1/19/2023, 1:06 PM
The Budget Audit Committee (BAC) met yesterday (1/18/23) in the Juniper Room from 10:00 AM to 11:45 AM.
The meeting was Chaired/Facilitated by Ranch resident Herb Parker.
Ranch Manager Judy Lapora attended and participated along with Ranch President Kari Vickery.
Initially the meeting dealt with last months Minutes and the need for making some changes and corrections prior to approval.
COPY OF MINUTES ATTACHED
Following the above, Manager Lapora discussed the Capital Reserve Plan (CRP) and some changes she made. Lapora fielded questions from Committee members that included funding objectives, inflation, dues, special assessments and sufficient insurance coverage.
Committee member and Ranch Director Sheryl Jones brought up catastrophic events related to triggering possible special assessments.
Lapora confirmed the Ranch has sufficient insurance coverage that includes an umbrella policy. Herb Parker stated that there hasn’t been any special assessments levied since “Maybe 1998.”
Lapora indicated the Ranch is financially healthy and there’s been no need for the Association to borrow money. She stated, “The Ranch Manager has to keep this place running and keeping the Ranch running is our first priority.”
As an aside, CAPSTONE, the Ranch CPA’s issues an “Independent Auditors’ Report” annually regarding financial statements and responsibilities. “Management is responsible for the preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.”
Moving forward, Chair Parker “Attacked, Department by Department” items listed on the “Profit & Loss Budget vs. Actual-Company handout reflecting numbers May through October 2022.