By Todd Arterburn

GRF CFO and assistant treasurer

Monday, March 10 (11:00 a.m.): This is an update on the ongoing implementation of our new NetSuite ERP system. As we transition to this robust platform, our strategic focus is delivering comprehensive financial reporting for our Mutual customers in full compliance with the Davis-Stirling Act and California Civil Code Section 5500.

In today’s regulatory environment, it is imperative that our financial statements accurately reflect the operating and reserve accounts of the Mutuals we serve. The Davis-Stirling Act, along with CA Code §5500, mandates that Mutual boards review current reconciliations, income and expense statements, and related monthly financial documents. Our new ERP system has been configured with this critical regulatory requirement in mind, ensuring that the financials provided for our Mutual customers are timely, transparent, and fully compliant.

While the Golden Rain Foundation 2024 year-end financials from Jenark remain an important aspect of our overall operations, our primary objective during this ERP implementation is to dedicate our limited resources to our Mutual clients. This focused approach will benefit all parties by providing improved oversight, better decision-making data, and increased trust among our community.

Additionally, note that Mechanics Bank has extended the GRF annual audit requirement from April 30 to June 30. This extension will allow us to complete the ERP transition and ensure the highest level of accuracy in our financial reporting before the final audit is conducted. We appreciate your support and patience during this transition and remain committed to keeping you informed of our progress. If you have any questions or require additional details, do not hesitate to contact me directly.