July 8, 2020 Board of Directors Meeting Minutes

Kings Park West Community Association

Board of Directors Meeting Minutes

July 8, 2020

 

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

Meeting called to order:  7:33 p.m.  Meeting held virtually via Zoom video conferencing.

Approval of June 2020 Meeting Minutes:  Approved.

Treasurer’s Report:  June 2020 financials reflected the following:  one CAB Operating Account with a balance of $12,909.79; 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 - $4,452.93; 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 $849.98; bringing the total assets to a balance of $44,669.32.

Treasurer to research online banking accounts which may offer higher interest rates and yields. 

Old Business:

  • Annual Assessments/Liens – Eleven properties currently have liens due to unpaid annual assessments owed to KPWCA. The Burke Community Management Company is in the process of filing and releasing liens as necessary.  Assessments for fiscal year 2020-2021 will be mailed out by mid July.
  • 2020 Reserve Study – Board received two proposals and decided to go with Miller Dodson at $2623, as they were the cheaper option compared to $2900 with both companies of equal reputation.
  • Trees – Work behind 4914 Heversham Court is complete on one tree and the other is pending. Awaiting invoice to make payment.  Board will investigate claim of hazardous tree behind 4780 Catterick Court.  
  • Fence – Request from homeowner to erect a fence at 10113 Dundalk Street was approved by the Architectural Control Committee.
  • Mailbox – Board to investigate and confirmed status of KPWCA mailbox. We need to find a way to add another individual to the user list.
  • Higher Interest – 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%

New Business:

  • August monthly meeting – August 12th, 2020 meeting will be held via Zoom.

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