FINANCE COMMITTEE Agenda Administration Conference Room Monday, May 20, 2019 9:00 a.m. 1.
Call to Order/Pledge of Allegiance
2.
Roll Call/Notice of Quorum
3.
Chairs Announcements
4.
a. Introduction of Guests and Staff Linda Stone, GRF President Randy Ankeny, Executive Director Carolyn Miller, Director of Finance Julie Rodgers, Purchasing Manager Corina Mancilla, Recording Secretary b. Rules of Order c. Chairs Report i. Financial Advisor Report Approval of Minutes a. Minutes of Regular Meeting, April 15, 2019 (pp. 1-5)
5.
Staff Reports a. Purchasing Manager (pp. 6-9) b. Director of Finance (pp. 10-15) c. Executive Director
6.
Shareholder/Member Comments – Agenda Items Only (Limited to 3 minutes per person)
7.
Correspondence a. Previous Meeting (N/A) b. New Correspondence (p.16) i. From S. Shaver – Approval of Investment Advisor
8.
Financials a. Accept Month of April 2019 Financial Statements for Audit (pp. (pp. 17-22)
9.
Unfinished Business a. Discontinuation of Lockbox Services b. 2019 Audit, Request for Proposal – Handout c. Request for Fee Waiver – Committee Correspondence Sent (p. 23) 1 of 2
10. New Business a. Investment Ladder i. Funds Transfer – Reserves (p. 24) ii. CD Purchase – Reserves (pp. 25-26) b. Review and Accept New Governing Document Numbering System (pp. 27-28) c. Donation – Friends of the Library (p. 29) d. Approve Extension of Exclusive Use of Trust Property Leases (pp. 30-31) i. Friends of the Library ii. Genealogy Club iii. Golden Age Foundation iv. Historical Society v. Radio Club vi. Theater Club vii. Video Producers Club e. Proposed Contract for Tahitian Herbal (p. 32) 11. Policies 12. President's Comments 13. Shareholder Member Comments (Limited to 3 minutes per person)
14. Committee Member Comments 15. Next Meeting Monday, July 20, 2019 – 9:00 a.m. Administration Conference Room 16. Adjournment
2 of 2
d
FINANCE COMMITTEE MINUTES April 15, 2019 The meeting of the Finance Committee was held on Monday, April 15, 2019 and was called to order at 9:00 a.m. by Chair Winkler, in the Administration Conference Room, followed by the Pledge of Allegiance. ROLL CALL Present:
Ms. R. Winkler, Chair Ms. S. Hopewell Mr. B. Lukoff, Vice Chair
Mr. P. Friedman Ms. K. Rapp Ms. L. Stone, Ex-Officio
Staff and Guests: Mr. R. Ankeny, Executive Director Ms. C. Miller, Director of Finance Ms. J. Rodgers, Purchasing Manager Mrs. C. Mancilla, Recording Secretary Ms. P. Snowden, GRF Representative, Mutual Two Ms. J. Isom, GRF Representative, Mutual Sixteen Five Shareholder/Members Chair Winkler greeted and welcomed everyone to the Finance Committee meeting and introduced Foundation members, guests and staff. CHAIR’S ANNOUNCEMENTS Chair Winkler welcomed the Committee members, guests and staff, including GRF President Linda Stone; Executive Director Randy Ankeny; Director of Finance Carolyn Miller; Purchasing Manager Julie Rodgers and Recording Secretary Corina Mancilla. Chair Winkler informed attendees an account has been opened with the Shadden Group, about investments. APPROVAL OF MINUTES The minutes of the March 18, 2018, regular meeting were approved, as presented. STAFF REPORTS Purchasing Manager The Purchasing Manager provided the monthly report, as presented in the agenda packet.
