Tremont West Development Corporationnn

Tremont West Development Corporation
Finance Committee
9 May 2006

Minutes of the Finance Committee meeting of May 9th, 2006, 6:00 PM

Present: Jon Boylan, Sam Cantania, Scott Nagy, Karen Moss, Colleen Gilson, Executive Director
Not Present Rosemary Vinci, Nina Swerdlow

Boylan opened the meeting at 6:00 PM.

The Committee reviewed the April 30, 2006 financial statements for Tremont West Development Corp. Jon Boylan noted the changed presentation of "Checking/Savings." On the advice of Joanne Montagner, CPA, cash will be categorized as 1) Unrestricted Savings 2) Restricted Savings and 3) Restricted Cash for Neighborhood Groups. The Committee authorized these changes which the Treasurer will review the changes with the Board on May 18, 2006. The Committee discussed the large account receivable balance which represents CDBG monies due from the City. Subsequent to April 30, TWDC received the funds.

Next the Committee discussed financial statements for 2406 Professor LLC. At the Committee's suggestion, Colleen Gilson and Lynn Friedel discussed improvements for the building with Joanne Montagner CPA. She recommended capitalizing the expenditures rather than expensing them in the current period. Colleen Gilson brought one other change to the attention of the Committee. The income statement shows NPI grant monies as income for 2406. In actuality, NPI disbursed the funds to TWDC and should be recognized on the parent's financial statements. Staff is making the changes and will distribute updated 2406 financial statements before the Board meeting. The Committee reviewed updated pro forma operating statement for 2406.

The Committee discussed the 2006/07 budget. There were no changes to the draft which was distributed to Finance Committee members on April 11. The Committee approved the budget and will recommend the Board adopt it at the May 18th meeting.

The final discussion item was the draft contract between community groups and TWDC. Karen Moss recommended that the Board adopt a resolution requiring written contracts with every community group whose funds are held by TWDC. The Committee asked the Treasurer to handle communications with each group explaining the need for the change.

The meeting ended at 6:55 PM

Jonathan M. Boylan
Treasurer