Kings Park West Community Association

August 13, 2008 Meeting

In attendance: Joe Meyer, Virginia Scattergood, Linda Fournier, Jim Messinger

Meeting called to order at 7:36 pm. 

Approval of July Meeting Minutes: The July minutes were distributed and reviewed.                 Jim motioned to approve; Linda seconded. Approved 4 -0.

Treasurer’s Report: The board was informed that the current checking account balance is $22,253.06; there are 4 CD’s in the amount of $5,144.24 each that have a locked in rate of 3%. The Reserve account has $1,003.25 in cash and $7,590.62 in a CD. This brings the grand total to: $51,423.89.

Pending research on the reserve study, the $1,003.25 cash of the reserve account will be rolled into the reserve CD.

This reserve CD will mature at the end of the month and will renew itself. Jim motioned to tier $10,000 out of the checking account with two new $5,000 CD’s. Tiering means that we have multiple CD’s that mature at different months throughout our fiscal year.  Even though these two new CD’s won’t mature until 2009, older CD’s will mature in December 2008. Upon maturity, this money will automatically go back into the checking account, if needed, but allowing interest to be earned until then. Linda seconded, passed 4-0.

Assessment Response: 14 liens are pending.

Transfer of Bad Debt:  Due to a foreclosure, there is a bad debt on a house on Commonwealth.  Jim motioned to transfer the money owed to “bad debt”; Joe seconded.  Approved 4-0.

Resale packets:  One resale packed on Ashcroft has been distributed, but the money has not yet been received.  RCS is working to obtain the money owed to KPWCA.

Meeting schedule:  Monthly meetings will continue to be the second Wednesday of each month, at 7:30pm in Robinson High School Room 508.  Larry sent a letter to Robinson HS to reserve the room.

Communication from members: Cul de sac parking: The issue is being researched fully before action is taken.

New Policy for encroachment: After discussion, a policy for encroachment of private property onto KPWCA land was developed. The policy shall be that the encroachment must be rectified within 45 days of the date of the letter or before the date of closing, whichever is first. Joe will finalize the policy, and ensure that RCS has it for inclusion in resale packets, when necessary.

Hearing no new business, Joe motioned to adjourn; Jim seconded.

Approved 4 -0 at: 8:20 pm.