DwightT (Idaho)
Posts: 664
Posts: 664
Posted:
We had our annual meeting a couple nights ago, and a new Board was elected. None of the old Board members ran for re-election, so we now have an entirely new Board. I was the President of the old Board.
The problem that I'm having is that there were a couple of things in the works that the other old Board members want to complete:
* Revision of Bylaws. This was actually finished and approved at the annual meeting. The only thing left is signing the new document with a Notary. I feel that this should be done by the new Board. The other Board members are saying that since we made the changes and brought it to the members and it was voted on while we were still the Board, then we should be the ones to sign it.
* Transfer funds to a CD. We don't have a mandated reserve fund. However, earlier this year we set one up and transferred $30,000 into CDs. We currently have about $20,000 in our main checking account (operating funds) and another $10,000 in an old checking account that we had planned on also moving into CDs. However because of some timing issues, that last transfer didn't happen before the meeting. The other old Board members want to go ahead and do the transfer since we are still on the signature cards at the bank.
While I would prefer that the new Board sign the Bylaws, I guess I wouldn't be too upset with doing that. However, I'm not really comfortable with transferring the funds. We did approve doing the transfer at the last Board meeting, but as I mentioned it didn't get done. I feel that the new Board should be the ones to take care of that, or not if that is their decision. So far the new Board hasn't said anything about this. The discussion so far has taken place in email, and while the messages have been sent to them, so far they haven't responded.
Any thoughts?
The problem that I'm having is that there were a couple of things in the works that the other old Board members want to complete:
* Revision of Bylaws. This was actually finished and approved at the annual meeting. The only thing left is signing the new document with a Notary. I feel that this should be done by the new Board. The other Board members are saying that since we made the changes and brought it to the members and it was voted on while we were still the Board, then we should be the ones to sign it.
* Transfer funds to a CD. We don't have a mandated reserve fund. However, earlier this year we set one up and transferred $30,000 into CDs. We currently have about $20,000 in our main checking account (operating funds) and another $10,000 in an old checking account that we had planned on also moving into CDs. However because of some timing issues, that last transfer didn't happen before the meeting. The other old Board members want to go ahead and do the transfer since we are still on the signature cards at the bank.
While I would prefer that the new Board sign the Bylaws, I guess I wouldn't be too upset with doing that. However, I'm not really comfortable with transferring the funds. We did approve doing the transfer at the last Board meeting, but as I mentioned it didn't get done. I feel that the new Board should be the ones to take care of that, or not if that is their decision. So far the new Board hasn't said anything about this. The discussion so far has taken place in email, and while the messages have been sent to them, so far they haven't responded.
Any thoughts?