August 21, 2008 Issue                                       

©2007 The Chestnut Hill Local

Community Association execs discuss financial reporting
by PETE MAZZACCARO

While no actions were taken by the Executive Committee of the Chestnut Hill Community Association at its Aug. 14 meeting, there was considerable discussion about the association’s financial reporting.

Treasurer Mark Keintz provided a timeline for the completion of financial statements for the current fiscal year that have not yet been completed. The delay in financial reports was caused by a long, serious illness of the association’s bookkeeper, who prepares them not only for the association but also for the Local and the Chestnut Hill Community Fund.

Keintz said that he had met with the bookkeeper, determined that updating the Local’s books was a priority and that the following schedule would be pursued:

The first quarter of the Local would be complete by the end of August, meaning reports from April, May and June of 2008 would be finished. He said the Local should be current by mid-September. By end of October, he said he believed statements for the Local, association and fund would be current.

Several at the meeting, including Jim Foster, questioned the availability of financial reports from the fund. CHCA president Tolis Vardakis said he had asked fund president Jean Hemphill to come to the next CHCA board meeting on Aug. 28 to answer any questions about fund reporting.

Nonprofit recommendations

At the end of the meeting, a discussion began regarding a proposal by the La Salle Nonprofit Center.

Laura Otten of the center sent a letter to then-CHCA president Ron Recko in October of 2006 that listed seven recommendations that she felt would help the association meet its mission.

Those recommendations were (paraphrased):

1. Consider reducing the size of the board, which currently has 50 members.

2. Review the mission statement to be sure it accurately represents the association.

3. Engage in a strategic planning process

4. Create a conflict of interest policy

5. Develop clear personnel policies for association and Local employees.

6. Develop and implement a strategy to engage board members in fundraising.

7. Address the divisive culture of mistrust and factionalism.

The board is currently working on several of the recommendations, having crafted a conflict of interest policy and having formed committees for strategic planning and personnel policy.