JAN 2020 Financials
The rules for posting reserve income has changed starting in 2020.
The reserve funds cannot be recognized as revenue until the reserve funds are used.
We are not allowed to show it as income so we don’t have anything under Current Month Actual or Year to Date Actual but we still need to show it as it was budgeted. We are still transferring the funds from the operating account to the reserves every month and recording the funding in the Reserve Contract Liabilities / Fund Balances on the balance sheet.
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Board Meeting Minutes
January 20, 2020
Certifying of Quorum & Call to Order
Meeting called to order by Sharon Dowling at 5:02pm at the Riverside Terrace Social Room.