January 19, 2023
Valleyhi Community Club, Inc.
Location: Ingalls Creek Enrichment Center
The meeting was called to order at 6:23 P.M. by President, Karl Ruether.
Proper notification of the meeting was given, and a quorum was present.
The meeting was attended by:
Trustees: Lisa Estey, Tom Freeburg, Susan Raley, and Mike Weil
President: Karl Ruether
Vice President: Position Vacant
Treasurer: Ginger Hall
Secretary: Peggi Lopez
Members: Juan Lopez
Absent Board members: Trustee, Danielle Small
Minutes: The minutes of the October 2022 monthly meeting were approved via email with no corrections and were formally approved at this meeting via a MOTION with one correction. The wording about the KWs of the generator was changed from 15,000 KW to 15 KW. The motion was then seconded and passed.
Treasurer’s Report
The Summary of Checking and Cash/Asset Accounts as of November 23, 2022 showed a water checking account balance brought forward of $56,425.26. After accounting for all deposits and checks, the balance was $52,844.63. The Dedicated Repayment Account balance was $1,174.38. The Community Dues Checking Account balance was $8,812.01. The savings account balance was $1,350.72. The Capital Reserve Checking Account balance was $5,196.11. The Reservoir Replacement Account balance was $500.00. The CD balance was $50,153.14. After factoring in the accounts receivable of $20,322.89, our total assets as of November 23, 2022 were $140,353.88. Taking into account our current DWSRF Loan liability of $233,078.44 and our total equities, retained earnings, and income of minus $92,724.56, our total liabilities and equity are $140,353.88.
The Water System Operating income for October was $27.00; expenses were $3,268.27.
The Community Dues income for October was $0.00; expenses were $427.23.
The Summary of Checking and Cash/Asset Accounts as of December 22, 2022 showed a water checking account balance brought forward of $52,844.63. After accounting for all deposits and checks, the balance was $52,931.08. The Dedicated Repayment Account balance was $1,174.44. The Community Dues Checking Account balance was $8,326.22. The savings account balance was $6,350.94, which includes an erroneous deposit of $5,000.00. This was a bank error involving a trustee’s personal account. The Capital Reserve Checking Account balance was $5,196.11. The Reservoir Replacement Account balance was $500.00. The CD balance was $50,153.14. After factoring in the accounts receivable of $19,589.25, our total assets as of December 22, 2022 were $144,221.18. Taking into account our current DWSRF Loan liability of $233,078.44 and our total equities, retained earnings, and income of minus $88,857.26, our total liabilities and equity are $144,221.18.
The Water System Operating income for November was $8.38; expenses were $2,605.14.
The Community Dues income for June was $0.00; expenses were $680.89.
The Summary of Checking and Cash/Asset Accounts as of January 17, 2023 showed a water checking account balance brought forward of $52,931.08. After accounting for all deposits and checks, the balance was $49,760.21. The Dedicated Repayment Account balance was $1,174.48. The Community Dues Checking Account balance was $8,086.97. The savings account balance was $1,351.14. The Capital Reserve Checking Account balance was $5,196.11. The Reservoir Replacement Account balance was $500.00. The CD balance was $50,153.14. After factoring in the accounts receivable of $19,452.49, our total assets as of January 17, 2023 were $135,674.54. Taking into account our current DWSRF Loan liability of $233,078.44 and our total equities, retained earnings, and income of minus $97,403.90, our total liabilities and equity are $135,674.54.
The Water System Operating income for December 2022 was $53.83; expenses were $2,736.73.
The Community Dues income for December 2022 was $0.00; expenses were $273.75.
There was much discussion about small amounts owing on the Aging Summary and how best to address them. Also, Susan will ask Jim Weins about what appear to be discrepancies on the Aging Summaries. A MOTION was then made, seconded, and passed to accept the October, November, and December 2022 financial statements with the exception of investigating the discrepancies on the Aging Summaries. Susan provided the Board with information from Jim Weins on current annual interest rates available on savings accounts, which are better than what we currently have. After a discussion about interest-rate shopping for our CD and other accounts, the Board decided to invite Jim to a meeting to discuss the possibilities in person.
Water System
Reservoir Replacement Project Funding: We completed and submitted an application for funding from the American Rescue Plan Act but were not awarded any of the funds. We will look into other grant and loan programs available to us from the WA State DOH and will revisit the loan program available with the USDA. The suggestion that we use our CD to pay down our current loan by $50,000.00 was also reiterated.
Unfinished Business
Generator Update: In the Spring, we will rent or borrow a 15 KW generator to see if it will run without tripping any breakers. If it does, then we know that the problem is with our generator.
Water Manager Contract: Tom reported that he has had several conversations with Jason about the contract, and he provided to the Board the latest version based on those conversations. The Board reviewed it section by section and offered further input. Tom will rework portions of the contract based on that input.
New Business
A MOTION to pay the secretary $40.00 per hour for work done on updating the Small Water System Plan each summer was made, seconded, and passed.
The Board decided to hold all meetings, monthly and annual, at the Ingalls Creek Enrichment Center, if the enrichment center can accommodate us for that many months.
Members’ Concerns
There were no members’ concerns.
After a motion to do so, the meeting was adjourned at 8:20 P.M.