March 19 2023 – Special Board Meeting


March 19, 2023

Call to Order by Karen Gore at 9:10 a.m.

Board Members Attended: Karen Gore, Dave Tyler, Ed Nielsen, Tanya Michaels, and Barbara Dommert-Breckler.

Community Members Attended: None

An email from Natasha lrvin at HOA Community Solutions was sent to the Board of Lake of the Woods Community Club on March 15, 2023 advising us of a concern with the parent bank of AAB, Western Alliance Bank, which is our Association’s bank. It showed us where our liabilities fall with Association funds that exceed the FDIC limit. FDIC insurance covers up to $250,000.00 invested with one institution. Associations with balances that exceed that amount do have options. If they would like to move funds, but need those funds to remain liquid for upcoming projects then an ICS account can provide the additional assurance of coverage and liquidity.

We were told that Lake of the Woods exceeds the limit ($250,000.00) by $77,358.00. Our bookkeeping service — HOA Community Service – strongly recommended our Board give HOA Community Services written permission to move the $77,358.00 from the Operating Account into an ICS account. The ICS account is a holding account essentially a “savings account” that will cover the Association’s funds under FDIC. Our Treasurer, Barbara Dommert-Breckler advised us our Association takes in about $16,000.00 a month.

Barbara Dommert-Breckler moved to have $100,000.00 removed from the AAB Community Checking Account (last four digits 3490) and be placed in the new savings account tied to the checking account (last four digits 3490) for overdrafts. MMSP.

It was moved to authorize Treasurer, Barbara Dommert-Breckler, to move funds from new savings account tied to checking account (last four digits 3490) but keep the balance from zero. MMSP.

Meeting adjourned at 9:47 a.m.

Minutes respectfully submitted by LOTW Secretary Tanya Michaels.