MVF Board accepts 2017 Audit at March meeting

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by Mike Conroy
Before the Montgomery Village Foundation (MVF) Board of Directors Annual Meeting on March 22, the Board met in regular session to approve a number of agenda items. Topping the list was accepting the 2017 Audited Financial Report, which was recently completed by the audit firm of DeLeon & Stang. The auditors presented MVF with an unmodified opinion, as well as found no lapses in internal controls.

The report shows MVF ended 2017 with a $1,014,686 increase in Net Income, which was higher than increases seen in the last several years. The Operating Fund showed a slight increase of $6,568; Treasurer Bob Carey gave a full report of the financials during the Annual Meeting.

Other agenda items
The Board appointed the Scholarship Committee—Mary Helen Amery (Chair), Jim Andary, Clare Conlon and Sharon Levine—to conduct the annual review of applications for MVF scholarships for students pursuing higher education. The committee will meet in late April to determine the recipients. 

In October 2017, the Board approved funds for the digitalization and scanning of homeowner records to MVF’s electronic document management system. As the project has progressed, the initial estimate of records and files scanned was found to be lower than expected, and additional funds to finish the project with the end functionality needed by staff is necessary. The Board approved an additional $21,464 to finish this project.

To maintain office technology, infrastructure equipment is scheduled to be replaced every four years. As such, MVF’s e-mail server and user licenses are due for replacement. The Board approved replacement costs or $12,689.25 from Reserves for this important communication tool.

Finally, the Board formally declared Tammy Holloway’s seat on the Board vacant and enacted the process to fill the seat. Applications will be accepted through the website and at the MVF Office through Friday, April 20, with the hope of interviewing candidates and selecting a new member at the Thursday, April 26 Board meeting. See article on page 1 for full details.

EVP Report
Executive Vice President Dave Humpton relayed to the Board that there were a large number of proposed pieces of legislation being discussed in session this year. He and General Counsel Christopher Hitchens have been monitoring and reporting on the potential bills, noting that there are many seeing action in either the house or the senate.

Humpton also said that the Goshen Road project that was in the county’s CIP has been delayed again. While a significant amount of money has already been spent studying and developing plans for the widening project, it has been pushed to the 2020 CIP, with an additional $300,000 further study and adjustment of the scope of the project.

Treasurer’s Report
Carey reported that MVF’s financial position remains strong, noting that a full report would be given during the Annual Meeting. For the month of February, he said the MVF’s Revenue is favorable to the budget. The sale of the Cider Mill Apartments added $134,075 to the Capital Contribution Fee, which was unexpected and very favorable to the budget. Expenses were reported as below budget as well, contributing to the overall positive track of the budget.

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, April 26 in the North Creek Board Room, 20125 Arrowhead Road. The meeting begins promptly at 7:30 p.m. with Residents Time. Residents are invited and encouraged to attend. The meeting agenda and information packet will be available online at the week of the meeting.