Board Meeting July27,2024
Estes Park Mountain Fairways
Board Meeting
July 27, 2024
10:00 am MT
Zoom for owners and Board members needing Zoom
Attendees: Abbey Pontius, Yvonne Salfinger, Pete & Linda Hogue, Nan Belknap, Rick Jordan, Kevin Preston, Anne Poznic, Jim & Tina Meyers, Susan Novy
Call to Order: 10:00
Approval of minutes from meeting held May 18, 2024 and June 17, 2024-they can be found at (when posted/corrected):
https://epmfhoa.com/category/minutes/minutes-2024/
There was a motion to approve the May 18 minutes as posted and Pete had corrections to be made on the June 17 minutes, which were also approved.
Finance Team (Pete)
a) Treasurers Report
Board Treasurer & Finance Team Report For 7/27/24 Board Meeting: information repeated from last report is in italics Note to readers: This report covers all the activity in which the treasurer and finance team are involved. FINANCIALS AND FINANCIAL SITUATION
1) The 6/30/24 financials have been completed and distributed.
2) After six months of 2024 we have operating revenue of $129,694.36 and operating expense of $42,293.90 for a net income of $87,400.46.
MONTHLY ASSESSMENTS
It is time to celebrate!!!. At the end of June we essentially do not have any owners with outstanding assessments as receivables for the association.
SHOW US THE MONEY! As of June 30, 2024 – $217,737.85
BOC Checking $86,462.41
Fidelity Operations Savings $7,046.16
Fidelity Reserve Savings $124,229.28
FINANCE TEAM STATUS INFORMATION
1) Outsourcing Implementation Team Status:
Effective with the last board meeting (6/17/24) the Outsourcing Implementation Project and its associated Outsourcing Implementation Team have been closed out in light of a successful implementation. So effective immediately this heading/topic will no longer appear as part of the Treasurer report.
2) Investment Management Status: The finance team previously produced and distributed information on our MF Investment Management portfolio. The “book” value, as opposed to “market value”, for each month was used for our financials in 2023. For 2024 we are using the “market value” for our financials. For full transparency both values are reported in the Financial Statement Notes each month. The table that follows provides a view of our increasing monthly values – using the “book” value for the Operating Fund and the “market” value for the Reserve Fund. NOTE: Since none of the Operating Fund monies are invested, there is no separate “market” value involved.
Month
12/31/22 BBF 12/31/23 BBF January 2024 February 2024 March 2024 April 2024 May 2024 June 2024
Operating Savings Value [$]
12/22-$6,560.92 (book) 12/23-$6,874.27 (book),1/24- $6,903.36 (book), 2/24- $6,930.59 (book), 3/24-$6,959.83 (book), 4/24-$6,988.16 (book), 5/24- $7,017.56 (book), 6/24– $7,046.16 (book)
+Reserve Savings Value [$]
12/22-$85,251.87 (book), 12/23- $117,642.08 (book),1/24- $122,027.16 (market), 2/24– $122,495.86 (market), 3/24- $122,903.41 (market), 4/24– $123,342.77 (market), 5/24- $123,734.40 (market), 6/24- $124,229.28 (market)
=Total Value [$]
12/22-91,812.79 (book),12/23- $124,516.35 (book), 1/24- $128,930.52 (market), 2/24- $129,426.45 (market), 3/24- $129,863.24 (market),4/24- $130,330.93 (market), 5/24– 130,751.96 (market) 6/24- $131,275.44 (market)
Note1: We moved monies into reserve savings (planned for JAN 2023, executed in FEB 2023) so all the 12/31/22 = 1/1/23 reserve monies would be in its own account ($96,862.78).
Note2: We moved monies into reserve savings (planned for JAN 2024, executed in JAN 2024) so all the 12/31/23 = 1/1/24 reserve monies would be in its own account ($117,642.08).
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
1 7/25/24
(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 the first two recommendations would be voted on at the 11/28/23 board meeting. The third recommendation was approved at the 11/4/23 board meeting.
The Study Team brought forward two proposals for board consideration at the 11/28/23 board meeting. These proposals were based on team-perceived opportunities for improvement in our current practices and processes related to the Reserve Plan/Reserve Fund arena. Both recommendations were approved.
The current status is that there will be no more active work for the Study Team until second quarter of 2024.
On Saturday, 7/20/24, the RP/RF Study Team met to determine (and start) the process for analysis of, and action on, the Reserve Advisor report. However, the work session instead became a discussion on needed changes to the current planning activities schedule, with focus on a needed increase in scope for the Declarations Revision Project being done now and the activities related to the Reserve Advisor Report and the 2025 Phase One Budget being deferred until later. A proposal to that effect from the team to the board will be considered at the 7/27/24 board meeting.
