Sept 15 Board Meeting
EPMFHOA Board Meeting
Sept 15,2019 5:00pm
Jordan’s 1433
Attendees: Rick & Claudia Jordan, Susan Novy, Colleen LaRue, Diane Yoblin, Aaron Voberil, Kathy Beatty, Elen Crone, Carol Prince, Pete & Linda Hogue, Arleta Bell, Anne Poznic, Nan Belknap
By phone: Ronnie LaRue
Minutes: Annual Meeting Minutes approved. Board Meeting Aug 11, 2019 approved.
Owners Workshop Report: Pete made a few changes to the notes of the Owner’s Workshop (corrected)
Linda moved we approve the notes with changes, Anne seconded. Passed.
Treasurer’s Report:
FINANCIALS
August financials will be available on the website later this week.
MONTHLY ASSESSMENTS
We are in very good shape. We have one owner who has not paid their September assessment. They have been contacted by email and we expect their payment before the end of the month.
The Finance Committee has decided to change accounting software from QuickBooks Desktop to QuickBooks Online. (With better segregation of duties between the Finance Committee Chairperson, Treasurer and Financial Secretary there is the need for a 3rd QuickBooks license.)
Benefits:
1) “One” set of books, eliminating the possibility of multiple versions
2) Immediate access to information for 5 licenses, 2 of which will be “read only” (instead of 3 on Desktop)
3) Backup in the cloud (in addition to multiple pc’s and external hard drives backups)
Costs:
- $755 per year. This is $55 more that QB Desktop with 3 users which costs $700 annually.
PROPOSAL FOR CHANGE IN BANK and ADDITION OF CREDIT CARD AND INVESTMENT ACCOUNT
The Finance Committee has done quite a bit of research on banking options, as well as researching Board questions on the addition of a credit card and investment account. This proposal will be addressed as a Board Agenda item.
SHOW US THE MONEY!
As of September 11th, our cash on hand is:
- Checking
Account
$40,460.00
- Reserve Savings $13,752.71
- Regular Savings $7,656.32
TOTAL: $61,869.03
Anne Poznic
Treasurer
Linda moved to approve the treasurer’s report. Arleta seconded. Passed.
Anne would like to change banks to Bank of Colorado as they have free business checking/savings accounts. We need one signature for checks under $500.00 and two signatures above $500.00
Nan moved to accept the proposal to change banks, Carol seconded. Passed.
The Finance Team would like to acquire a credit card for larger purchases that individuals on buildings and grounds or Finance teams may need to use. There would be 2 cardholders with 2 different cards, billed to the HOA.
Carol moved to accept the proposal for credit cards, Linda seconded. Passed.
Linda moved to have the two teams, finance and buildings & grounds, finalize the business process to be forwarded to the board for the board’s approval. Nan seconded. Passed.
Anne would like to put our reserve monies into an investment fund. She likes Fidelity Investments because they have no cost CD’s and money market accounts with a decent rate.
Arleta moved to move forward with the investment funds with Fidelity Investments; Carol seconded. Passed.
Buildings & Grounds Report:
Carol went over the B&G Report.
Pete commented that he thinks these are very well documented reports.
Anne moved to accept the B&G report, Linda seconded. Passed.
Long Range Planning Report:
Architectural Guidelines Report: The guidelines were sent to all the owners, it was discussed at the Owners Workshop, changes were made, and it is ready to be put onto the website.
Carol moved to approve the Architectural Guidelines, Nan seconded. Passed.
Old Business:
Liability Insurance Questions: Susan, Arleta, Rick and John are still working towards finding out who is liable for injury on limited common elements. Should a pizza delivery person slip and hurt themselves on your driveway and wants to sue, who’s liable? That’s the question we’re trying to answer. Our insurance agent has told Susan that it’s the homeowner’s liability. We’re under the understanding that it’s always been the HOA’s liability. Our agent didn’t have the policy in front of her and Susan didn’t have the Declarations in front of her. So we’re still working on it.
Note: Subsequent correspondence has clarified that the HOA and most individual homeowner’s insurances both carry liability for the limited common elements (driveways, decks, entry patios and entrance walkways). Consequently, both the HOA and individual homeowner have joint responsibility for the safety of the limited common elements. The insurance companies will figure out whose insurance will pay according to what the problem was. Typically, the homeowner is responsible if the problem is topical, i.e. personal items left out that someone trips over; or the HOA, if the problem is structural or scheduled maintenance related; i.e. problem is due to lack of painting the deck when doing the building or not plowing over 4” of snow. The HOA hasn’t typically shoveled walkways or decks. There are gray areas; so it’s best to be pro-active about the safety issues on your limited common elements, as the HOA isn’t considered to be liable for everything concerning those according to the insurance companies. It’s however they interpret our Declarations, Bylaws and Rules & Reg’s.
There will be more discussion on this.
Adjourned: 6:00
Posted in Minutes 2019 by Susan with no comments yet.
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