Kings Park West Community Association

Board of Directors Meeting Minutes

May 13, 2020--Remote

Board Members in Attendance: Anthony Consumano, Mark Heppner, Larry Velte, Maureen Pettis, James Bovino,  Carolyn Larosa

Management in Attendance: Barbara Turner, Burke Community Management

Meeting called to order: 7:38 p.m.

Approval of April 2020 Meeting Minutes: Approved

Treasurer’s Report: May 2020 financials reflected the following: one CAB Operating Account with a balance of $15,659.86; zero Cash in Transit account with a balance of $0.00; two general fund CD's with balances of $5,520.22 and $5,503.27; one Reserve Study CD with a balance of $19,886.06; [Accounts Receivable - $4,533.13; Allowance for Bad Debts - ($3,905.41); Assessments Receivable - $259.90; Interest Receivable - $258.63; Prepaid Expenses - $301.19]; Total Other Current Assets with balances of $930.18. This brings total assets to a balance of $47,499.59.

Old Business:

• March Meeting Minutes – Still need approval
• Annual Membership Meeting – Sending out a letter because of COVID19 situation
• Annual Assessments/Liens – No updates
• Wall at 10320 Collingham Drive – No update
• Tree Inquiry – Estimate for tree work behind 4914 Heversham Ct. The decision was to pay the estimated price.

New Business:

• Annual Membership Meeting – Postponed until further notice.
• Budget for 2020-2021 – Approved by Board
• Reserve Study – Suggested to pay $2,900 to get this done. Discussion if this is a good price and how do we compare this.  BCM will seek a second proposal.
• Request to check into a higher savings account and CD yield – Check into online Goldman Sachs Marcus Account; 1.3% savings, 7 month CD – 1.55%, 1 year – 1.6%

Hearing no further business, the meeting adjourned at 8:25 p.m.