Minutes of the Members’ Budget Meeting
Wednesday, November 2, 2016
Call to Order: The meeting was called to order at 6:02 pm in the clubhouse.
Establish Quorum Of Members: A quorum was met. Thirty-seven (37) proxies were needed to establish a quorum of members. Eighty owners attended (20 in person and 60 by proxy).
Voting Results on CPA Audit versus CPA Review for 2016 financials: Sixty-three (63) voted to have a CPA review and seventeen (17) voted to have a CPA audit of the 2016 financials.
Voting Results to fully fund or partially fund reserves for fiscal year 2017: Eighty (80) voted to have partially funded reserves for fiscal year 2017 with zero voting for a fully funded reserve for fiscal year 2017.
Voting results asking owners to opt out of receiving Association paperwork through the US Postal Service and elect to receive them via Email only: Forty-one (41) elected to receive via email only and 39 requested hard copies be sent to them.
There were 34 owners who requested that we order coupon books for them, and 46 owners elected to continue with Bill pay or ACH for the 2017 dues.
ADJOURN MEMBERS’ MEETING: There being no further member business, the meeting adjourned at 6:05 pm.
Garrett’s Run Condominium Association
Call to Order/Establish Quorum of Directors: President Jim Hamilton called the meeting to order at 6:06 pm in the clubhouse at 7900 Greenboro Drive. Board Members present were: President Jim Hamilton, Treasurer Rosemary Gleason, Secretary Mary Orr, and Director Stan Arthur. Vice President Kathleen Fassler was on speaker phone. A quorum was established. Lynn Hiott and Michelle Davis with Reconcilable Differences were present. There were 20 unit owners present and 3 tenants present to present information on the social club.
Approval of the Board Meeting Minutes of September 28th Meeting: Kathleen asked for corrections to the minutes regarding how money from the sale of a unit would be used. She also requested that her name be removed from the budget committee meeting. Mary made the motion to approve the minutes with the requested changes, Stan seconded, and all approved. Lynn will make those changes and post to the website.
Financial Report: Michelle reported that as of September 31st, the operating account at Sunrise bank showed a balance of $65,760, but with prepaid assessments of $12,955, leaves a working funds total of $52,715. The Reserve accounts hold $215,589. Accounts Receivable are at a low of only $7,854. Year-to-date through September 31st, the association is under budget by $5,893. Lynn reported that unit 306 had paid in full to the collection agency, but we had not received those funds as of this meeting. The other account is unit 802 which is a reverse mortgage and the association is moving forward with foreclosure on the mortgage company through Alliance.
Owner Discussion regarding
Lastly, an owner asked why the rental income was not shown on the financials as income. Michelle explained that the rent is posted to the account against the expenses of that account. The Association had to pay past property tax bills and had to replace the air conditioner. Between those costs and the monthly maintenance fee, the association almost broke even with the income from rent. A detailed statement of the account can be printed for the treasurer to explain to this owner.
Discussion and Ratification of Member Votes: Total of 80 Proxies received
1) Voting Results on CPA Audit vs. CPA Review for 2016 Financials: Mary motioned to follow what the majority of owners requested and have a CPA review of the 2016 financials. Rosemary seconded this motion and it passed by unanimous voice vote.
2) Voting Results for Fully Fund or Partially Fund Reserves for fiscal year 2017: Mary motioned to follow the desires of the community and approve a partially- funded reserves budget for 2017. Stan seconded, and all except Rosemary approved. Even though the motion passed, because Rosemary requested further exploration, the board will do more research.
Board Vote on 2017 Budget: Board voted on partially funding the reserves, so the new 2017 HOA fee will be $380 per month. Those that ordered coupon books will be sent the new coupon books by early December. Lynn explained briefly that Sunrise Bank will no longer accept “Bill pay” paper checks in 2017, so owners set up on Bill pay or ACH will be contacted by Lynn to set up the new way the bank is doing this.
Social Club: Theresa announced that the Garrett’s Run Social Club was cancelling their Veterans Day Dinner scheduled for the upcoming Saturday. The Social Club stated that their next event was going to be the Holiday Party, which would be held Saturday, December 10th from 5-8 pm in the clubhouse. The social club will provide desserts, but they ask that all attendees bring a favorite covered dish to share and BYOD (Bring your own drinks). Theresa announced that the ONLY way to move forward with any of the social events is if people sign up. The signup sheets are in the clubhouse, and you can RSVP by email, call to Theresa, or by signing up on the sheet. They are getting a Facebook page started for Garrett’s Run Social Group in hopes that this could be a better line of communication down the road. Theresa also announced that they are trying to see what the interest was like for a “Community Garage Sale” in late January or early February at the clubhouse. They will post more information as it comes along.
Set Next Board Meeting:
The next scheduled Board Meeting to be determined at a later date.