by Mike Conroy
At the final 2019 Montgomery Village Foundation (MVF) Board of Directors meeting, a number of administrative/operating and personnel policy changes or additions were approved, following a reception honoring all the community volunteers who serve on boards and committees throughout the year. MVF Board President Glenn Gargan expressed his thanks for their service, noting that the Village would not run without the time they dedicate on behalf of their respective communities and committees.
A number of housekeeping changes were made to the Operating Disbursement, Petty Cash and Credit Card Use policies. Most revisions added language to solidify current practices in staff procedures. Updates included identifying conflict of interest, check signing measures, number of bids required and usage of credit card reward points among others.
Per the Personnel Committee’s recommendation, the Board also approved two new personnel policies and an update to the Sick Leave Policy. A new Driving Policy was approved, giving structure for employees who either drive MVF vehicles or their personal vehicles for MVF approved business. Additionally, a No Smoking and Vaping Policy was established for the health and safety of MVF employees. The Sick Leave Policy was updated to be in concert with FMLA and Montgomery County’s Sick & Safe Leave Law, which states that employees may be required to provide a doctor’s note for absence/return to work after three days of consecutive absence due to illness or injury.
Other Agenda Items
The Board authorized the negotiation and execution of contracts for Insurance (property, liability, worker’s compensation, etc.) and Health Insurance for MVF employees.
In addition, the Board appointed two new members to the Audit Committee. Village residents Alina Cabrejas and Matthew Gianfrancesco both possess financial experience, and their skills are welcomed additions to the Audit Committee.
Finally, the Board reaffirmed an e-mail vote from earlier in the month supporting a grant application for Christ the Servant Lutheran Church. The church is seeking a grant to help replace a portion of their parking lot with a “green” product; part of the application process requires identifying ways to keep the community apprised of the project. The Board previously voted to support the project; the grant submission deadline was November 14.
President Gargan presented outgoing Student Representative Nadia Makmak with a certificate of appreciation for her work on the Board this past year. Makmak was an active participant in Board discussions and created several user surveys during her internship in the MVF Office. In addition, she worked with each department to gain a better understanding of how all facets of MVF work together, putting into practice the Board’s decisions.
Gargan also noted the plethora of activities, classes and programs scheduled for the next several months and thanked the staff for their hard work in providing residents with so much to do.
Executive Vice President (EVP) Dave Humpton noted that the digital sign on East Village Avenue was almost complete and would be operational soon. He mentioned that the North Creek Stream Valley Restoration project was underway, and that the Village was fortunate to have this work done to help maintain the stream valley.
Humpton also said that Monument Realty received a grant for improvements to streams on the former golf course site. MVF will begin meeting with Monument soon to discuss concepts for the Central Park feature of the site; the park is slated to be installed with the building of the 150th home in the overall project.
CFO Daniel Salazar gave the monthly financial report in the absence of the treasurer. Salazar said that year-to-date (YTD) through October 31, MVF reported $7.8 million in Revenue, with the driving factor being a 9.3% return on investments ($490,000 favorable to the budget).
Personnel expenses YTD are $4.1 million and are also favorable to the budget. This is mainly due to the annual year end payroll accrual, as well as an approximate $50,000 savings from vacancies throughout the year. Any offset in personnel was due to temp labor increases from seasonal positions.
Total YTD Operating Costs were reported at $2,000,039, again favorable to the budget, with higher than expected legal fees, and savings in landscaping and service contracts. All these factors led to Net Income at $1,000,089.
The Balance Sheet shows MVF’s continued solid financial position with $8.9 million of its total assets in Cash and Investments. MVF currently holds $1.5 million in Undesignated Reserves. Salazar noted the increase in Assessment Receivables is mostly due to condominiums, though other properties were up approximately $40,000. He said MVF has begun the lawsuit process for the year and is expecting the currently delinquency to decrease.
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Jan. 23 in the North Creek Board Room, 20125 Arrowhead Road. The meeting begins promptly at 7:30 p.m. with Residents Time. Residents are invited and encouraged to attend. The meeting agenda and information packet will be available online at www.montgomeryvillage.com the week of the meeting.