TREASURER’S
REPORT
November 10, 2001
Bills: The Finance Committee met on Nov. 3. Following review of the Unpaid Bills Summary, comparison with the bills on file and clarification of questions with B. Huff, the committee recommends that the bills be paid. One pleasant surprise was a decrease of $669 in our copier contract expenses this year. Savings relate to significantly fewer copies made this past year, and greater use of email to conduct HMC.
Banking Update:
· A certificate of deposit (a requirement of our DNR lease) matured on Oct. 31. $883 in interest, which had accrued over several years at a 5.26% rate, was transferred into the HMC general account. A new CD ($1,000 principal) was renewed for an 18-month term. Unfortunately, current CD interest rates are extremely low – 2.26%.
· As approved by the membership, a new Vanguard Reserve Account will be set up for a portion of our legal/insurance expenses. Transfers into this account will be divided over the course of two years to reach the $25,000 target.
· An automatic bill payment system will be set up through our Key Bank Account to pay for several routine monthly bills. A debit card, which is a prerequisite for this service has been ordered. The Finance Committee will continue to review bills as usual. This services will decrease expenses related to check writing (labor, check expenses, postage, etc).
The Finance Committee and the Office Manager have been reviewing fees charged by HMC for a variety of services. Some of these fees were initially established several years ago and have never been changed. A separate sheet of recommendations is provided for Board review and approval. If approved, it is recommended that the new fees take effect immediately.
October Ferry User Fees: $9682 (vs. $8063 in Oct 2000). Additional ferry revenue relates to current construction activity on the Island.
Upcoming Holidays: HMC has historically provided a holiday gift certificate ($15) to staff (i.e., regularly scheduled ferry crew and part-time administrative, water and park staff) as a “thank you” for their hard work during the year. It is recommended that we continue this tradition (total = $120).