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Garrett’s Run Condominium Association 
Minutes of the Board of Directors’ Meeting 
Wednesday, June 3, 2015
 
Call to Order/Establish Quorum of Directors: President Jim Hamilton called the meeting to order at 12:00 pm in the clubhouse at 7900 Greenboro Drive. No other Board Members present. In attendance by speakerphone: Vice President Elvis Melena, Secretary Ken Snella, Treasurer Norm Young, and Director Traci Niederriter. A quorum was established.  Lynn Hiott with Reconcilable Differences was present. Unit owners in attendance were: Cathy Griffith and Paul and Nancy Pelletier.

Approval of the Board Meeting Minutes of April 29th: Norm made a motion to approve the Board meeting minutes of April 29th, Ken seconded, and all were in favor. Lynn stated that the minutes were approved and will be posted on the website.

Financial Report: Lynn reported that as of April 30, 2015, the operating account at Sunrise Bank showed a balance of $57,270, but of that amount $9,740 was from prepaid assessments, leaving a balance of $47,530. There is $283,271 in the Reserve Accounts for future repairs. Accounts Receivable are at $92,025 with some owners still owing for sprinkler invoices and many owing for half the 2015 Special Assessment or more. True Foreclosure accounts show total balances of $46,081. The remainder of the receivables, $45,944 is special assessments and sprinkler invoices owed by owners, which should be paid by the end of the year. The current profit and loss statement shows the association under budget by $8,858. 

We are moving each month’s budgeted stairwell money, professional consultants, and NAC Stairwell line items to stairwell reserves so we have enough to do the work without a large invoice “skewing” the profit and loss report once we start working on the stairs. We have moved $29,336 to date. With these transfers, the reserve stairwell account has $41,960 and once all the special assessment money is received that will go in also. 

Pool pavers and the pool resurfacing project has cost $13,671 so far. This was paid from operating and we have moved that amount from pool reserves back to operating to cover the costs. With this transfer, the pool/amenities reserve account is $451 in the negative, but every month, $520 is going into this account, so by year end, this account will be in the positive by approximately $3,640. Tracy made the motion to accept the financials as stated, Norm seconded, and all were in favor. 

The CPA Audit for 2014 has been completed. Copies are available in the office upon request and will also be added to the website soon. 

Changes to 2015 Budget: Lynn reported that the following line items in the current 2015 Budget should be changed to allowing the funding to be shown for the increase in maintenance, management, Landscaping, and fertilization contracts. The suggested changes are: Line Item: 5650-Manager-Change from $21,240 to $18,648; Line Item: 5651-Manager Taxes/Insurance-(Add) $3,732; Line Item:6100-Building Repairs & Subcontractors, change from $25,740 to $18,510; Line Item: 6650-Mtce Man-Change from $35,940 to $33,720; Line Item: 6651-Mtce Man Taxes/Insurance-(Add) $6,744; Line Item:7460-Irrigaiton Contract-Change from $5,100 to $4,800 (Removing $300 total from annual amount, not needed); Line Item: 7465-Irrigation/Pond Repairs-Change from $4,800 to $2,400; Line Item: 7500-Lawn Contract-Change from $22,800 to $25,950; Line Item:7520-Lawn Fertilization/Pest Control change from $4,344 to $5,460, move the Cable line item 8550 back to utilities to flow with the monthly financials. Tracy made a motion to change the line items as stated above, Norm seconded, and all were in favor. 

UNFINISHED BUSINESS: 

  • Building Painting- C&J Painting and Anchor Painting are the two companies that the Board has met with. After meeting with both companies, C&J seems to be more willing to work with us and complete 2 or 3 buildings at one time to get a better understanding of pricing for each building. With so many scenarios, it is very hard to determine an exact amount. Discussion with both companies about the “cosmetic boards” replacements and C&J had the best advice on the repairs. The Board is also working with Mike Masonry as well to get prices for removing the flashing and changing the boards out correctly, but this price is not in as of yet. The Board choose C&J Painting and asked him to only paint buildings 900, 700, and 400. After these buildings, the association can better determine what each building will cost in the future to not only paint but to repair the “cosmetic bands” and the other repairs. The Board can also determine their quality of work and get to know situations regarding the other 7 buildings by only painting 3 buildings now. The estimated maximum for these 3 buildings should not exceed $40,000. To date, there is $110,000 in the painting reserve fund. Tracy made the motion to approve C&J Painting and to complete buildings 900, 700, and 400 to start with, not to exceed $40,000 from the painting reserves. Elvis seconded, and all were in favor. 
  • Pool and Deck Issues-Update-Weather issues delayed the pool resurfacing, but we were able to open the pool after the holiday. There seems to be a minor leak and management is working with the company to locate the leak and call the right company to detect it, hopefully at their cost. There are some other issues regarding the resurfacing project. We are trying to get the company to meet with us and complete a punch list before final payment is given. A change order was approved for LED lights and new tiles on the outside of the pool. Elvis made a motion to ratify the spending of an additional $2460 to be paid from the pool/amenity reserve line item. Norm seconded, and all were in favor. There was a concern about the height of the walk in bar. Currently it is at 31 inches. Code allows it to not exceed 40”. Replacing the current height bar with a 40 inch bar would be an additional $1,000 and it would be a special order. The Board felt that 9 inches was not worthy of an additional $1,000 expenditure. 
  • Roof 200 Building Update-Contract was signed with Total Home Roofing for $35,900 to be paid from the Roof reserve account. Work has started as of Monday this week. We hope to have this roof completed by end of week, weather permitting. 


