EPMFHOA Minutes 3/18/23
Estes Park Mountain Fairways Homeowners Association
Board Meeting Minutes
March 18, 2023, 2:00 PM
Via ZOOM
Approved 9/23/23
PMI
Tim Richardson Shari DeOllos Lowell Richardson
Revised Notes: (Sound was not good and often times people speaking would fade out – these notes had to be redone using headphones)
Roll Call/Quorum Established
Quorum was established.
Call to Order
Meeting called to order 2:16 PM
Approval of Meeting Minutes
• January 21st, 2023 – all approve at 2:18 PM
How is the transition going:
Lowell reports that there have been some communication hitches. Typically, it takes about 3 months to get things running smoothly. Building and Grounds maintenance has been handled in a certain way for so many years it takes time for both sides to understand the expectations as we learn how to work together.
It was said that there were bumps in the road as far as the financials were concerned. Ann felt that the February Financials were getting close and hopefully be released soon.
The building, grounds and landscaping is still being maintained by current vendors, looking for contract with landscaper. PMI would aid in additional coordination with other vendors if needed.
The Board would like to have the landscaping contract posted to TOPS. There seems to be confusion about who is doing what and the Board would like to have PMI send a memo on processes.
Lowell just wants to clarify that PMI is working for the Board not the committees, PMI can work with the committees with the Board’s direction, there is concern that the committees will want to direct PMI, direction should only be coming from the Board.
If there are specific issues coming up, just notify PMI and we can manage the issue from there. If we do a half in half out relationship it will cause greater confusion down the road.
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What PMI would like is to have written details from the Board about each committee and their roles and how they report to the Board and then written directions to PMI how they want PMI to interact with these committees. At the end of the day PMI answers to the Board.
The day-to-day mundane things would be addressed by Nan and Ronnie. Other significant issues would be sent to PMI.
John said they would create a memo to give to PMI.
Financial Reporting:
There are three pertinent documents sent by Pete.
The Treasurers Report, Monthly Report/Reserve Plan/Reserve Fund/Financial Perspective/P&G Project Perspective, Investment Management.
There is one question about the investments that were made not being in FIDC protected accounts. They were high yield accounts, but Pete had not thought about the FIDC protection portion of it. Going forward when those investments roll over, they will be put into FIDC protected accounts. The finance team has been informed and kept up to date and they will be aware of this in the future. Treasurers Report:
The Board has been informed of the change from cash accounting to accrual accounting and the change in software. Manual reports have been created to show financials. At the yearend monies is moved into the reserves account, the transaction did not actually happen till February, but the financials will reflect that it has been moved as it should be. There is a significant growth in the cash. In finishing our transition work to get over the bumps in the financials.
We are still having problems with the same three owners that PMI should work on getting those owners up to date on their accounts.
John – interjects with everything sounds good and knows that Lowell is well versed with Colorado law to deal with the outstanding accounts. Asks Pete to move through the report as quickly as possible as everyone was having trouble hearing him as he was cutting in and out through the feed. Reserve Report:
Zero was spent from this account in January and lays out the approved plan to discuss with the Board – Staining of the decks and bridges. In the approved plan the how often, floors more often than the uprights, etc. B&G suggests to change this process at this point but neither party is ready to make an actual change to the process because there is a committee working on revising the multi-year planning work.
This does not have to be decided on today.
Pete suggests Anne take over the conversation on this since Pete was a bit difficult to hear.
Anne wants to ask PMI about getting a Reserve Study done and asks Lowell to speak on this. He asked American Family to provide all the policies and on review it looks as if all needed policies are in place. When looking at asset management and risk management and how to address this, it is best to have a professional entity look at this. A Reserve Study reviews not only insurance but how to protect your assets and capital improvement plans that the HOA is responsible for. Looking at the policies the HOA has what it needs at this time, but the Reserve Study can present what the HOA will need for the future. Lowell recommends this would be the next step for the Board.
A Reserve Study hires a company that brings in a licensed Architect or Civil Engineer that are served by specialist that looks at the assets of the HOA. An onsite inspection will look at life expectancy and provide the HOA with mathematical formulas that will help you take into consideration the costs of upkeep of the property. This includes a strategy on how to plan financially to address the capital assets. As the HOA builds the Reserves then the report will guide the Board on when to maintain or replace certain areas of assets.
For example, a roof may have a 30-year life expectancy, what is being done to maintain its life
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expectancy? And eventually the replacement of this roof in 30 years.
The Reserve Study sets the Board up to demonstrate that they are practicing their fiduciary responsibilities. An HOA is not required to do a Reserve Study, but it puts the Board in a position that they are indeed doing best practices for the HOA.
Anne had put together some bids which went from 2900 up to 4200. The Board has been very careful and diligent in assessments that they cover the capital expenses. Would like the finance team to think over the Reserve Study and advise the rest of the Board on what they think would be best. John also asked Lowell to look over the insurance policy as they have requirements in the CC&R’s that are very strict and if the insurance does not cover as per the covenants that will need to be corrected.
It was requested by Lowell to give expenditures on the Operating funds for monthly expenses. Rule of thumb funds the Reserve fund then goes from there. Reserve funds should be 60% of what would take to replace the assets.
What you need to fund your operation and make sure that it covers the monthly costs. A Reserve Study helps with aligning processes to get funds into the correct areas to help with protecting the assets of the HOA.
The Zoning department looking for maps of the HOA another member said they had maps. (Not able to hear the next section)
The future meeting thought to be July, September. Noted by Pete that in season they have more frequent meetings. Out of season meetings Nov, Jan, April. Pete will send out the latest Milestone chart to see what the meeting schedule is set at.
The next meeting, they had set was May 20th, at 10:00 AM
John calls the meeting adjourned at 3:11 PM
Posted in Home, Minutes 2023 by Susan with no comments yet.
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