Estes Park Mountain Fairways HOA

Jan 14th 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

Posted in Home, Minutes 2023 by Susan with no comments yet.

Nov 4th Board meeting 11/4/23

Estes Park Mountain Fairways Homeowners Association Board Meeting
Saturday, November 4, 2023, 10:00 am

Anderson Realty Office170 S. Saint Vrain Ave. (Board only) and
Via ZOOM/call in (Board and Owners)

Roll Call/Establish Quorum: Yvonne Salfinger, Kevin Preston, Susan Novy, Pete & Linda Hogue, Nan Belknap, Ronnie & Colleen LaRue, Steve & Anne Poznic, Jim Myers, Abbey Pontius & LeAnn, Becky Veltheon

Call to Order: 10:09

Introduction of new property manager (effective Jan 2024)-Abbey Pontius, Estes Park Rentals

They are excited for the opportunity to serve us and hope that this will be a good match. LeAnn is the person who will be doing all the onsite inspections. Feel free to stop by the office and say “hi”.

PMI is taking a new direction in their business and has cancelled us, as of Dec.31, 2023.

Approval of Previous Meeting Minutes
September 23, 2023 (if available) They are currently not available from PMI.

Finance Updates – Pete
Normal Treasurers financial information: includes the following

Investment management status report

Monthly financials status report

Reserve Plan/Reserve Fund Periodic Reporting status report

Outsourcing implementation team finance component status report

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Buildings and Grounds Updates – Nan and Ronnie

Work Order Status: PMI has 10 open work orders that needs to be checked for status. Most have been completed. 1447 Deck needs painting (in the spring).

Roof inspection: Inspection found 4 issues to be taken care of. The inspection was not to exceed $1800.00. We are awaiting the written inspection report (which will be used to determine what actions are needed this year versus what can be delayed until next year).

Asphalt in 2023: Bid came in from PMI for 60K. That’s significantly higher than anticipated. By now the weather is too cold to get it done this year, anyway. We plan on doing this every 3 years. This was to be this year, but now it will be next year for only those driveways in need.

Additional activities planned for 2023/early 2024: Gutter cleaning will be done (by wind or contractor), and the vents have been closed.

Reserve Study Team update

We’ve received the report; it’s been reviewed; there’s 3 recommendations from the team that need to be board approved. These recommendations will be in the cover letter to the reserve study report that is to be sent out to the owners so the owners can see the steps that the board wants to take before adopting the study. The study does recommend some rather hefty increases in assessments.(Discussion: some of the wording needs to be made clearer before approving and sending out.)

3 Recommendations: (summary by Susan)

1. The team accepts that the study was satisfactorily completed and that we may need further information for possible/probable changes to the financial and asset plans before adopting a timeline for the assets, especially for our 5 year plan.

2. Commission 3 additional inspections: Roof, Decks/Bridges/Siding, and Foundations/Retaining Wall.

3. Deal with the “setting the assessments”.

Distribution of report: We will email the Study Team Executive Summary report out to the owners. Yvonne will send an email request to every owner who will then need to respond to the request in order to additionally get the Reserve Advisor 53 page report. This will ensure receipt.

Review of assessment chart:

Ronnie Opposed, all others Approve.
Approval of final assessments for 2024: 2024 assessment will increase to $458.00/month/unit.

Business practices team report

Insurance: We were cancelled by American Family due to the company changing their policy on the number of buildings to insure (they are now only insuring HOA’s with less than 10 buildings and we have 12 + 1 shed). We have looked at other options (secondary markets-very expensive) and found that State Farm may insure us. We have done all the needed inspections and they have been sent to the underwriters. We have not heard back from the agent yet. We have a few buildings that are coming up on 40 years old in 2024, which would make us ineligible for starting insurance with State Farm; consequently, we may need to start the policy in Dec. 2023.

Insuring for fire is the reason it’s getting so difficult to get insurance. The new property manager mentioned other options, should this fall through.

2023/2024 latest MF org chart approved as submitted.

2022/23 High Level Time Line (HLTL): no discussion. We just set the next board meeting.

2023 December meeting?: Tues., Nov. 28 at 2:00, if needed.

–

Updating of governing documents: Updating the policies would cost $800. Updating the declarations is 10K or hourly by section needed. We do need to update Exhibit B (percentage of ownership of the common elements by unit) to include all of the units (it currently only includes the initial 6 units) so that section 19 can be followed (assessing the common elements). All of our 9 policies need to be updated to current law, as well. Yvonne is working with a lawyer to determine what further action and at what price for board approval.

Open Discussion: no other discussion.

–

Motions approved by email during October (no further action required):
Finance team proposal 10/14/23-approved
That the association deal with our two current Bank of Colorado accounts as follows:
1)close out our savings account and transfer the monies to our Alliance Bank checking account (current balance as of 9/30/23 is $3,806.28)
2)transfer all but $3,500 from our checking account to our Alliance Bank checking account(current balance as of 9/30/23 is $22,779.48) – this will leave the account open but not cause any banking fees while it is open
3)that the Treasurer executed actions to take place as soon as possible such that they are complete prior to the treasurer leaving for his winter home on 10/20/23.

