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Garrett’s Run Condominium Association 
Minutes of the Board of Directors’ Meeting 
Wednesday, October 22, 2014
  
Call to Order/Establish Quorum of Directors: President Kathie Heisey called the meeting to order at 5:30 pm in the clubhouse at 7900 Greenboro Drive. Board Members present were: President Kathie Heisey and Assistant Treasurer Hattie Martin. In attendance by speakerphone were: Vice President Peter Engel, Treasurer Al Fassler, Directors David Tarantelli, Traci Niederriter, and Secretary Angelo Laviano.  A quorum was established.  Lynn Hiott with Reconcilable Differences was present. Unit owners in attendance were: Doug Davidson. 

Approval of the Board Meeting Minutes of September 24, 2014: Peter made the motion to approve the September 24th minutes as written and sent out to all Board members, Al seconded, and all were in favor. Traci opposed due to not having the minutes of July 9th and the legal meeting from September 24th. Kathie stated that the minutes were approved and will be sent to the web for posting. 

Financial Report: 
Hattie reported for Al that as of September 30th, the operating account at Sunrise Bank showed a balance of $22,750. This included $10,710 in prepaid owner assessments, so there is actually only about $12,000 in the operating account.  Sunrise Bank reserve balance is $129,475 and FBC (Florida Bank of Commerce) reserve balance is $85,544 for a total reserve fund of $215,020. Accounts Receivables is at $125,448 with $27,450 still owing on the current special assessment.  We have $56,083 already expensed for bad debts as the accountant recommended last year.  Currently, we are $16,705 over budget to date due to stairwell repairs and not having all the special assessment money in yet. The financial report is not approved to accept until the treasurer receives his copy by mail and reviews it. This will be approved at the next meeting. 

NEW BUSINESS: 

  • Budget 2015 approval to mail out to owners: Kathie asked if everyone had received the proposed budget that Lynn emailed out. There was discussion about the numbers not being the same and all felt that more time was needed for the committee and treasurer to verify numbers. All agreed to re-schedule this meeting for next week so that everyone has time to review the proposed budget and agree to the numbers before mailing to the owners. 


Owner Input: None

Set Next Meeting: The next Board Meeting is scheduled for October 29th at 7:00 PM. 

Adjournment: There being no further business to discuss, the meeting was adjourned at 6:55 pm by Kathie Heisey. 
  
  
Respectfully Submitted,   
Lynn Hiott, CAM #35322
Reconcilable Differences, Inc.