Estes Park Mountain Fairways HOA

May 17th Board Meeting 1/19/2020

Rick Jordans 1433

©4:30pm

Attendees: Rick & Claudia Jordan, Susan Novy, Kathy Beatty, Elen Crone, Carol Prince, Nan Belknap, Ann Poznic

By phone: Pete & Linda Hogue, Ronnie LaRue

Secretary Report: Approve 2019-11-17 Minutes. Ann moved to accept the minutes, Carol seconded. Passed.

Treasurer’s Report:

FINANCIALS AND FINANCIAL SITUATION

December 2019 and all 2019 financials are available on the website.  The HOA is in much better shape than a year ago due to strict adherence to the budget as much as possible.  Also see ** below.

MONTHLY ASSESSMENTS

We received the last December 2019 outstanding assessment the first week of January 2020.  We received one 2020 annual payment in 2019 and have one unit that has sent us multiple checks for 2020.  We also have one unit which has yet to pay anything for 2020.  Kathy emailed statements to both the over and under paid units on Sunday, January 12, 2020 to explain each unit’s payment situation.

TRANSITION TO BANK OF COLORADO AND FIDELITY ACCOUNTS UPDATE

We closed the US Bank checking and savings accounts on December 10, 2019.  We deposited the money in the Bank of Colorado (BOC) checking and then funded the Fidelity Reserve Savings account and moved more money to the Bank of Colorado Operations Savings Account.

We now have the second Fidelity savings account opened and the Finance Team has decided to designate it as an Operations Savings Account.  No money has been moved to this account as of yet but the account will be funded by month end.

The final task is to obtain online access to the Fidelity accounts for the Finance Secretary.

A second login to the Fidelity accounts is a good internal control over the investment accounts and also provides a backup plan should the Treasurer be unavailable.

SHOW US THE MONEY!

As of December 31, 2019, our cash on hand is as follows:

• BOC Checking                                             $ 6,451.35
  • BOC Operations Savings                                8,058.80
  • Fidelity Reserve Savings                                43,453.51 **Includes $10,671 for 2019 Painting Project paid in 2020.  See Finance Team proposal for Board action today
  • Fidelity Operations Savings                                   0.00
  • TOTAL:                                                        $57,963.66

Respectfully submitted,

Anne Poznic

Treasurer

Linda moved to accept the report, Nan seconded. Passed.

Finance Team Report:

            Revised 2020 Budget Worksheet: There were some changes due to current end of year amounts. This results in a deficit of $295.00, however we had a large profit from 2018 that moved forward that made our deficit so small. We will look into why our insurance premiums increased 18%. Ann moved to accept the 2020 budget, Nan seconded. Passed.

            Painting Bill approach for 2019 bill not received until 2020 for payment: Being that the HOA is on a cash basis, we needed to adjust some reserve line items to accommodate the 2020 budget that it ended up in, so as to not have a negative paint reserve. All is well with our accounting. Nan moved to accept the approach to keep the budget “real”, Ann seconded. Passed.

            2020 Expense Authorities: This document showed who is responsible for budget line items. Nan moved to accept the document, Ann seconded. Passed.

B&G Report: Because of the weather, the driveway project is not complete yet. But what is done, so far is acceptable. Nothing else is new with B&G.

            Work Order compliance: we would like to make sure people know when we have workers around, so as to not concern owners of unknown persons walking around. So we need a workorder for any work being done outside to be able to let people know.

Old Business:

Insurance: Rick and Claudia went to our insurance company, American Family, and asked for some clarification on our insurance policy. The insurance committee is working on putting together a packet that would explain our policy more easily.

New Business:

            Trash Removal: back to twice a week, Tuesdays and Fridays. Let us know if this is working. The new recycling center is a great way to ease the overload in the dumpsters.

            Snow Removal Service: There are requests for better shoveling in front of the garages. We have never had shoveling before (except for only last year), but more agile plows have been able to get closer than what we have now.

            Lease Agreement: This document still needs to be updated to include:

1. Renters’ names and contact information
2. Length of duration of the lease
3. Renter have renter’s insurance
4. Lease information to the HOA being updated annually by the owner

Adjournment: 6:06 pm

Posted in Minutes 2020 by Susan with no comments yet.