The end of the 2015 is approaching quickly and the RSF Association Board has been busy preparing for the new year.
At the December Board meeting, the Board voted unanimously to approve new auditor recommendations, additional funding for the Village Revitalization Task Force, and the second phase of negotiating a partnership for the installation of a fiber-optic network in the Ranch.
Association Staffing Updates
Recently, RSF Association Board Manager Bill Overton received questions about staffing and new hires. In an address to the Board, Overton explained they are “fiscally and responsibly managing staff.”
In total, there are 10 new full-time employees and 1 new part-time employee. Overton assured members he will end the year under budget through “conservative hiring practices and juggling vacancies aptly.”
The Association will vet another person for next year’s budget through the Finance Committee and Board, just as they have done with previous hires. Currently, staff are reviewing resumes and interviewing for the open Planner position.
Each year, the Association files a 990 Form with the IRS outlining all officers, directors, and employees whose compensation exceeds $100,000. Provided by the Association Board, the chart linked here lists the highest paid 15 Association employees in 2015.
Auditor Recommends 10 Steps for Streamlining Accounting
The Association voted unanimously (with Jerry Yahr absent) to approve recommendations from auditor Gary Porter, appointed in July as the Association’s public accountant for annual audits.
Porter made 10 recommendations, which were endorsed by the Finance Committee and approved by the Board. Chief among them, Porter suggested the Board adopt an in-house online management system for accounting rather than relying on a paper trail.
“The collection of assessments was simplistic and there were inefficiencies with insurance and auditing,” RSF Association Board Treasurer Kim Eggleston explained. “We have all worked very hard and very diligently to clean up the accounting mess. We have now entered the 21st century from an accounting standpoint.”
Board Votes to Approve Increase in Reserve Fund Cash
One of Porter’s recommendations was that the Board maintain a minimum of three months operating budget in a reserve fund. Currently, the Association’s Reserve Fund balance stands at $325,000. Realistically, this number should be $1.1 million in case of a disaster or another economic downturn, Overton explained.
To remedy the short amount of reserve cash, the Board voted 6-0 (with Jerry Yahr absent) to approve a one-time transfer of the total 14 cent assessment into the Reserve Fund balance. The concept to bolster the Reserve Fund was consistent with Porter’s recommendation and endorsed by the Finance Committee. The strategy to allocate the one-time 14 cent assessment was recommended by Overton.
Village Revitalization Task Force Updates Community
LaDonna Monsees, Chair of the Village Revitalization Task Force, presented the Board with an update of the committee’s progress. The task force will be performing a parking and traffic study and will continue to fund community programming and outreach for the Village VIBE.
“I think the Village Revitalization efforts are critically important to future viability of our Village,” Jerry Yahr wrote the Board. “It is, in my opinion, the responsibility of our Association to lead this effort.”
Phase Two of Fiber Negotiations Begins
The Association has completed Phase 1 of negotiating a partnership for the development of a fiber-optic network throughout the Ranch. The Board has identified two potential partners and expects to negotiate favorable terms with one of these third-party developers within three months.
When negotiations are complete, “[w]e hope to be rolling out a gig update within 12 months. It’s not going to be the complete community, that will take 18 – 20 months,” Association Board Director Phil Wilkinson added.