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FINANCE COMMITTEE MINUTES – 04/15/19
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Finance Director The Finance Director provided her monthly financial reports, as presented in the agenda packet. Executive Director The Executive Director provided information and updates throughout the meeting. SHAREHOLDER COMMENTS One Shareholder/Member spoke on items on the agenda. CORRESPONDENCE The Committee acknowledged the letter that was mailed regarding last month’s meeting; there was no new correspondence at the time of the meeting. FINANCIALS The Finance Director reviewed the Financials for the month of March. After a brief discussion, Ms. Rapp MOTIONED, seconded by Mr. Lukoff and carried unanimously by the Committee members– TO accept for audit and forward to the GRF Board, the financial statements for the month of March 2019, as presented by the Director of Finance and as reviewed by the Finance Committee. UNFINISHED BUSINESS Discontinuation of Lockbox Services After a brief discussion, Ms. Hopewell MOTIONED, seconded by Ms. Rapp and carried unanimously by the Committee members– TO recommend the GRF Board allow the Finance Department to pursue the lockbox solution with Clickpay. NEW BUSINESS Investments Ladder i. Funds Transfer – Reserves After a brief discussion, Ms. Rapp MOTIONED, seconded by Mr. Lukoff and carried unanimously by the Committee members– TO recommend the GRF Board authorize the transfer of $500,000 of reserve funds from First Foundation Bank to
2
FINANCE COMMITTEE MINUTES – 04/15/19
Page 3 of 5
Morgan Stanley, following the maturity of a $500,000 CDAR on May 2, 2019 and to transfer $500,000 from US Bank, for the purposes of maximizing insured funds and to invest with Morgan Stanley. ii.
CD Purchase – Reserves
After a brief discussion, Ms. Hopewell MOTIONED, seconded by Ms. Rapp and carried unanimously by the Committee members– TO recommend the GRF Board authorize the purchase of brokered CDs from Morgan Stanley totaling $1,000,000 of reserve funds from US Bank, with 12-month and 18-month terms at the prevailing interest rates at the time of purchase. iii.
CD Purchase – Capital
After a brief discussion, Mr. Friedman MOTIONED, seconded by Mr. Lukoff and carried unanimously by the Committee members– TO recommend the GRF Board authorize the purchase of brokered CDs from US Bancorp totaling $500,000 of capital improvement funds from the US Bank Money Market account, with 12-month and 18-month terms at the prevailing interest rates at the time of purchase. 2019 Audit, Request for Proposal After a brief discussion, Mr. Lukoff MOTIONED, seconded by Mr. Friedman and carried unanimously by the Committee members– TO have staff formulate a request for proposal, to secure auditing services for the years 2019, 2020 and 2021 and to provide a list of potential auditing firms for consideration. Capital Funding Request – Golf Course, Lake Fountain Replacement After a brief discussion, Ms. Winkler MOTIONED, seconded by Ms. Rapp– TO recommend the GRF Board allocate Capital funding, for the installation of three floating fountains at the Golf Course Lake, in an amount not to exceed $6,815. The motion passed two no votes (Lukoff, Friedman).
3
FINANCE COMMITTEE MINUTES – 04/15/19
Page 4 of 5
Non-budgeted Operating Funding Request – Applicant Tracking System After a brief discussion, Ms. Rapp MOTIONED, seconded by Ms. Hopewell and carried unanimously by the Committee members– TO recommend the GRF Board allocate Non-budgeted Operating funding, to initiate the implementation of the Clear Company ATS as soon as administratively feasible and to cancel the subscription for ZipRecruiter as soon as the ATS if fully implemented, in an amount not to exceed $1,168. Request for Fee Waiver After a brief discussion, Ms. Hopewell MOTIONED, seconded by Ms. Rapp– TO waive the unpaid balance. The motion carried with one abstention (Lukoff). Chair Winkler called in for a fifteen-minute break at 10:28 a.m. POLICIES Adopt Policy 50-1450-1, Guidelines for Leasing Trust Property After a brief discussion, Ms. Rapp MOTIONED, seconded by Ms. Hopewell and carried unanimously by the Committee members– TO recommend the GRF BOD adopt Policy 50-1450-1, Guidelines for Exclusive Leasing of Trust Property, as amended. Adopt Policy 40-3326-1, Purchasing Warehouse Guidelines for Inventory and NonInventory Purchases After a brief discussion, Ms. Hopewell MOTIONED, seconded by Ms. Rapp and carried unanimously by the Committee members– TO recommend the GRF BOD adopt Policy 40-3326-1, Purchasing Warehouse Guidelines for Inventory and NonInventory Purchases, as presented, pending the Executive Director presenting the policy to President’s Council at the May meeting. Amend 5061-31, Fees After a brief discussion, Ms. Winkler MOTIONED, seconded by Ms. Hopewell and carried unanimously by the Committee members–
4
FINANCE COMMITTEE MINUTES – 04/15/19
Page 5 of 5
TO approve and recommend the GRF BOD amend Policy 405061-2, Fees, to reflect the amendment of the fee for additional Leisure World maps, to One (1) dollar from Five (5) dollars, as presented. PRESIDENT’S COMMENTS President L. Stone commented on the items pertaining to the Committee’s area of purview throughout the meeting. SHAREHOLDER/MEMBER COMMENTS One shareholder/member spoke on the proceedings of the Committee meeting. COMMITTEE MEMBERS COMMENTS Four Committee members spoke on the proceedings of the Committee meeting. ADJOURNMENT Chair Winkler adjourned the meeting at 11:15 a.m.