New Business:

  • Insurance Appraisal-Worthy-Insurance is due to be renewed in June, requirements are for an insurance appraisal every 36 months. The last appraisal was in 2011. Insurance will not write for the association unless a new appraisal is completed. Worthy has done a lot of work for RDI and does a great job on the insurance appraisals. The other bid we received was from Custom Reserves, which was for $1800. Worthy bid is for $1500, then every renewal is done at $500 each time. This money is usually okay to pay with thru the Insurance line item, as there is always a little extra in this account at the year end. Norm made a motion to approve Worthy to complete the insurance appraisal for the amount of $1,500 to be paid from the insurance account, Ken seconded, and all were in favor. 
  • Lights and Circuit Panel- Security lights were placed at 200 building and end of 100 building, materials and labor were estimated at $3,000. Elvis made a motion to ratify this expense of $3,000 to be paid from building repairs and subcontractors, Norm seconded, and all were in favor. 
  • Reserve Study-Custom Reserves or Reserve Advisors. A meeting was held this past Saturday with Paul with Custom Reserves, Lynn, and Jim. Paul answered all the questions and concerns that Jim had asked him. Custom Reserves is a BCAM vendor, and they proposed to do a complete reserve study for $1900. Reserve Advisors completed our initial reserve study in 2011 and for them to come back out and update the reserve study, they proposed a fee of $3,050. Elvis made a motion to approve Custom Reserves for the updated reserve study at a cost of $1,900.  Norm seconded the motion, and all were in favor. 
  • Stairwell Project-Lynn and Jim met with NAC Seaside and Jim Emory, the Engineer on Tuesday. Jim stated that he would agree to be the engineer overlooking the stairwell project and Don with NAC stated that their company is willing to split the engineering cost with the association. Jim reduced his fee to $900 per week, and so the association would be responsible for $450 per week of that fee. The estimated time is approximately 4-6 weeks. Jim was asked to complete a contract for the Board to review, along with NAC. NAC stated that they would honor the same prices as quoted for the last job they did last year. The service dates will begin early September to repair another 10-15 stairwells. 
  • Exercise Room/Office Upgrades-Carpet and paint-Several bids have been received for replacing the carpet in the exercise room and the office. At this current time, the carpeting will be tabled for further discussions. The painting will begin immediately, which Vance is completing this project. The colors agreed upon were a light gray for the bottom of the walls, with a light-pale blue for the top of the walls in the clubhouse and the exercise room to match the blue/grey flooring in the clubhouse. 
  • Pool Bathroom Repairs-Ratify-Updates for the men/women bathrooms at the pool. The showers were in disarray, the counter tops and sinks were cracked and the paint was outdated. Vance replaced the lightening with LED lights, Don Freeman replaced the sinks, new countertops, re-tiled the showers, repaired the steps into the shower and Vance painted each of the bathrooms and the stalls. All for a total amount of $2000. Elvis made a motion to approve using the funds from pool/amenities reserve line item 9020 for total amount of upgrades, Tracy seconded this motion, and all were in favor. 
  • Asphalt: This is tabled for the asphalt company to come out in September to discuss with the Board. 
  Manager's Report: None.

Owner Input: None.

Set Next Board Meeting: It was agreed that Tuesday, June 23rd at 6 pm will be the Board workshop and the Board meeting will be held on Wednesday, July 1st at noon in the clubhouse. 

Adjournment: There being no further business to discuss, the meeting was adjourned at 12:35 pm by Jim Hamilton. 
 
Respectfully Submitted, 
Lynn Hiott, CAM #35322
Reconcilable Differences, Inc.