2012-12-20-LEXHAB-min - Laserfiche WebLink

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LexHAB Mnutes of Dec. 20, 2012 Meeting All members of the Board were present together with Attorney Fat Nelson Bob Presstnan also attended. The meeting opened at 7: 08 a.m. The Chairman conducted the meeting. ] _ Minutes - It was noted that item 9 on page 3 needs to be corrected as the Masonic house is on Masrett Road, not Worthen }'toad and that page 4 should show adjournment at 9 Ma. and the next meeting date as December 20, not the I h - - Oflmwisa, the minrtes for Nov. 16 were accepted as presented. 2. Financial Reports - Dave presented the statement showing bank balances; there were no questions or COnun a. - Dave noted that Paul Ryan from our audit firm has been in the practice of charging off annually a portion ofLex13AB's uncollected rents as bad debts; Fain makes other minor adjustments which he deems appropriate. - Dave commented on a new requirement which audit firms must adhere to: a firm which makes any adjustments to a client's profit and loss statement or balance sheet carrot then also serve as auditor of the reports. Gerry observed that inasmuch as Paul knows LexHAB and is fun iar with its taission and its practices, it would be helpful were Paid to continue to review and make adjustments to our reports, and that a different firm. Perhaps the Town's auditors, should become the signers of our final reports. Dave will speak to Paul and see whether he might be able to suggest a. new firm to perform this function. - Bob Pressman noted that Town boards are aware ofthe size of our reserves and that we should take this into account as we ask the CPC and the Selectmen and the CBC for annual set -aside funds for unspecified purchases ofland and/or houses. (See Section 6 following). - Gerry commented on the spreadsheets including the new 2 -year comparisons, There was a strong expression of support for this valuable comparison tool and thanks to Maryann and all others involved in its preparation. There was additional discussion of various aspects of the spread - sbeet reports including the suggestion that the start -up expenditures for Wilson Road all be capitalized. 5. Fairview