________________________________ Ronde Winkler, Chair FINANCE COMMITTEE cm 04.15.19
5
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Purchasing Manager’s Report Budget Variance Report:
6
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Purchasing Manager’s Report
Cost center 432 is favorable to budget a total of $3,794 YTD. Notable variances are:
7
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Purchasing Manager’s Report Purchasing Services Report, month ending April 30, 2019:
Month/Month inventory changes:
Total inventory by location, rolling 6 months:
8
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Purchasing Manager’s Report Obsolete inventory write-offs (GL 1163000-00): Nothing new to report.
Surplus Equipment: Green Folding Chairs from Community Facilities Green Room - discard
Discussion: Policy 40-3326-1.
9
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Director of Finance Report
Page 1
10
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Director of Finance Report For Cost Center 31 – Finance Department, as of April 30, 2019, there was an overall favorable variance of $41,545. The major variance is the following:
Budget Timeline
Page 2
11
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Director of Finance Report Café Commission Report
Aged Receivables as of 4/30/2019
Page 3
12
Golden Rain Foundation May 20, 2019 Meeting of the Finance Committee Director of Finance Report
SRO Aging Recap:
Contract Renewal Report (See attached) Follow-up Action Items: None
Page 4
13
Golden Rain Foundation Operating Expense Contracts - Finance Committee As of 04/30/19
Committee Finance Finance Finance Finance Finance Finance Finance Finance
Vendor CLIF01 SUPE04 DLDI01 ASSO02 KYOC01 KYOC01 UNIF01 CORO01
Contract Name Amount CliftonLarsonAllen LLP 143,000 Superwire Telecom, Inc. PBX Agreement 59,544 DLD Insurance Brokers 439,443 Association Reserves 9,500 Kyocera Maintenance based on usage Kyocera Lease 21,960 UniFirst Uniform Company based on usage Corodata Records Management based on usage
**
*
Contract Contract Start Date End Date* 1/1/2015 12/31/2018 2/18/2004 Mo to Mo 12/1/2018 12/1/2019 3/29/2017 3/29/2020 3/28/2019 6/30/2024 3/28/2019 6/30/2024 1/8/2019 1/8/2024 9/26/2014 12/31/9999
* Expiration date of 12/31/9999 signifies a self-renewing contract after initial term. ** Estimated annual expense
14
Golden Rain Foundation Revenue Contracts - Finance Committee As of 04/30/19 Committee Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance Finance
Client 3FRIENDSLIB 3GAF 3GENE01 3HIST01 3RADI01 3THEA01 3VIDEO01 3RVCLUB 1008 3CHARLES
Name Friends of the Library Golden Age Foundation Genealogy Club Historical Society Radio Club Theater Club Video Producers Club RV Club Seal Beach Mutual No. Eight Charles Briskey Real Estate Inc. CARE 1014 Seal Beach Mutual No. Fourteen 3SUPERWIRE Superwire Telecom, Inc. Superwire Telecom, Inc. 3NUVISION NuVision Federal Credit Union Optum Care SCE Payment Processing
Revenue Contract Expiration Date* 6/30/2019 1 Ground Lease 1 year 1 Ground Lease 1 year 6/30/2019 1 Ground Lease 1 year 6/30/2019 1 Ground Lease 1 year 6/30/2019 1 Ground Lease 1 year 6/30/2019 1 Ground Lease 1 year 6/30/2019 1 Ground Lease 1 year 6/30/2019 1 Ground Lease 1 years 7/31/2019 *** Lease 1/23/17 - 12/31/19 12/31/2019 120,000 ** Ground & Service Lease 1 yrs 12/31/2019 36,000 Ground & Service Lease 2 yrs 5/31/2020 1 *** Lease 7/27/2018 - 7/26/2021 7/26/2021 18,000 Ground Lease 4 years 6/30/2022 Telecommunication Services 3.5 yrs 6/30/2022 18,000 Ground & Service Lease 5 yrs 11/7/2022 660,000 Ground & Service Lease 5 yrs 9/30/2023 2,600 * Revenue Lease- Updated 4/7/17 12/31/9999
