Laserfiche WebLink
Mary, <br /> I wanted to send you brief note on my meeting with Rich Bienvenue, the accountant for the <br /> Falmouth EDIC. <br /> As you know I scheduled a meeting with Rich at Mashpee Town Hall last Friday September 261h. <br /> The purpose of the meeting was to first introduce myself and the Mashpee EDIC to Rich and then <br /> attempt to learn from him some of the financial and business issues the Falmouth EDIC <br /> experienced in getting organized. <br /> Below are some of the salient points in no particular order: <br /> 1. Before we take possession of the land (2.6 acres)from the Town of Mashpee we should <br /> have in place a liability insurance policy to protect us against someone getting injured etc <br /> on the property. The Town's policy will not cover the EDIC as we are a separate entity. <br /> Estimated cost approximately$1500. <br /> 2. We should obtain a Director's and Officers Liability (D&O) Policy to protect us from any <br /> potential litigation. Estimated cost$1500. <br /> 3. Open a bank account. I went to Rockland Trust, met with Dee Knoop (she says she <br /> knows you), and obtained the necessary forms to start the process. Rockland is the bank <br /> used by the Town of Mashpee. <br /> 4. Rich, as the accountant for the Falmouth EDIC, maintains their accounts and records on <br /> Quick Books and writes checks as necessary. He also develops an 18 month budget for <br /> them each year and acts as the interface with the Town auditors. His hourly rate is <br /> approximately$150 per hour but for most activities a staff accountant in his office would <br /> do the work. Cost approximately$50 per hour. When we are ready he would suggest we <br /> do Quick Books online and he would help us in the process. <br /> 5. When we start to have significant activity an audit of our books would in all likelihood be <br /> necessary. This would probably be done by the auditor for the Town of Mashpee. <br /> 6. Rich pointed out the need to adhere to the state guidelines on quoting (I believe it is <br /> Chapter 30b)...whether it be for hiring an accountant to help us with the books or for the <br /> consultant we are looking to hire. He also indicted the State has a list of consultants that <br /> could help in real estate, grant writing or accounting. <br /> 7. He indicted the need to keep detailed records and minutes of our activities and <br /> meetings...and making sure we had good legal counsel. I told him I thought that was one <br /> area we were doing a good job. <br /> 8. Also emphasized the importance of process...the need for clear and concise deliverables <br /> from all consultants. He indicted that would be especially true with grant money from the <br /> CC Economic Development Council. <br /> The above represents some of the highlights of our discussion. I look forward to seeing you on . <br /> Tuesday and providing you with more of an update. <br /> Bob <br />