Lynn Larson reported that the budget is on schedule and see no problems in meeting annual budget limitations. Several residents are behind in quarterly payments by several quarters. Actions regarding late payments will await the return of Pat McGroarty. The financial report was accepted by the Board. Bruce Baker initiated further discussions regarding the investment of Associaton funds.
Concern is further erosion of fund value.
Art Stanley suggested that the topic be proposed for discussion at the next Annual Meeting. Art discussed the status of Covenants and Restrictions. Win Adams reported that Mr. Sutphin has volunteered to work on the final review and publication of these documents. Discussion of Association funds investment continued. Art Stanley recommended that a presentation of investment alternatives be prepared for the Annual Meeting.