Finance Committee Minutes – February 14

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Seabrook Island Property Owners Association
Finance Committee
February 14, 2019

Committee Members Present:
Warren Weber, Chairman
Judy Gimson
Richard Little
Max Willis
Guy Gimson, Vice Chairman
Ed Maher
Wayne Billian
Cindy Brown

Staff/Guests Present:
Heather Paton, Executive Director
Allison Townsley, Finance Administrator

Members Not Present:
Kevin Dunn

The meeting was called to order at 2:00 pm by Warren Weber.

Ed Maher moved to adopt the agenda. The motion was seconded by Judy Gimson and passed unanimously.

Guy Gimson moved to approve the minutes of the January 3, 2019 meeting. The motion was seconded by Dick Little and passed unanimously.

Review of December 2018 financials:

Income Statement:
Overall, operating revenue is running slightly ahead of 2017. Operating expenses are over their 2017 levels, but below budget.

Contribution to capital fees totaled $549k YTD, including 15 closings in December [3 homes, 9 villas, 3 lots] and two Green Space transfers. Contribution to capital fees are ahead of budget YTD by $149k but lag 2017 YTD by $19k.

Operating Expense Accounts:

As of 12/31/18, most expense categories are higher than 2017 except for Infrastructure, Security, and IT.

Investment of Operating Funds

Warren Weber and Ed Maher will work with Waccamaw Management to invest operating funds in short-term (3-6 month) CDs this coming year.

Guy Gimson moved to adjourn the meeting. The motion was seconded by Warren Weber and passed unanimously. The meeting was adjourned at 2:35 pm.

The next Finance Committee meeting is scheduled for Thursday, March 21, 2019 at 2:00 pm at the SIPOA Administration Building.