* Expiration date of 12/31/9999 signifies a self-renewing contract after initial term. ** Estimated annual revenue *** Upon expiration of these contracts, GRF will quit claim these properties to the respective Mutual
15
Subject: GRF Finance Committee-Approve Investment Advisor
1
ffl
®EI
MAY 01 2019 [UJ
From: Susan Shaver (
[email protected]) ro:
[email protected]
By
Dst Tuesday, April 30, 2019, 4:34 PM PDT
Dear GRF Finance Committee Chairman,
Our Mutual 11 April Meeting Minutes Draft was distributed to me yesterday, and I was pleased to see included your GRF Committee Meetings Recap. I became concerned when I read the Finance Committee-Approve Investment Advisor recap about it being "moved and approved to authorized the Finance Department to open an account, in the name of Golden Rain Foundation, with
Morgan Stanley, as represented by the Shadden Group, to "invest reserve funds" from CDARS held at First Foundation Bank (insured by FDIC), as they mature. My question is, Morgan Stanley is a Stock Brokerage Firm, correct? If so, how would these GFR Reserve Funds be insured?
I have held funds in stocks before, they fluctuate up and down, there is no "guarantees" that you wilt make money, and could lose money. Please clarify your position in this matter. And if these funds are protected by some type of insurance against loss. Thank you, Si erely, Susan J. S^
ver
Mutual 11 Apt. 269E ec: File, Geoff Davis, President/Director Guta Basner CFO/Director
P.S. Sorry for this format, I don't have Microsoft Word on my computer anymore.
16
Golden Rain Foundation
Leisure World, Seal Beach
COMMITTEE ACTION REQUEST TO: FROM: SUBJECT: DATE: CC:
FINANCE COMMITTEE DIRECTOR OF FINANCE (CM) ACCEPTANCE OF THE APRIL 2019 FINANCIAL STATEMENTS MAY 20, 2019 FILE
Following a review of the financial statements, in accordance with Policy 5515-31 and all applicable sections of the civil code 5500, Committee Action Recommended:
To accept for audit and forward to the GRF Board the financial statements for the month of April 2019, as presented by the Director of Finance and as reviewed by the Finance Committee.
17
Financial Recap – April 2019 As of the four-month period ended April 2019, the draft financial reports indicate that GRF is in a favorable financial position with a surplus of $228,412. Major variances are: Wages, Taxes & Benefits
213,055
Temporary Agency Fees Supplies Professional Services Facilities Rentals & Maintenance
(62,582) 25,025 18,356 83,692
Rental Income Interest Income News Advertising SRO Labor Recovery
(97,741) 46,591 (66,318) 27,900
Favorable: Wages $73K; P/R Taxes $18K; Workers’ Comp $17K; Group Ins $94K; 401(k) Match $12K Unfavorable: Temporary help for key positions. Favorable: Low requisitions in first quarter Favorable: Less legal assistance than planned Favorable: $47K Landscaping; $20K Repairs & Maintenance; $16K Service Contracts Unfavorable: Lower unit sales than planned Favorable: Actual yields > planned Unfavorable: Budget planned more aggressive sales Favorable: Recoveries exceeds budget
Reserve Funds Repairs & Replacements
Fund Balance $9,707,560
Allocated For Current Projects $1,716,244
Allocated For Future Projects $7,991,316
For details, see page 7
Capital Funds Capital Improvements
Fund Balance $1,742,091
Allocated Funds $186,317
Unallocated Funds $1,555,774
For details, see page 8
Total year-to-date approved unbudgeted operating expenses are $11,080.
