July 11, 2007 Meeting
††††††††††† In attendance: Linda Fournier, Larry Velte, Joe Meyer, Jim Messinger, Mary Hovland,
††††††††††† Virginia Scattergood, Dina Gorrell
Meeting called to order at 7:36pm.
Approval of June Meeting Minutes: The June 13th minutes were distributed and reviewed. Larry motioned to approve; Linda seconded.† Approved 6-0.
Approval of May Annual Meeting Minutes: The meeting minutes were distributed and reviewed. Mary motioned to accept the minutes; Linda seconded; Approved 7-0.
Treasurerís Report: Jim informed the board that the current balance is $26,812.12. The reserves total $6,334.25, with a grand total of $33,146.37
A tree bill was recently paid in the approximate amount of $2,500. Note there has been a change in the fee for the management company of $20 a month, making it a total of $7200 for the year.
RCS Contract Renewal/Goldklang Renewal: Jim brought the Goldklang contract for review, approval and signature. This is for the audit and tax preparation service for a term of two years through 2008. All of the fees are the same and have been budgeted for. After review, Mary motioned to accept the contract for 2007 and 2008 audits; Dina seconded. Approved 7-0.
There is a new proposed management agreement from RCS. Joe noted that items such as address labels and incidental services, although not written in the contract, will remain the same.† The total has increased from $580 to $600 a month; however due to the timing of the contract, the increase would be waived for the first month.
There has been a change in the policy on resale packages: the state voted to allow a charge up to $325 (previously only up to $100) for the packages, and RCS is no longer allowed to directly bill the fees. Thus, the Association will pay the fee to RCS for preparation of the packet; the settlement company collects the money and gives it to the Association; if it isnít collected by the settlement company then the Association would need to collect it.
Previously the owner of the property requested the packet and paid RCS directly.
Because of the extra effort for Rod to collect and manage this, the new maximum charge for resale packages will be $175.
Proposed solution: Rod gets request and check; deposits it to the Association account. Mary will contact Rod to further discuss the situation, and talk with a title company to see how this is being handled.
Joe motioned to accept the contract with the understanding that there would be possible changes to paragraph 3 (d) once the Board has discussed the collection procedure with RCS. Mary seconded; Approved 7-0. ††
The state corporation and DPOR forms need to be updated with the elected officers, executed and paid for. This does not need to be approved since it is a mandatory filing.
New Assessment Response: New bills for yearly dues went out. No feedback has been received on how much has been collected or how many have been returned unopened.
Lien Status: Larry reported that the releases were done, and cover sheets were prepared for the new liens, but the state law changed July 1st. The person signing the document has to be on the same page as the notary seal. They needed to be modified before being accepted.† Jim will re-do the liens and they will be filed by August 1st. †Three liens were paid and released
Discussion of late fees on one of the delinquent accounts; the homeowner has been out of the country for three years and was unaware of the reincorporation of the association or the accumulation of the assessments and delinquent fees. Joe communicated with him and he paid, requesting a waiver of the late fees of approximately $12 due to the extenuating circumstances.† After discussion, Mary motioned to waive the late fees under this circumstance. Larry seconded.† Approved 7-0.
Web Site Updates/Corrections: The budget was sent to Greg to be put on the Web site by Jim; however it had not been updated yet, so Joe will re-send it to Greg along with the June meeting and annual meeting minutes for posting.
Resale Packet Addendums: Joe passed out suggested language to be included by RCS in the re-sale packet if there are encroachment or building modification issues.
After discussion it was agreed that Joe will E-mail the proposed language to the Board for suggestions and modification. It will be reviewed again at next monthís meeting.†
Request to Build a Bridge on Common Land: Larry spoke with the requester; He wants to build a drawbridge to be hoisted up and locked while not in use. Additionally not everyone would be able to use it, which is a violation of Association rules for common land. Larry will contact the insurance company for an opinion on how a bridge would affect the Associationís insurance.
Letter to Robinson for next year: Reservation of meeting space. The form may be downloaded from the school Web site and sent in. Larry will fill in the form for the second Wednesday, room 508, at 7:30pm. Linda will check the Web site for a calendar of upcoming events that may effect the meeting location.
Communications from Members: Joe received a report that a fox was recently killed; but there are reports of sightings of others in the neighborhood. Another resident reported seeing a coyote.
Dina visited a property on Tapestry that had requested a disclosure packet. She found a structure on the common area which she notified the homeowner of, and was assured it will be removed; however the house is not yet under contract so there remains time for resolution.
A resident on Tapestry phoned to let the association know that the police had recently been at a house on the corner of Tapestry and Braddock. Joe wrote to the neighborhood watch representative to find out what went on.
Larry received word that a neighbor reported a resident chopping down healthy trees on common land. The Association agreed to send a letter telling him that the trees are on common ground and therefore not owned by the homeowner. Larry will draft a letter to be sent.
Larry also noticed a commercial truck parked in front of a house; that is not a violation of the covenants, however the county code does not allow vehicles of that size to be parked on the street. Larry will contact the county to see if this is an actual violation or not.
A request has been received for a deck approval. After review, Larry and Joe agreed to respond and indicate that if a building permit has been obtained, it is acceptable to the Association.
New Business: Jim has all of the turnover items from Bernie. The audit paperwork was completed and submitted Ė a copy will be obtained.† In the May meeting a member asked why the money isnít being used to make more money.
Jim reported on the Associationís options. First, the reserve account could be moved to a 7 month CD, at 5% interest it would gain $300 as opposed to $30/$40 per year at the current rate.† The gain would be about $280. If we needed to get at the money at any time during the 7 months, the penalties would not be any more than what would be gained in the other account, and it rolls over every 7 months. Jim contacted Rod to see if there are any issues from a tax standpoint and if there are any other reasons to not be doing this.†
The bank offered another option; when the money from dues comes in, if $30,000 in NEW dollars can be obtained, that account could be changed from a regular to a business account, which would increase the interest to 4% from its current 1% rate. That gain would bring in approximately a few thousand dollars, which may cover items such as tree removal.† Jim will run this past Rod and the accountants as well for any unknown issues or tax ramifications.
Joe asked what happens if the money dips down; the amount in the CD would count towards the $30,000 total, so we would probably not dip down below that amount. Nothing would need to be changed, and no new fees would be incurred should this change occur.†
Jim will investigate the tax implications and report back to the Board at the next meeting for a vote on the reserve account, and change to business checking. †††††
Hearing no other new business or outstanding items, Dina moved to adjourn; Mary seconded; and the meeting concluded at 9:03pm.