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      | Annual Homeowners Meetings Minutes
1 Opening and Determination of QuorumThe meeting was called to order by Rod Strawderman. With 5 of 5 Directors in attendance, the meeting had a quorum to conduct Homeowners Association business. 2 Homeowners Association Business2.1 Approval of Minutesa. The DRAFT Meeting Minutes from the 19 October 2005 Board meeting were reviewed by the Board members present. b. The board approved the 19 October 2005 minutes as presented and amended. 2.2 Selection of TermsNo action on the selection
of terms was required and no action was taken. All terms remain as shown
below.
2.3 Election of officersNo action on the election
of officer was required and no action was taken. 2.4 Financial StatusThe community ended the year $3,904.62 under budget (on cash vs. accrual basis), not including payments to support the reserve fund. 2.4.1 ReceivablesR. Strawderman noted that the current receivables balance was $821.74. Of this amount, 1 homeowner at 3712 Valley Oaks Drive owes $318.27. Mr. Strawderman suggested that this outstanding receivable be referred to legal council to seek collection, as it represents a substantial amount in arrears for more than 90 days. In addition to the above item, there are apparently three (3) homeowners that paid the old monthly assessment amount as opposed to the new assessment, as established by the Board at the 19 October 2005 Board of Directors meeting. No action is needed on these outstanding receivables at this time. 2.4.2 Balance Sheet and Budgeta. The community has a Certificate of Deposit (CD) that will mature in April 2006 in the amount of $22,891.49. The original note amount was $22,500 with $391.89 in accrued interest. b. There was a motion made to renew the CD in April. In the same motion, it was suggested that the Board increase the value of the note to $25,000 and to invest this amount for a term of 18 months. c. This motion was unanimously approved by the Board. 2.4.3 Reserve Fundinga. The Board currently has budgeted for $2,900 as a reserve contribution in the annual budget. b. The Board estimates that each year the community will need to allocate approximately $4,000 to fund the reserve. c. This means in the fiscal year 2006, the reserve contribution, as currently budgeted, is $1,100 under-budgeted. d. However, as noted by Mr. Urban, the reserve fund is currently over-funded at approximately $18,995. e. Therefore, the Board is comfortable at this time to under-budget this year’s reserve fund contribution, given the current over-funded position of the reserve. 2.5 Contracting2.5.1 Trash Removala. At the 19 October 2005 Board meeting, the Board requested that Mr. Strawderman solicit at least three (3) bids for trash removal for the community. b. Mr. Strawderman collected verbal quotes from McLean Trash, KMG, and PDS. Each of these trash removal services quoted per-home rates of $26 or more. c. While Mr. Strawderman was in the process of soliciting offers, AAA Trash Removal submitted a new contract to the Board. The old contract was priced at $797 per month to service the 43 homes in the community, or approximately $18.53 per home per month. The new contract offered an increasing price for a 3-year period. The first year would be $834 per month in 2006 ($19.40 per home), escalating to $880 per month in 2007 ($20.47), and escalating to $903 per month in 2008 ($21 per home). d. The Board unanimously approved the new contract with AAA since (a) it was below the verbal offers made by competing firms and (b) it was within or below our budgeted amount for trash removal. e. The new contract will go into effect 1 February 2006. 2.5.2 Other Businessa.
Fence Repair.
As reported in the 19 October 2005 minutes, the fence along b.
The Board scheduled the
date of 22 March for the annual Fair Oaks Glen Homeowners Meeting. This date
is tentative given the selection of a location for the meeting. Mr.
Strawderman was given an action to identify and secure a location for this
meeting, selecting from, among other possible locations, 3 Closingc. E. Sturms has the action to provide the Board members a copy of the DRAFT Meeting Minutes documenting this meeting held on 11 January 2006. d. The next meeting of the Board of Directors is tentatively planned for 19 April 2006 at the home of Andy MacLean starting at 7:30 pm. This meeting date/time is subject to confirmation by a quorum of Board members. Open Action Items
Closed Action Items
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