Page 3
18
Golden Rain Foundation April 30, 2019 Cost Centers with Unfavorable Budget Variances Cost Center
Amount Comments
320 - Human Resources 322 - Emergency Preparedness 236 - News 439 - Onsite Sales Office 652 - Clubhouse Two
(8,134) (1,066) (20,416) (97,227) (2,072)
Total Unfavorable Variances
Vacation Accruals - company wide Emergency prepareness supplies Display Advertising Low sales volumes Supplies, bldg repairs
(128,915) of Total Company Variance $228,412
19
Golden Rain Foundation Cash Flow Activity - All Reserves For the Period Ended April 30, 2019
Balance 12/31/2018 Funded: Assessments Funded: Amenities Fees collected Funded: M17 Lease Fees collected Funded: Interest on Funds Progress Payments on CIP Expenditures Commitments Transfers to/from Funds Interest Income Allocation Net Monthly Activity
Contingency Operating Fund
Reserve Fund
Capital Improvement Fund
Nonrestricted Funds
Total
550,000
9,732,925
1,643,004.70
25,545
11,951,475
416,667 248,991 5,700 27,647
248,991 5,700
(138) (24)
(464,195) (260,174)
(155,604)
150,000
(150,000) 131,877
Balance 04/30/2019
700,000
Net Activity
150,000
9,707,560
(25,364)
Page 4a
1,742,091
99,086
7,422
(18,123)
416,667 497,981 11,400 27,647 (619,799) (260,174) 131,877 12,157,073
205,598
20
Golden Rain Foundation Cash Flow Activity - All Reserves For the Month of April 2019
Balance 3/31/2019 Funded: Assessments Funded: Amenities Fees collected Funded: M17 Lease Fees collected Funded: Interest on Funds Progress Payments on CIP Expenditures Commitments Replenish funds for Donated Assets Transfers between funds Interest Income Allocation Net Monthly Activity
Contingency Operating Fund
Reserve Fund
Capital Improvement Fund
Nonrestricted Funds
Total
525,000
9,674,988
1,713,166
1,782
11,914,936
104,167 92,655 15,338
92,655 -
(49) -
(177,788) (1,800)
(63,730)
175,000
(175,000) 180,640
104,167 185,310 15,338 (241,518) (1,800) 180,640
Balance 4/30/2019
700,000
9,707,560
1,742,091
7,422
12,157,073
Net Activity
175,000
32,572
28,925
5,640
242,137
Page 4b
21
2019 Capital Plan Cost Center Proj # Description 236 460 460 574 629 654 654 655 679 679 679 679 679 679 679 679 679 679 679 679 679 735 746 748 837 837 934
2019 Unapproved
904-19 888-18 889-18 896-19 894-19 906-19 880-18 905-19
Automatic Swing Door Opener (Horton 4000 LE) Medical Building Improvements- Concrete Replacement & Roof Installation Medical Building Landscape Improvements Service Maintenance Improvements to Break room, Locker room, and Restroom Administration Conference Room A Upgrades Clubhouse Four - Phase 1-3 (Hallway two side doors and lockers / display cabinets) Murals at Clubhouse Four Building Five Reconfiguration- 1st floor (Security Offices/Copy Center Improvements) 1.8 Acres Upgrades- Electrical Service Installation 885-18 Bus Stop Signage at ten locations Café Patio- Purchase Four Standard Patio Furniture Sets 738-15 Compliance with California Manual on Uniformed Traffic Control Devices (CAMUTCD) 884-18 Consulting Services for the roofs at Administration and Amphitheater Building 877-18 Crosswalk Modification from Medical Center to Clubhouse Six- ADA Plus Plan 886-18 Iron fence/gates at Mission Park Learning Center Main Gate Delineators (Permanent Hold) Marquee Monument 820-17 Pedestrian Gate at Northwood Road 897-19 Seating at Mission Park Veterans Plaza Shade/Solar Patio Game Tables 907-19 Golf Course Fountains 850-17 Pool Area Planning- replace/enhance or modify Access Control Security Office and Lobby 5002-18D Dynamcis GP 2018 Total Planned Capital Acquisitions
