Meeting Minutes

[Andrew Alovi]

MINUTES OF THE MEETING HELD ON 17TH APRIL 2014, NATION CENTER FROM 4:30PM

Present:

Norman Ondego- Chairman

Andrew E Alovi- Secretary

Ekelemu Ewamozino- Investments Manager

Daniel Makau- Protocol Manager

Absent with Apology

Alfred Maina- Treasurer

MIN 1/17/4- Book Keeping

There is need for us to keep proper books of accounts that clearly indicate our financial transactions. Each and every investment/business venture entered into should have an isolated P&L account to help us keep track of the profits and losses made. Current balance indicated is Ksh 211,620. There is no clear financial update on the maize & beans venture.

The group appointed Mrs Makau to assist the Group Treasurer in book keeping. She will work closely with Alfred to ensure that all financial transactions are well documented. Daniel will speak to her and confirm to use her acceptance.

MIN 2/17/4- Maize & Beans Investment

There is no proper update on this venture. The group is not able to know how much has been made so far from the initial 40k investment and quantify the volumes moved so far.

The Investments Manager will be required to make immediate follow-up with Isaiah and advise the group on the status. The Chairman was asked to do a formal introduction between the two.

MIN 3/17/14- Chicken Project

The group appreciated that this was not fully successful as projected. A number of factors can be attributed to this as follows:

• Very little physical monitoring was done by the group on the project.
• We did not have any formal agreement with Royal Sabat meaning the Group was fully exposed financially in this venture.
• We did not do proper due diligence on costs quoted in the proposal meaning the sourcing was not competitive.
• In all future ventures, Tola Group must embrace a full hands-on approach to ensure our interests are well secured.

It was agreed that Tola shall not engage in any further business with Royal Sabat. A meeting will be convened within 7 days to audit the books kept by Royal Sabat as we receive the payment.

MIN 4/17/14- Group Expansion 

After much deliberation, it was agreed that Tola is not in need of more people, but rather needs a solid investment strategy and plan. The team proposed to have a full day retreat & strategy session on 10th May 2014 subject to availability of all members. It is mandatory for all members to attend the session.

MIN 5/17/14- Tax Compliance

A tax expert from NMG joined the meeting to shed some light on the subject. We are supposed to confirm our tax registration status (Treasurer to send scanned tax certificate) after which we will write to the revenue commissioner requesting for a waiver.

MIN 6/17/14- Mode of Operations

To be discussed during strategy meeting.

--
A Tiger doesn't lose sleep over the opinion of sheep.

[Norman Ondego]

Thanks Alovi.

Lets get responses from everyone by today.

Oga Zino please get us a meeting with Bonnie. He did not bring what I asked him to bring on Sunday and he is very casual about it.

--
You received this message because you are subscribed to the Google Groups "TOLA GROUP" group.
To unsubscribe from this group and stop receiving emails from it, send an email to tolagroup+...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

[Alfred Maina]

Greetings gentlemen,

We will now need to clear the tax penalty and as we continue to file nil returns every month.I will need 30K for this.I will share the clearance certificate once I have paid.

We are learning alot from this journey of becoming millionaires.

I have approval from Chairman and our Investment manager.

How many of us have banked this month's contribution?

baraka,

Alfred.