New MVF Board Treasurer, volunteer Audit Committee members appointed

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by Mike Conroy

Since April 2021, when former Montgomery Village Foundation (MVF) Board of Directors Treasurer Bob Carey stepped down, the Board has been seeking a new volunteer for the position. Carey served as the MVF Treasurer for 7 years. After putting out a call for volunteers for both the Treasurer position and Audit Committee members, several residents submitted applications to serve in the community.

At the July 22 MVF Board of Directors meeting, Stephen Taylor was appointed as the new Treasurer. Taylor, who was previously interviewed by the Board, has nearly 40 years’ experience in the finance industry, including controller, consultant, finance director and auditor, among other qualifications. He will be seated as a non-voting member of the Board at the Thursday, Aug. 26 meeting.

In addition to his Board duties, Taylor will also participate on the MVF Audit Committee as the Treasurer. To fill other vacancies, the Board also appointed Besufekad Tadesse and former MVF Board President Pete Young to the Audit Committee. Both Tadesse and Young bring a wealth of experience to the committee, including risk management, compliance auditing, executive-level professionalism and MVF historical knowledge.

Other Agenda Items
During the meeting, it was noted that MVF received its 33rd consecutive Tree City Award from the National Arbor Day Foundation. This annual award solidifies MVF’s commitment to effective urban forestry management. Other environmental topics included the results from the annual goose count, which was held in June. A total of 421 geese were counted between the six counting locations.

Director of Recreation and Parks Duncan Mullis reported on the progress of the North Creek Pool and Bathhouse Renovation Project. Mullis said although much progress is being made—tile work was complete in the main pool and wading pool; umbrella locations were finalized; pools were ready for plaster; the pool deck would be poured in the near future; wiring was complete in the bathhouse; and the elevator shaft was complete and awaiting the installation of the elevator—the pool will likely not be ready for an opening on Labor Day Weekend, as had been hoped. He noted the timeline was tight, and once the construction is complete, the pool is still subject to inspection before opening to the public.

Mullis also updated the Board on the county’s Lake Whetstone Dam Toe Drain Replacement Project. He said a representative from the county Department of environmental Protection (DEP) attended the July 14 Committee on the Environment meeting to discuss the recent events of the project that led to the accidental drainage of the entire lake. The county admitted their contractor had left the drain valve open over the July 4 holiday weekend, but has since put in more oversight measures to ensure that does not happen again. He reported the water level had returned to the expected level and would be kept as such for the duration of the project, which is expected to continue through December; major excavation has begun on the Lawn Theater side of the dam.

Finally, the Board awarded a bid to Sports Systems – Pro Recreation LLC for $11,847 for the repair and resurfacing of the Martin P. Roy Basketball Court. The court will receive similar updates as were performed at the Whetstone courts: cleaning, repairing, striping and painting the court surface and installation of new goals with polycarbonate backboards.

President’s Remarks
Board President Pete Webb noted he recently received several resident questions concerning parking and reminded those in attendance that the MVF Board of Directors is responsible for parking regulations at MVF facilities, and new parking regulations were put in place in October 2020. He directed any parking issues that were within the local associations’ purviews to those boards of directors for consideration.

Webb also thanked the Recreation staff for the recent addition of swimming lessons to the long list of summer programming they continue to provide.

EVP Report
Executive Vice President (EVP) Dave Humpton said that he and Assistant EVP Mike Conroy recently attended a retirement function for Cathy Matthews, whom the Board honored at the June meeting for her 20 years of service as the Director of the Upcounty Regional Service Center, and 48 total years of service to the county. Humpton also encouraged members of the MVF Board to follow the Upcounty Citizens Advisory Board (UCAB) —one of Matthews’ accomplishments during her county tenure—and potentially get involved for the benefit of Montgomery Village.

Humpton reminded the Board in August, both the Audit Committee and the MVF Board would be reviewing the 2022 MVF Draft Budget.

He also noted that Starbucks was confirmed to be a new tenant at the Village Center; a new building will be constructed and will be subject to county permitting and architectural approval from MVF’s Commercial Architectural Review Committee (CARC).

Treasurer’s Report
CFO Daniel Salazar presented the Treasurer’s Report for the year-to-date (YTD) and the month ending June 30, 2021, noting that overall results were favorable to the budget. Net Income was reported favorable by over $760,000 mainly due to Investments (up $288,000), Capital Contribution Fees (up $41,000) and Pool Memberships (up $39,000). Additionally, MVF saw lower-than-expected Personnel Costs (favorable by $91,000) from open positions and temp labor (due to the North Creek Pool not being open), as well as Operating Costs (favorable by $143,000) driven by savings in utilities, maintenance and landscaping.

Salazar said the Contributions to Reserves (CTR) were made monthly in accordance with the budget; YTD CTR was reported at $674,724. The Balance Sheet continues to show MVF’s strong financial position with over $10.6 million in Reserves.

Accounts Receivable decreased $118,000 due to judgement payments received from the condominium lawsuit, covering June 2019 through September 2020. He reported that Investments were up 3.8%, but behind the benchmark of 4.3%; MVF currents has $7.8 million in Investments.

The Q2 Delinquency Rate was reported at 6.9%, which is lower than the same quarter from the prior year, as well as lower than the 5-year average.

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Aug. 26, as a conference call/Zoom meeting. Residents are invited to join the call; full meeting details, the meeting packet and/or participation instructions will be posted online at the week before the meeting.