50,000
75,000 25,000
100,000
225,000 250,000 50,000 775,000
Fund Balance 2019 Unapproved Total Approved Projects Total To-Date Expenditures Surplus
Page 8
Total Projects 3,626 22,756 10,429 73,624 15,000 20,850 5,000 17,223 6,500 8,089 42,040 7,500 6,300 7,520 26,242 3,000 3,340 6,815 25,000 158,148 469,002
TTD Expenditures
Allocated Funds
3,150 20,756 10,429 39,860 10,083 8,679 2,955 1,230 6,500 8,089 12,590 4,000 6,300 7,520 26,242 3,000 3,340 5,138 8,575 94,248 282,685
476 2,000 33,764 4,917 12,171 2,045 15,993 29,450 3,500 1,677 16,425 63,900 186,317
1,742,091 775,000 469,002 (282,685) 780,774
22
Golden Rain Foundation
Leisure World, Seal Beach
April 18, 2019
Guadalupe Duke 1700 Tam O’Shanter #2I Seal Beach, CA 90740
Dear Ms. Guadalupe Duke, Thank you for your correspondence regarding the balance due on your promissory note dated June 9, 2016. Please be advised that your letter was reviewed at the Finance Committee meeting on Monday, April 15, 2019 at 9:00 a.m., in the Administration Conference Room. We would like to inform you that the Finance Committee has approved your request to waive the remaining balance on your promissory note. Your account has been adjusted accordingly. No additional payments on this note is required. If you have any questions, please do not hesitate to contact me at (562) 431-6586 Ext.334. Sincerely,
Sora Lee Senior Accountant
P.O. Box 2069
●
Seal Beach, California, 90740
●
(562) 431-6586
●
www.lwsb.com
23
Golden Rain Foundation
Leisure World, Seal Beach
COMMITTEE ACTION REQUEST TO: FROM: SUBJECT: DATE: CC:
FINANCE COMMITTEE DIRECTOR OF FINANCE (CM) RESERVE FUNDS TRANSFER MAY 20, 2019 FILE
Investment Activity – April
Based on the information above, the committee agreed to transfer a total of $800,000 of reserve funds from First Foundation Bank to Morgan Stanley for $500,000 and to US Bank for $300,000, following the maturity of an $800,000 CDAR on June 13, 2019, for the purposes of maximizing insured funds and to invest with Morgan Stanley.
Committee Action Recommended: I move to recommend to the GRF Board the transfer of $800,000 of reserve funds from First Foundation Bank to Morgan Stanley for $500,000 and to US Bank for $300,000, following the maturity of an $800,000 CDAR on June 13, 2019, for the purposes of maximizing insured funds and to invest with Morgan Stanley.
24
Golden Rain Foundation
Leisure World, Seal Beach
COMMITTEE ACTION REQUEST TO: FROM: SUBJECT: DATE: CC:
FINANCE COMMITTEE DIRECTOR OF FINANCE (CM) CD PURCHASE: RESERVE FUNDS MAY 20, 2019 FILE
Investment Activity – April
Based on the information above and to fill in the current investment ladder, the committee has agreed to the purchase of brokered CDs from Morgan Stanley totaling $500,000 of reserve funds, with a term of ____________ at the prevailing interest rates at the time of purchase. I move to recommend to the GRF Board the purchase of brokered CDs from Morgan Stanley totaling $500,000 of reserve funds from First Foundation Bank, with term of ____________ at the prevailing interest rates at the time of purchase.
