method) funding methodologies – Fee = $2,725.00  Reserve Study is in progress

Building and Grounds Committee

Building and Grounds Committee  Building and Grounds Action Plan List  IMMEDIATE • Trash room on first floor apartment building needs to be • General property clean-up Maintenance cleaned Maintenance • Security for Spring Break contract Shawna • D7 – ask Ari about wire coming out of villa after • Pavers - need Atlantis contract Shannon remediation Tom email • Reserve study - GAB Robbins approved 3/12 Shannon • Walk premises with Oakley improve cleaning up and • Fence (w/Island House) repair? cutting bushes Dan, Nancy, GM • S trash gate repair • Remove planters by A18 – use for signage One way sign • Rec Room phone jack, meeting call-in machine Shannon, by B11, STOP sign by office • Upstairs apt cleanup, organization, carpet cleaning, Shawna • Maintenance needs tools, supplies, landscape tools - shelving Shawna, Marcia starting list Dan • Rec room book shelf clean out, new storage baskets, new • FPL utility pole by A18 Shannon donated books • Lights on apartment building on all day. Check timer • New garbage/recyclable bins are needed at various villas – Dan call Waste Management • Clear sand pile at south side of apt. (blocking flow from • Ask Fire department if they can replace rusted key box parking lot) Dan outside of door on apartment building • Drainage hole at end of ramp needs to be cleaned • S Office Shawna (Siesta Dunes)? Dan checks • Drink machine out of rec room