Board Meeting 11/28/23
Estes Park Mountain Fairways
Board Meeting
November 28, 2023
2:00 MT
Zoom Only
Approval Pending
Attendees: Susan Novy, Yvonne Salfinger, Pete & Linda Hogue , Steve & Anne Poznic, Abbey Pontius (EPR), Kevin Preston, LeAnn Briggle Dougherty (site manager)
Call To Order: 2:10
President Report: Transition updates to Estes Park Rentals, Abbey Pontius (Yvonne, Pete) They are working on getting the ACH in place for the owners to be able to pay online.
Signature Card: Kris Baumann at Bank of Colorado was emailed on 11/15/23, requesting that the signature card be updated with Abbey Pontius. She will notify us (Rick Jordan, Nan Belknap, Susan Novy, Anne Poznic, Pete Hogue, and Abbey Pontius) that the card is ready for the signatories to come to the Bank for updating of the cards.
Insurance updates (Yvonne)
Allen Coe, State Farm agent, was provided the Bank of Colorado account number for a payment on 11/15/2023; after checking and it did not go through, redid the payment on 11/21/2023.
Email vote– Motion made by Yvonne was approved by the board on 11/15/2023.
I move to pay State Farm a one-month premium of $2,131.42 from the Bank of Colorado account for a coverage binder for 60 days effective December 1, 2023, with full coverage hoping to be in effect by January 1, 2024. It will take them probably 60 days for underwriting to do the policy. This is our full coverage (as previous) and Liability and D and O.
Secretary Report: Approval of minutes from meeting held November 4, 2023. Passed.
Exhibit B Update: We need to get this together for mortgages and completing the Declarations. Kevin knew the exact mathematical formula for figuring this so the ratios remain the same as the original. (yeah engineering mathematicians!!)
Financial Report:
FINANCIALS AND FINANCIAL SITUATION
1) As a result of the difficulties with getting accurate monthly financials from PMI, the MF finance team has previously issued 7/31/23 and 8/31/23 and 9/30/23 manually done financials. Since the decision has been made to utilize EP Rentals as our service provider for 2024, the MF finance team has a two part plan going forward:
a) we will produce QB-based monthly financials based on the information that is stored in TOPS for the remainder of 2023 (including a revised 9/30/23 version) – having said that, the 9/30/23 revised financials (as well as later ones) will be different in two ways: first, the financial information will have been input into our On Line QuickBooks [QB] software from which the financials will be generated and second, the financials will be done on a cash accounting basis (rather than an accrual accounting basis used by TOPS)
b) the action above will greatly facilitate our transition to working with EP Rentals going into, and during, 2024 – our financial tools of OnLine QB (cash accounting) and the use of our current Bank of Colorado [BOC] checking account (which EP Rental will use for depositing our revenue and paying our bills) fit right in with their normal operating financial paradigms.
The full set of 10/31/23 financials is not yet ready for publication and distribution. We have a disconnect in our MF information in TOPS that needs to be reconciled before that can be done (we have asked PMI to assist with reconciling the disconnect and they have work-in-progress to do so).
2) We do have current information on the balances in our various accounts as of 10/31/23, so the values in the Show Us The Money section below are accurate.
3) The treasurer & finance chair and financial secretary made the decision that we would make a paradigm change for 2023. We will no longer allocate the monthly assessment revenue among the Operating Fund and the Reserve Fund (with three different components) in the monthly financials. Instead, we will do the allocation at year end. The upside of this decision is the monthly financial process & reporting for PMI (and our MF review of the financials and publishing our augmented monthly financials) is simplified. The downside of this decision is we will no longer have a monthly view of the Operating Fund and Reserve Fund ownership of the cash assets on the Balance Sheet.
Effective with the 9/30/23 financials and going forward once again the detail related to Operating Fund monies versus Reserve Fund monies is included in the monthly financials.
4) A proposal to have the finance team leadership more heavily involved in the operational financial management activities until EP Rentals officially takes over will be considered at the 11/28/23 board meeting.
MONTHLY ASSESSMENTS
We have two owners that are significantly in arrears for their assessments. Since the finance team has previously done all it can to get this situation resolved (including imposition of late fees), the situation has already been escalated to the board for their decision on planned actions (invoking use the Violation protocol).
SHOW US THE MONEY! As of October 31, 2023 – $174,936.27
BOC Checking $11,585.76
BOC Operations Savings. Closed Out
Fidelity Operations Savings. $6,817.24
Fidelity Reserve Savings 99,131.06
Alliance Checking (PMI MF account) 57,402.21
FINANCE TEAM STATUS INFORMATION
1) Outsourcing Implementation Team Status:
a) relative to PMI: PMI will no longer be our service provider for 2024; they will continue to serve MF for the remainder of
