The meeting was called to order by Jean Aili, Chair

Present: Pat Olsen, Larry Eginoire, Mary Lou Ellis, Roger Mahoney, Mary Lawler, and Jean Aili
Absent: Joyce Bingenheimer;
BOD members present: Kathy Gordon, Jim Cleveland
Bookkeeper: Fran Bolm
Visitors: Wayne Kissick

The Minutes for December 1st and 10th, 2011 were reviewed. Correction to December 1st was made to delete (needed repair to) the fourth line of the first paragraph. The minutes were approved.

Jean announced the acceptance of Mary Lawler as a member of the Finance Committee.

There was discussion of when the minutes would be posted to the Club House board and on the web. It was decided that the minutes would be emailed to the Finance Committee for their review. When it was accepted by all by return email to the Secretary, it would then be posted and sent to Dick Emmel by the Secretary.

A review of the Finance Committee Charter was discussed. It was decided to remove from the 7th paragraph the confidence in the Board Members. It will be changed to read "When we reach the above goals and the Membership shows confidence in the Committee Members, we will have fulfilled our objectives."
The first sentence of the 8th paragraph will be deleted.
A motion was made to accept these changes, seconded and carried.
Jean Aili will make the changes, email to the members for their review and submit to the Board for their approval.

Discussion was held to the change the wording in the guidelines requiring the Finance Committee to submit the annual budget to the BOD thirty days prior to the end of the fiscal year. It was decided that it should read "The Finance Committee will submit the annual budget to the BOD prior to the December board meeting."
A motion was made to accept these changes, seconded and carried.
Jean Aili will rewrite and submit an ARF to the Management Committee.

Jean Aili feels that in the future the BOD will require a development of a procedural policy for the Finance Committee. She requested that the members bring their ideas for this policy to the next Finance meeting.

There was a brief review of the 2011, yearend financial statements. Fran was unable to close the year out by the time we met. A concern was raised on the amount still outstanding on the accounts receivable. This will be brought to the attention of the BOD.
When the year end is complete, new reports will be emailed to all of the members, the board secretary and president for review.

The annual audit has been distributed to the following.
Roger Mahony: Bank Reconciliations.
Jean Aili and Mary Lawler: Income and Deposits
Mary Lou Ellis: Payroll
Pat Olsen: Investments and Payables.

The meeting was adjourned at 3:15 P.M.

Respectfully submitted,

Pat Olsen, Secretary