Board Meeting 11/19/22
EPMFHOA Board Meeting
11/19/2022 @ 10:00 am
At the Gaddis’s
Attendees: John Gaddis, Susan Novy, Nan Belknap, Becky Valthoen, Yvonne Salfinger, Lowell Richardson (PMI)
Via Zoom: Pete and Linda Hogue, Ronnie LaRue
President’s Report: WOW! Homemade coffee cake and tea/coffee, compliments of Sally! We all introduced ourselves and relayed something about Thanksgiving. John mentioned that part of the joy of living in a small association is getting to know each other.
Secretary’s Report: approval of 8/1/22 minutes, Annual Meeting Minutes, Board Meeting following Annual Meeting minutes, and 9/17/22 minutes.
Need to find the 8/23 board meeting minutes and all will be reviewed at the January meeting.
Old Business: Committee Reports
Fun Committee: Claudia Jordan was nominated to keep the Thursday at 4:00 gathering going.
B&G Report:
Painting has been completed to everyone’s satisfaction. All siding, except one board, has been completed. Carl, the installer, is down with Covid now. The deck that was in progress (1454)is now complete.
Outsourcing Transfer Report:
So far only the financing team has talked to PMI. Things are going well as far as the financial transfer of information is going. The owners will be contacted soon, via email, to set up their portals that we can access for paying dues and seeing all public documents. Our own website, epmfhoa.com, will stay in place, as well. That way realtors and potential new owners still have a site to look at. Pamm and Yvonne have been out of town, so the other committees haven’t started the transfer yet.
Lowell commented on getting all the information transferred. The finances need to be in place first, so PMI can collect dues and pay bills. The next priority is the rest of the committees work. PMI has not received a timeline from us yet.
We also asked Lowell about all the boxes of old documents that are being stored and if he had suggestions of how to store these. He didn’t know the timelines off the top of his head as to how long which documents need to be saved. He will look into it. Yvonne volunteered to scan those that needed to be kept electronically. (it’s a favorite hobby of hers, she says)
Finance team Reports:
Treasurer’s Report 11/19/22:
FINANCIALS AND FINANCIAL SITUATION information repeated from last report is in italics
1) The 10/31/22 financials are completed and on the website.
2) Our team partnered with the B&G team to develop the 2023 Budget material that was approved by the board at the special board meeting 8/23/22 called for that purpose after a non-successful attempt to approve it at the 8/1/22 board meeting. This work was done subsequent to the 7/2/22 Town Hall meeting so the owner feedback on insurance and outsourcing costs could be incorporated. This year’s efforts were even more complex and time-consuming than in past years due to the issues involved. The owners confirmed the 2023 Budget at the 8/27/22 Annual meeting.
3) Your 2022 finance team is made up of four folks (Becky Velthoen, Linda Hogue, Ronnie LaRue, and
Pete Hogue). While not the desired situation our three key positions/roles (financial secretary,
treasurer, and finance chair) are currently held by two folks (Becky & Pete) which is due to
resignations and retirements during 2021 – with no one else stepping up to improve our resource
situation.
4) Our team has gotten involved in several activities in the near term:
a) determining how to invest some of our funds in safe investments (CD’s, MM accounts) given
the fact that the ROI for those types of instruments is improving second phase accomplished, more to come
b) determining what type of financial review should be done this summer we recommend none be done this summer
– the outsourcing project is by far the higher priority
c) determining whether to propose one or more additional administrative fees when effort is required
from the team due to an owner’s personal financial action (such as re-financing) on hold pending
what the Outsourcing Implementation Team determines is the right solution given the change in what
resources are impacted (PMI versus MF volunteers)
5) The key step in our outsourcing efforts was a formation of an Outsourcing implementation Team (approved at the September board meeting, includes several members from the finance team). In addition, it includes Anne Poznic who has agreed to assist the finance team in the finance arena outsourcing implementation work.
6) Our monies are split between the Operating Fund ($21,335.12) and the Reserve Fund ($130,729.08) for a total of $152,064.20. Also, the Fidelity Reserve Savings is split between a base balance ($42,923.76) and CD ‘s ($42,000.00) for a total of $84,639.23.
7) The finance team is recommending our Investment Management proposal (separate document) be approved at the board meeting.
MONTHLY ASSESSMENTS
We have several owners that are in arrears for their November 2022 assessments. While it is expected that this is a temporary situation which will resolve itself without further action, there is one situation that may need to be escalated to the board sometime soon.
SHOW US THE MONEY! As of October 31, 2022 – $152,064.20
| BOC Checking | $56,856.86 | |
| BOC Operations Savings | 3,760.18 | |
| Fidelity Operations Savings | 6,523.40 | |
| Fidelity Reserve Savings | 84,923.76 | |
Investment Policy Report:
Summary: We have $140,000.00 in income, $40,000.00 in painting paid out, which should leave $100,000.00 at year end.
Motion was made by Nan that we will adopt the investment policy, Becky 2nd. Passed
Reserve funding plan
Summary: a nice flow chart that PMI can pick up on.
2021 MF Multi-Year Financial Planning document:
This will be updated and reviewed in the January meeting.
–
Business Practices:
2021-2022 Time Line Document:
Nan moved to approve the timeline, Becky 2nd. Passed.
Susan requested a new time for the board meetings as she has a zoom meeting every 3rd Sat. From 10-1:00. Everyone present was fine with 2:00, same days.
Next meeting Jan 21, 2023 at 2:00
Adjourned: 11:20
Posted in Minutes 2022 by Susan with no comments yet.
Leave a Reply