On 1/31/21 5:24 PM, Donna Michalek (Redacted sender donnamichalek for DMARC)
wrote:
Hi All,
Attached are the December 2020 financials.
I am recommending that we move $65,000.00 from the BMO (Operating account) to
Consumers Credit Union (Reserve Fund account). We are earning 1.85% interest
from Consumers Credit Union. The 12/31/2020 balance in the Reserve Fund
account is $479,390.92. According to the 2016 Reserve Study, the amount
recommended to be in the Reserve Study as of 12/31/2020 is $411,058.00. We
are building the Reserve in order to cover roof replacement which we feel is
underestimated in the 2016 Reserve Study. The balance in the operating fund
as of 12/31/2020 was $99,299.57. Transferring $65,000.00 to the reserve fund
will leave $34,299.57 in the operating fund.
Take care,
Donna
