Date: September 14, 2004
To: Lake Tishomingo Property Owners Association
From: Linda Fulford, LTPOA Treasurer
Re: Banking/financial documents
Good evening to everyone!
Unfortunately, I am not able to attend this evening's meeting due to another commitment. But, I have asked Janet Hirsch, the financial committee representative, to read this document, along with giving the financial report.
First, I believe that everyone needs to be aware of the problems we are having with the banking and/or financial documents for the Lake.
1. In June, the money market bank statement was not received by a member of the present board. We assumed that it was lost in the mail or something of that order.
2. In July, both the regular and money market bank statements were not received by a member of the present board.
3. But in August, when our loan payment book was not received, we realized that we have a serious issue with banking/financial paperwork being received by the identified board member at the Lake address. Thus, the bank and post office has been notified.
Therefore, several things have occurred:
1. We have had to obtain duplicates of all bank statements.
2. All financial documents have to be held at the bank now and wait for an identified member of the board to retrieve these documents.
3. Another loan payment book can be ordered, but it must be mailed to the Lake address as identified on the loan. Since we have to no guarantee of receipt until we have a secure mail site, temporary payments slips are being created by the bank teller at time of payment. Once a secure mail site has been obtained, we will order a loan payment book. Secure mail sites would include renting a post office box or obtaining/creating a secure mailbox on site.
4. And last, but not least, the Lake has incurred a $25.00 late fee on the first principal loan payment, due to not having a payment schedule in the hands of the current board.
Our goal is to save money, not incur expense. At this time, I would like to make a $25.00 donation towards either the rental of a PO Box or the construction of a secure mailbox on site. Any other donations toward the progress of our Lake will be appreciated.