25
Reserve Funds Investment Ladder With Proposed New Purchases Term 0 1 2 3 4 8 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Maturity Investment Month Amount Rate Loc Jun-19 800,000 0.70% F Jul-19 1,000,000 0.70% F Aug-19 495,000 2.30% U/F Sep-19 244,000 2.45% U Oct-19 244,000 2.45% U Nov-19 245,000 2.65% U Dec-19 243,000 2.65% U Jan-20 243,000 2.70% U Feb-20 1,000,000 2.50% U Mar-20 300,000 2.45% U Apr-20 246,000 2.65% U May-20 490,000 2.40% M Jun-20 245,000 2.85% U Jul-20 245,000 2.75% U Aug-20 Sep-20 Oct-20 246,000 2.85% U Nov-20 490,000 2.35% M Dec-20 245,000 3.10% U Jan-21 245,000 2.75% U Feb-21 Mar-21 Apr-21 245,000 3.05% U May-21 245,000 3.15% U Jun-21 Jul-21 245,000 2.75% U Aug-21 Sep-21 Oct-21 245,000 3.15% U Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
Key: Black Black Blue
Current investments Approved from last month Proposed investments
Purchased 5/9/2019
Purchased 5/9/2019
26
Golden Rain Foundation
Leisure World, Seal Beach
COMMITTEE ACTION REQUEST TO: FROM: SUBJECT: DATE: CC:
FINANCE COMMITTEE CORINA MANCILLA, RECORDING SECRETARY REVIEW AND ACCEPT NEW GOVERNING DOCUMENT NUMBERING SYSTEM MAY 13, 2019 FILE
At its February 8, 2019 meeting, the Executive Committee duly moved and approved to adopt a governing document numbering system, to catalog GRF procedures, rules, forms, etc., to assist users in the navigation of documents, providing a logical organization. The format approved consists of the area of purview of the policy, the current four digit document number and a number which identifies the type of document. AREA 10-ADRC, Landscape Common Areas, Holiday Decorations 20-Communications,Publications 30-Executive Committee, Administration, HR, Emergency Prep 40-Finance, Purchasing, Income Leases, Fees, Reserves 50-Mutual Admin, Stock Transfer, Copy Center, Service Maintenance 60-Physical Properties, All Buildings 70-Recreation, Amphitheater, Golf Course, Pool, Janitorial, Library 80-Security, Bus, Fleet, RV 90-IT, Other POLICY #
40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40
5516 5528 2230 2244 2920 3323 3324 3325 5061 5115 5520 5522 5523 5540 5506 5340
PREVIOUS
3 1 3 3 3 3 2 3 2 3 1 3 1 1 3 1
5516-31 5528-31 2230-31 2244-31 2920-31 3323-31 3324-31 3325-31 5061-31 5115-31 5520-31 5522-31 5523-31 5540-31 5506-31 5340-31
TYPE 1 - Rules 2 - Fees 3 - Procedures 4 - Forms 5 - Documents 6 - Contracts/Reserve 7 - Contracts/Expense 8 - Human Resources 9 - IT
NAME
Committee Non-Budgeted Expense Refund of Excess Income Authorized Signatories Reconciliation of Annual Financial Statement Controls Disposition of Surplus Equipment Purchasing Fees Purchasing of Non-Standard Items Fees Finance Committee Reserves Safe Deposit Boxes Accounts Receivable Collections Contingency Operating Fund Request for Proposal Capital Improvement Fund
27
I move to accept the new governing document numbering system for the documents under the purview of the Finance Committee.
28
Golden Rain Foundation
Leisure World, Seal Beach
MEMO TO: FROM: SUBJECT: DATE: CC:
FINANCE COMMITTEE VANESSA MORRIS – LIBRARY OPERATIONS SUPERVISOR FRIENDS OF THE LIBRARY DONATION MAY 6, 2019 FILE
The Friends of the Library President Cynthia Arrance attended the May 6, 2019 meeting of the Recreation Committee and made a generous donation of $5,000 on behalf of the organization.