2023, with their two key tasks being continued operational financial management and providing MF with transitional
information as our financial information (an asset owned by MF) is released from their 2023 custodianship
b) relative to selection of our 2024 operational financial management service provider: EP Rentals has been approved by
the board to provide this service for 2024; the contract has been signed; our Outsourcing Implementation Team has been
redesigned (slightly) as needed basis the difference in service providers
c) relative to the “onboarding” activities between MF and EP Rental; activities needing to take place in October – December
have already begun – the expectation is the two organizations will be fully prepared for the 2024 new business year
partnership, including the needed communication to our MF owners that need to occur prior to year end
The appropriate EP Rentals personnel have been/are being set up with the needed authority and tools for managing our operational financial activities.
2) Investment Management Status: The finance team previously produced and distributed (for the March & September board meetings) information on our MF Investment Management portfolio. The “book” value, as opposed to “fair market value”, for each month is used for our financials – for full transparency both values are reported in the Financial Statement Notes each month. The table that follows provides a view of our increasing monthly values.
(chart in Financials section of website)
Note1: We moved $11,610.91 into reserve savings (planned for JAN, executed in FEB) so all the 12/31/22 = 1/1/23 reserve monies would be in its own account ($96,862.78).
3) Multi-year Planning Team Status: The team (AKA the MF RP/RF Study Team) has effort going on in two areas, which are a) revising the current Multi-year Planning document and b) determining what outside resource to use in the reserve (property management) arena to validate our locally produced plan and provide consultation in areas where we have no local expertise. Working with Lowell Richardson of PMI we obtained three bids for a Reserve Plan/Reserve Fund Study. The team brought forward a recommendation in the second area for consideration at the 6/24/23 board meeting – with the recommendation being approved. A Reserve Advisors engineer made an onsite visit on Tuesday, 8/22/23, to initiate the study. The Study Team has received the Study Report and created a Study Team Executive Summary (which includes recommendations for board review & approval) that was an agenda item at the 11/4/23 board meeting. It was decided at the 11/4/23 board meeting that slightly revised versions of two recommendations would be voted on at the 11/28/23 board meeting.
In addition, the Study Team is bringing forward two proposals for board consideration at the 11/28/23 board meeting. These proposals are based on team-perceived opportunities for improvement in our current practices and processes related to the Reserve Plan/Reserve Fund arena.
4) Reserve Plan/Reserve Fund Tracking Report Status: An initial report was presented at the 3/19/23 board meeting. An updated version was presented at the 8/5/23 board meeting. An updated report was not done at the 9/23/23 board meeting. Instead, a final view of the “budget” versus “needed” 2023 funding was presented to the board for approval – and that approval was received [board approval was required since the “needed” monies will cause an over-expenditure of the 2023 “budget” funds]. While an update was done to some degree at the 11/4/23 board meeting, it is expected that the B&G team will present a more complete updated 2023 status at the 11/28/23 board meeting.
Financial update: Quickbooks, billing for 2024, and other items
Email vote- Motion was approved by a majority of the board on 11/13/2023.
We need to vote to add Abbey Pontius of Estes Park Rentals to our Bank of Colorado account for the purpose to pay bills of our HOA as our property management company.
There was a motion made to have Anne & Pete pay all outstanding bills(using PMI and MF finance team appropriately) that are unpaid. Passed.
Reserve Study Team updates (Yvonne, Pete):
Motion was made to do 2 more inspections (sidings, foundations – including retaining wall) before moving forward with the reserve study report. Passed.
Motion was made to have the partnership of EPR and B&G make written reports sent out for advance review by the board effective with the January 2024 board meeting. Passed.
Motion was made that 1) the board determines whether we use a volunteer or a paid Project Manager [PM] for projects over $5,000 and 2) the board approves the PM appointment. Passed.
Study Team report was sent out to owners on 11/19/23-owners can request a copy of the report, which will be sent to them by email or brought to them on thumb drive.
Buildings & Grounds Report: (Nan & Ronnie are not present to give a report)
- Work order status (Ronnie, Nan)
- Painting project updates-invoice?
-Pending items
- Cleaning of gutters

- Asphalt project

- Fence on Brodie

- Brush behind unit 1441 along Brodie

- Painting of Michael’s deck (1447)

- Carl did work on Gaddis’ garage drain-who will pay this?
Other?
- List of pending items in PMI TOPS was sent to Ronnie and Nan
Next Meeting: January 27,2024 @ 10:00. Zoom.
Meeting Adjourned:
Respectfully Submitted,
Susan Novy- Secretary
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