Special Meeting on Finances
Minutes
August 05, 2013
President Durel Burke called the meeting to order at 6:10 p.m.
Members present: Dr. Learned, Latoya, Diane Allen, Richard Sanders, Bartlyn David, Sandy Somerville, and Judy Miranti.
All the board members welcomed "Doc" back. His recovery from his fall is progressing.
I Report on BTR account money. Diane reported on the Trust Agreement. She moved and Richard seconded the motion
to submit the paperwork to Regions Bank and move the escrow insurance funds to the Regions insurance account.
Motion passed unanimously
2. Siding. Doug Mayo, the architect has approved building 16. The check for the completed work has been prepared for LAS. Doug Mayo has completed the AIA agreement for building 17 to begin renovation. The contract contains the revised scope of work to be completed. The deposit has been paid. This work should begin within the week.
3. Lease rule and letter to homeowners. So that there is no confusion regarding the leasing of units, the rules have been adjusted and an addendum will be brought to the court house to be recorded. In order to call a moratorium on leasing and in order to bring the ratio of owned units and leased units into a percentage acceptable to lenders, 2/3's of the homeowners will need to vote favorably to call a moratorium on leasing. Getting the 2/3's vote of the homeowners has been problematic in the past. For this this to happen,
Diane moved and Bartlyn seconded that the board should move forward with purchasing the website so that voting can take place electronically. The application fee is $200.00 and the annual maintenance fee is $450.00.
Motion passed unanimously
4. Report on Bank Accounts. Doc Learned distributed the projected monthly budget and expenditures. The expenses are exceeding the Association's income and concerns were expressed regarding the ability to pay bills in a timely fashion. The amount of outstanding fees has been reduced from $40,000 to $20,000 as a result of the Butler Murdock collections agency being hired.
The board looked at each item of monthly expenses and the following decisions were made:
1. To not retain Darren and have maintenance on an as-needs basis.
2. Pay the office manager every two weeks rather than every week.
3. Review the attorney fees and make the necessary decisions regarding the value of the services.
A motion was made by Richard and seconded by Diane to accept the proposition of Butler Murdock to review the existing files. They will give two hours free per file.
Motion passed unanimously
Diane and Durel were directed by the board to contact Montgomery Barnette Authorizing them to transfer all the files related to CVCA to Butler Murdock.
5.Pool/tennis court/signage report. Bartlyn reported
Total cost for signs is $4358.70. A check has been cut for $2179.35 for the 50% required deposit to begin the work. Bobby Scallan has been paid $550 for the work he has done and is continuing on the tennis courts. The work includes the cleaning of the center and end tennis court, the welding of the pole on the court closest to the office, the patching of the courts, and the repair of the pole on the center court and removal of the pole on the end court closest to the gate.
Two tennis nets have been purchased in the amount of $150. Bill Wells will install the directional signs. This will include two black poles per sign and setting the pole with the signs attached in the amount of The cost per installation will be $145 per sign. The total for installation will be $1015.
Total for the two projects will be 6073.70. The remaining 900.00 will be used to paint tennis courts.
Pool tiles......will be purchased at Home Depot with sand needed for project. Board members will assist in this project.
Motion by Bartlyn and seconded by Sandy to replace the pool's broken tiles.
Motion passed with one abstention.
It was suggested to put under the tiles.
These projects have stayed under the $7,000 budget.
Board is committed to exercising its fiduciary responsibilities making sure the resources are there to maintain a quality of life for the homeowners and tenants of Chardonnay Village.
Submitted by:
Judith G. Miranti
Recording Secretary
No comments:
Post a Comment