29
Golden Rain Foundation
Leisure World, Seal Beach
COMMITTEE ACTION REQUEST TO: FROM: SUBJECT: DATE: CC:
FINANCE COMMITTEE RECREATION COMMITTEE EXTENSION OF EXCLUSIVE USE OF TRUST PROPERTY LEASE AMENDMENT MAY 7, 2019 FILE
At the May 6, 2019 meeting of the Recreation Committee, the Committee recommended the Finance Committee approve the 2nd Amendment (attached) to the leases for the exclusive use of Trust Property identified as: • • • • • • •
Friends of the Library Genealogy Club Golden Age Foundation Historical Society Radio Club Theater Club Video Producers Club
The addendum extends the lease agreements for six months (June 30, 2019 to December 31, 2019), per the terms and conditions of the existing agreements.
I move to recommend the GRF Board of Directors approve the 2nd Addendum for the lease
agreements (June 30, 2019 to December 31, 2019), for the exclusive use of Trust property, for the: • • • • • • •
Friends of the Library Genealogy Club Golden Age Foundation Historical Society Radio Club Theater Club Video Producers Club
30
AMENDMENT TO EXCLUSIVE USE OF TRUST PROPERTY AGREEMENT Preamble and Recitals This Amendment to the Agreement (this “Amendment”) is entered into on July 1, 2019, by and between GOLDEN RAIN FOUNDATION, a California non-profit Corporation, hereinafter referred to in this Amendment as “Lessor”, and ______________________, hereinafter referred to in this Second Amendment as “Lessee”. Lessor and Lessee shall hereinafter be collectively referred to as the “Parties”.
Recital This Amendment relates to the specific modification and term extension of the below-described provision of that certain Agreement entered into on July 1, 2019 (the “Agreement”), by and between the Parties, and providing for the use of Trust Property identified as ___(insert description__). Said Agreement is modified only in those particular provisions described herein, and in all other respects and provisions, the Agreement shall continue in full force and effect, except as so amended and modified.
Amendment to Agreement TERM of the agreement is amended and modified to hereinafter provided and as said provision now provides in the original terms and provisions of the Agreement, the same is/are deleted and said section as amended shall read as follows, to wit: “The term of this Agreement commences on the 1st day of July 2019 and shall be for a period of six (6) months, commencing on said date and continuing through December 31, 2019 unless sooner terminated in accordance with the terms of the Agreement.” Lessee shall pay Lessor during the period July 1, 2019 through December 31, 2019 a term rental fee of $1.00 in advance on the first day of the term, commencing on the date the term commences. As hereinbefore provided, Lessor and Lessee each agree that, except as amended by this Amendment, all provisions of the Agreement shall continue to prevail in each and every respect. The parties have hereunto executed this Amendment to ___ (State Organization)___Agreement effective on the date hereinabove set forth at Seal Beach, California.
Attest: (Organization)
Golden Rain Foundation
Date: _________, 2019
Date: _________, 2019
By:________________________
By:________________________
31
Golden Rain Foundation
Leisure World, Seal Beach
COMMITTEE ACTION REQUEST TO: FROM: SUBJECT: DATE: CC:
FINANCE COMMITTEE RANDY ANKENY, EXECUTIVE DIRECTOR PROPOSED VENDING MACHINE SERVICE MAY 14, 2019 FILE
Due to the popularity of products containing *CBD, we were contacted by Tahitian Herbal to seek interest in the installation of a slim line Vending System to sell their products. For the use of approximately 2 square feet of Trust Property within the lower lobby of Building 5, Tahitian Products would supply GRF a 20% commission on all products sold through the vending machine. Example: based upon $1,000 of sales per month, GRF would be compensated for the use of the space $200 (or $100 per square foot of trust property used). Per Policy 5115-31, the Finance Committee is charge with the duty to: “Review and make recommendations to the BOD concerning all income producing leases…”
I move to recommend to the Board a lease agreement with Tahitian Herbal, for the exclusive use of approximately 2 square feet of Trust Property within the lower lobby for Building Five, for the sole purpose of vending machine operation in which GRF will receive a 20% commission on all products sold from the vending.
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