2017 Board Meeting Minutes July 8
EPMFHOA BOARD MEETING
7/8/17
At John Gaddis’ at 4:00pm
Attendees: Pamm Haglund, Elen Crone, Kathy Beatty, Aaron Voberil, Pete & Linda Hogue, Susan Novy, John Gaddis, Tim Dawson, Rick Jordan
Minutes from 6/11/17: approved with changes.
President’s Report: 2 big items on the agenda: approving the 2018 budget and determining the slate of board of directors to propose to the HOA at the Annual Meeting.
Treasurer’s Report: The Board reviewed the HOA’s 6 month financials. We still have one person who overpays, which makes for more unwanted bookkeeping. Everything else is in line with the budget and is routine. For our information, on a regular basis, the treasurer (Kathy) averages around 5 hours per week of work, however over the winter when updating the processes in Quickbooks, Kathy spent around 30 hours per week. This was all volunteer work. That’s all thankfully completed by now. All finances are only posted on the website:www.epmfhoa.com. Rick moved to accept the June 30th financials, Pamm seconded. Unanimously approved.
Budget: 2 key documents are: 2018 Budget worksheet and 2018 Assessment worksheet.
Both will appear on the website under a new “Budget” category.
2018 Budget Worksheet: One significant item, is that we will need to pay for a property manager, as Aaron is retiring from that position and nobody else has volunteered for it. We’re expecting a deficit by the end of 2017, but we had a carry forward last year, so there won’t appear a deficit. We have looked at many ways in which to be more frugal, however, they would all end up costing more. Our large expenditures are: insurance, sewer, on-going maintenance, water and sprinkler system. What’s driving the expenses is age of the units, the cost to maintain them, the cost to paint them, and increasing utilities from the town. We are saving for the costs of painting, restoring some of the siding, and new roofs. This savings component for our reserves is a very large part of the yearly assessments. Also, we need to look into our insurance and make sure we’re not underinsured with the new tax assessments.
2018 Assessment Worksheet: We’re going to propose a $540/year/owner increase in 2018 to cover the additional $35/owner for property manager/operating expense and $10.00/owner for the previously approved 2018 reserve increases which equals a total of a $45.00/month/owner increase in assessments.
Linda made a motion to accept the 2018 budget, the 2018 assessment worksheet and the increase in monthly assessment. Rick seconded. Approved.
Those who have currently volunteered to be on the 2018 Slate of Board of Directors:
Kathy Beatty
Susan Novy
Rick Jordan
Linda Hogue
Tim Dawson
Pamm Haglund
John Gaddis
Buildings & Grounds:
Roofs: Due to the premature failure of some of our roofing shingles, we are making a warranty claim to the manufacturer. To do that, we are required to send in 2 shingles from every building, and pictures for each section of roof that is failing (12 buildings) to send to the manufacturer in order to make a claim. Aaron is heading this up and it is underway. We expect to hear in approximately two months from the manufacturer.
The Annual Meeting is at 1:30 on Sunday, August 30, 2017 at the Hondius Room at the Estes Park Library.
Adjourned: 5:40
Respectfully Submitted,
Susan Novy – secretary
Posted in Minutes 2017 by Susan with comments disabled.