GARDENIA OCEANFRONT CONDOMINIUM ASSOCIATION,
Call to Order: The members meeting began at 6:02 pm in the pool room.
Establish Quorum of Members: 13 units were represented by proxy and 7 units were represented in person. Quorum established.
Voting Results to Fully Fund or Partially Fund Reserves for fiscal year 2017: Fifteen (15) owners voted to partially fund reserves in 2017. Two (2) owners voted to fully fund reserves.
Questions about the Proposed Budget: It was asked what happens when we are over budget. Budgets are just a guess, and when unexpected damage occurs, we show a loss. The CPA recommends 6 months of expense needs be kept in the Operating account in case of unexpected repairs. New owners said they purchased because of how Gardenia is maintained and landscaped. We must take care of repairs whether there are budgeted funds or not.
Update on Hurricane Damage & Costs: The entry keypad was torn off in the hurricane, as were the trash room doors. Soffit on the outside garages was also gone, and the main garage door opener had to be replaced. The walkway to the beach sustained damage, most of the lighted exit signs blew away, the alarms had some problems as did the elevator when power went off and on. Some pool furniture was damaged and a lot of landscape repair and clean up was needed. To date, we have an estimated $20K in damage repair. The hurricane deductible was $203,000, so we will receive no insurance payments, but each unit owner’s “H06” condo insurance policy will cover up to a minimum $2,000 of a special hurricane-related assessment, under the “Loss Assessment Coverage”. A new owner was an insurance agent, and she said the owner at the time of the damage is responsible to file a claim, even if they have sold before the assessment. An attorney disagreed, stating that the owner at the time of assessment is responsible, so we will have to see how that works out for new buyers.
Adjournment: The Members Meeting adjourned at 6:25pm
Call to Order: The meeting began at 6:26 pm
Establish Quorum of Directors: Board members present: President Tina Compton, Treasurer Betty Ballard and Secretary Alice Chaney. Michelle Davis and Ted Manna attended from management company Reconcilable Differences. 9 other unit owners were in attendance.
Approve Minutes of the past Board Meeting: Betty motioned to approve the March 8th minutes as written and posted on the website. Alice seconded, all in favor.
Financial Report: Michelle stated that through October 31st, the association has $29,311 in the operating account, less $4,325 in prepaid owner fees for a net $24,986. There is $92,937 in the Reserve Account. One unit is late in paying, as well as one unit that never paid for their sprinkler repairs in 2014, for a total $711.50 in accounts receivable. Year to date, the Association is $5,265 over budget, mostly due to a number of unexpected fire line/plumbing repairs this year, along with current hurricane expenses.
Michelle asked for direction and motions on the balance of the elevator special assessment. $5,000 of the assessment was for a possible cost to cancel the contract with ThyssenKrupp Elevator. They have not contacted management requesting any funds in almost a year, so management felt it was safe to believe the Association will not be charged. There was an unexpected requirement to replace the air conditioner in the elevator room on the roof. That cost $3,000. Betty motioned to approve using part of the unneeded Thyssen payoff for the elevator room air conditioner. Alice seconded, all in favor.
The assessment also had $5K estimated for locks and cameras, and under $2K was actually used, since cameras were not installed. Betty motioned to place all unused elevator assessment money into Miscellaneous Building Components reserve, instead of just the elevator fund. Alice seconded, all in favor.
Discussion & Ratification of Member Votes Above: With 15 owners clearly wanting to partially fund, the board ratified the decision to partially fund reserves in 2017.
Board Approval of a 2017 Budget: Alice motioned to approve the partially funded reserve budget and approve a $20 per unit increase for 2017. Betty seconded, all in favor. Coupon books will be ordered and mailed to all owners unless they are set upon ACH. These will be delivered in December. Tina reminded everyone who uses “billpay” to change the amount being sent for January.
Discussion and Final Total
on Fire Sprinkler Opt-Out Vote: A letter and ballot was mailed to all
owners in August. Although this community has fire sprinklers in units
and the rec room, there are no sprinklers in walkways and stairwells, and
attorneys felt it might become an issue and a fire marshal requirement
in the future unless the owners “Opt Out” of retrofitting in the future.
Nineteen (19) owners opted out. One owner voted to retrofit.
With the clear majority opting out, this final vote will be written up
by the attorney, signed and notarized by board officers, and recorded by
the county. This form will then be delivered to all owners and posted on
the website, to make any potential buyers aware of the opt out.
Board Vote on Hurricane Assessment: Tina noted that the association will have to have a Special Assessment to replace and repair all that was damaged in Hurricane Matthew. Once all expenses are tallied, a meeting will be scheduled to discuss and assess.
Trimming Seagrapes: The new owner of unit 201 offered to help trim the seagrapes, since he has experience. Everyone was happy for the offer to help, and asked him to speak to the Landscape Chairman, Bill Compton, so they can work together on this, since there is a plan in place.
Obtaining Garage Remotes:
The garage door company charges about $100 to bring out the remote and
program it to the main garage door. Owners are welcome to buy their own,
but we cannot guarantee they will work. Contact Ted to order.
Spalling Issues: The
repairs were completed, so if any new rust/burst areas are seen, let management
know. All owners can purchase the correct paint from Sherwin Williams if
they want to touch up their balconies.
Adjournment: There being no further business to transact, the meeting adjourned at 7:06 pm.