4) Reserve Plan/Reserve Fund Tracking Report Status: While a verbal update was done to some degree at both the 11/4/23 & 11/28/23 board meetings, a written report covering the final 12/31/23 year end status was provided at the 1/27/24 board meeting. To date through 6/30/24 there have been no Reserve Plan/Reserve Fund projects and associated expenditures. Having said that, there has been 2024 planning activity. There was initial RP/RF planning for 2024 discussed at the 6/17/24 board meeting, with a conceptual plan (with several TBD costs yet to be defined) adopted by the board. That planning was continued recently at the Tuesday, 7/23/24, meeting of the Facilities & Finances Support team.
b) monthly financials: Under “financials” on website (right sidebar)
c) RP/RF Study Team – proposed change in current planning activities being brought forward for board consideration. This is in it’s infancy. We got some information back from the lawyer and most of our Declarations is incomplete and not current. We will need a Town Hall meeting in order to have full discussion and determine ballot issues for vote, as we’ll need 67% approval to change the Declarations.
Pete moved to schedule a Town Hall meeting soon. Passed.
e) Investment report
f) 2024 RP/RF Tracking Report – an updated interim 2024 Reserve Plan/Reserve Fund document [interim in the sense that it will be in place, when completed with TBD values replaced by our best estimates, until we complete the second quarter analysis of the Reserve Advisor Report – which may not get completed until into or after July]
Estes Park Rentals report/transition update (Abbey and Team)-see below
Dues
Inspections
a.)Structural/foundations-week of July 23-25, 2024. This was done and we are waiting on the report.
b.)Retaining wall-July 22, 2024
c.)Siding-inspection was performed by one company
Identified 2 trouble areas (1410 and 1458), along with other more minor things. Bid was high from AP&D Ltd. (Steve) for 1410/1458.
Requested at least a second quote (name of company provided by Yvonne to LeAnn from a local painter): Jeffrey Youngbluth has done the siding work there before. He does outstanding work. He is your first Choice. (970) 217-5776).
Another company, Blue Peak (Andrew), performed an inspection of decks and siding.
d.) Decks-Andrew, Blue Peak
Asphalt update
a.)1451 asphalt: repaired in early July. There have been a few more requests for driveway repair. Some of this needs to be after the Town repairs Matthew Circle and adds a sidewalk.
b.)Brodie asphalt quotes
Two received
Estes Valley Asphalt-$42,000
Protective Seal Coating-$12,000 (they did work for us a 2-3 years ago)
Third quote potential by Harris Asphalt (recommended by the Molle’s)
Update on Matthew Circle Town project:
TruGreen-contract signed for this year, to match Elk Ridge-1st done in July
Work order status (Abbey and Team, B and G)
Current status of pending work orders
Completed:
1.)Roof leak-1443 (Myers)-owners are happy with repair and painting. Time will tell.
2.)Roofs-4 units identified by reserve study (Yvonne, EP Rentals)-completed by Carl with more minor repair/fix.
3.)Repair of driveway-bid by Estes Park Asphalt-completed
4.)2 dead trees by 1441 (front and back)-completed
Pending
1.) Painting of 1447 (Michaels) deck: pending outsome of inspections and additional work so that it is one project.
2.) Brodie fencing repair: Carl’s been taking care of some of the repairs and sent an estimate for replacement.
3.)Yvonne-need to add 2 side sprinklers at Kevin’s unit-not functioning (one is disconnected)
4.)Split rail fence project-pending (Yvonne and Rick)
Facilities & Finance Support Team Report: We’re putting on hold some our work until we can put together a budget according to whatever we update the Declarations to. It’s inevitable that assessments will need to be changed, especially with the reserve study results from last year.
Business Practices Report (Yvonne, Pete)
1.)Updating of documents
Documents sent to Kim Porter
Had first reply-see agenda item for Reserve Study group report.
Requested to set up another call with Kim Porter
Other items
1.)Monthly Plan Document Review
2.)Date of next board meeting: August 17, 2004 at 10:00.
3.)Annual Meeting-September 7, 2024 at 10:00 am
Location?-Church not available, per Gary-any suggestions??
American Legion-Saturday would cost $250 for a nonprofit. A motion was made that if we can’t find a free place, that the board could spend $250 for the American Legion. Passed.
Rec center has space the following weekdays
Library? Parking?
Other??
4.)Budget for 2025-estimated timeline
5.)Ballot
Interest of current board members-Ronnie LaRue, Nan Belknap, Pete Hogue, Kevin Preston, Yvonne Salfinger, Susan Novy
Interest of other owners-Lori Calnon
Notice to be sent to owners-timeline is at least 30 days but not more than 45 days prior to meeting.
Adjourned: 11:08
Minutes Respectfully Submitted,
Susan Novy
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