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VVA Board of Directors Meeting Call to Order
Susan Zalenski, lot 364, called the meeting to order, via GO TO, at 6:30 p.m. Board members present were Mark Leggett, lot 72; Tony Gronniger, lot 2281; Celeste Armanees, lot 62; Troy Lesan, lot 576; Marvin McNabb, lot 28; and Mike Booth, lot 1259. Mark Leggett led in prayer.
Approval of Minutes
Troy Lesan moved to approve the minutes of the October 11, 2020 board meeting. Mark Leggett seconded; motion passed.
Committee Reports Handbook Committee
Celeste Armanees reported that the committee had met twice with Jason McTheeney and Dustin Royce regarding suggested safety rule changes for handbook. The committee will meet to finalize and present to the board in December.
Finance Committee
Troy reported that the Finance Committee met on November 5, via Microsoft Teams
Platform. Financial statements were reviewed. Budget numbers looked positive and Shad Mort confirmed that both Special Lake Expense and Special Road Expense would meet assessment amounts. He also reviewed Capital Expense items still outstanding. Expanded Retained Earnings categories were also reviewed. Missy Leggett will meet with Shad and Sally by Dec 4, to finalize lineitems to be included for 2021 budget. Sally and Shad have compiled a preliminary draft of the 2021 budget which has been distributed to committee members and will go to board members on Nov. 8. Any revisions will be made at the December Finance Committee meeting and presented to the board for final approval at the December meeting. Troy then referred to Finance Committee Chair, John Kmetz, for report on Funds Investment Proposal. John Kmetz reported: Our goal is to bring VVA finances into the 21st century and make our money work for us. That means we conform to industry-wide “Best Practice.” Most
November 2020
Volume 33, No. 7
November 8, 2020 HOAs, non-profits, and charities industrywide hire a “money manager” investment firm to take on minimal risk to make a small (not guaranteed) profit. The alternative is to keep our growing cash operating budget (now at $2 million) under the mattress. That is great for zero risk but it’s not “Best Practice”. This project was no small task. It is a gargantuan project to collect, analyze, condense, present, then get approval by the board. But we have done so, and here it is. We recommend that the board adopt a “three bucket approach“ to cash management as previously laid out: bucket 1: cash / checking account for everyday needs; bucket 2: short-term investment for 0-12 month needs, includes operating needs and upcoming larger purchases over the next year; and bucket 3: long-term investment for 1+ year needs. We have completed the assessment process of four different advisers as advised by the board in October’s meeting, and we recommend the hiring of Morgan Stanley as our money manager to implement our investment plan with regard to [Continued on Page 14]
Lake Viking Quilters’ Corner. . . Story on page 9
MEMBERS
If you would like to be added to the Lake Viking e-mail list please e-mail us at
vva2@grundyec.net
Next VVA Board Meeting:
Sun, Dec 13, 2020 6:30PM at lower level of the clubhouse.
All members in good standing are welcome and encouraged to attend. If you want on the agenda, you must notify the office on or before the Monday prior to the board meeting.
Lake Viking Quilters donate to Winston School Back in October, the Winston R-6 School District expressed its appreciation to the Lake Viking Quilters for the donation of quilts to be used as prizes for students and staff. Pictured are LV Quilters Laura Johnson, Shirley Leakey, and Jennifer Wineinger displaying some of those quilts.