Finance team proposal 10/18/23-approved
That we make the following changes to our Bank of Colorado [BOC] banking authorities and business information as follows:
1) BOC checking account signature card (this is basically who can sign checks):
a) leave Rick Jordan, Nan Belknap, and Pete Hogue on the card
b) add Anne Poznic and Yvonne Salfinger to the card
2) BOC checking account On Line Banking authority:
a) leave Pete Hogue with the authority
b) remove Kathy Beatty& Becky Velthoen from having authority
c) adding Anne Poznic so she has the authority
3) BOC information on our corporate officers – update to current:
President – Yvonne Salinger
Vice-president – Kevin Preston
Secretary – Susan Novy
Treasurer – Pete Hogue.

Proposal by the Insurance Team/Finance Team on 10/18/23-approved
The unbudgeted expenditure for the insurance inspection by the electrician will be taken from the Operating Fund. $$-TBD (as of 10/28/23)-awaiting invoice from Miracle Electric for completed inspection by Eric Eichman.

Proposal by Outsourcing Implementation Team on 10/19/23-approved
The Outsourcing Implementation Team is proposing to the Board to hire Abbey Pontius of Estes Park Rentals (and Anderson Realty and Management) as the new property manager for our HOA. The contract was signed on 10/24/23 by Yvonne Salfinger, President.

Proposal by Buildings and Grounds Committee on 10/19/23-approved
A visual inspection will be performed by Carl (CMJ Enterprises) and Scott of all thirty roofs. They will prepare a written report describing what they consider problem areas. They will also include the urgency they consider in making each repair, not to exceed $1,800. This does not include any repairs, only an inspection.

Adjournment: 11:30

Respecfully Submitted,

Susan Novy- Secretary

Posted in Home, Minutes 2023 by Susan with no comments yet.

Aug 31st EPMFHOA Minutes 5/21/23

PMI Meeting Minutes

Posted in Home, Minutes 2023 by Susan with no comments yet.

Mar 21st EPMFHOA Minutes 3/18/23

PMI Meeting minutes

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.

Feb 16th Board Meeting 1/21/23

Epmfhoa Board Meeting
1/21/23
10:00 am
Zoom

Attendees: Zoom: Pete & Linda Hogue, Susan Novy, Sherry Reilly, Jim Myers, Lowell Richardson (PMI), Max Salinger, Nan Belknap, Ronnie LaRue, Julie Walsh, Anne Poznic, Randy Rahne, Ed Emmer, Becky Valthoen, Tim Richardson
In Person: Pamm Haglund, Yvonne Salfinger, John Gaddis

Welcome and Introductions: (John)

Approve Minutes: (Susan) There was a motion by Pamm to approve the last 7 sets of minutes, Anne seconded. Passed.
Pete objects to the Town Hall minutes.

Transition to PMI (Pamm and PMI Rep)
a. How is it going? We’ve transitioned from being self-managed to PMI. There have been questions concerning how long it takes to post paid dues. Lowell (PMI) responded that it should only take 24-48 hours. They will send out a mass email to the HOA explaining how to pay. There are no extra charges except by credit card, where the owner pays the credit card fee. (We know people like to get vacation points, etc. by using their credit card, but neither PMI nor the HOA wants to pay the fees for that)

b. Who does a HOA member contact if there is an issue? Shari at office@pminortherncolorado.com 970-586- (he couldn’t remember the rest- but it will be included in the welcome letter that PMI will send out to everyone via email, and 2 owners by mail. It was also requested by Randy Rahne to include in the letter a reminder to everyone of the need for “loss assessment” insurance on your personal homeowners insurance. It’s cheap and will cover what our HOA homeowner’s insurance won’t cover on the buildings, such as hail and/or wind damage to the roof.

c. What does PMI need from us? PMI will handle the board meetings via zoom in order to record them and write a synopsis and then post them on everyone’s portal.

d. What do we need from PMI? Workorder process. It starts with the work order from our website and then goes to Nan. Nan will work with PMI once the work order is approved by the board. Snow removal was discussed (while my laptop died and I switched to phone)

e. Discussion about the new project team to update the multi year financial planning document. At this point in time, it’s not updated yet. The team of 3 is working on it. They will get a local expert to look at it as well. Pete will talk to Lowell (PMI) about what they can offer.

Treasurer Report and Finances (Pete)

a. Status of change over to PMI: Pete will contact Shari (PMI) to get an updated report on who has paid their dues.

b. 2022 financials: Reserve Financial Planning Report was reviewed.

c. January 2023 financials

The 2023 MF Revised Budget was reviewed and approved as presented.

Treasurer’s Report For 01/21/23 Board Meeting:
FINANCIALS AND FINANCIAL SITUATION information repeated from last report is in italics
1) The 12/31/22 financials are almost completed and will be put on the website when they are complete. A brief summary of the expected year end results follows: a) Operating Fund had revenue of $81,445.38 and expense of $91,998.77 for a net loss of $10,553.39 b) Reserve Fund had assessment revenue of $61,731.00 and interest revenue of $741.57 and expense of $49,943.48 which allowed us to add $12,529.09 to our monies being saved.
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) The 2023 Revised Budget material (two documents) has been prepared for review and approval at this board meeting. Some key points follow:a) our insurance expense will be $5,000 less than the previous value) our B&G related expenses will be $2,000 less than the previous value
c) our revenue will be $700 more than the previous valued) as a result, our total net position for the year will be $7,700 more than the previous value (-1,360 goes to +6,340).
4) The key step in our outsourcing efforts was formation of an Outsourcing Implementation Team (approved at the September board meeting, includes two 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. Several key status observations follow:
a) the majority of the 2022/2023 transition work is done, with JAN 2023 financial operations business being done by PMI b) PMI has provided MF owners with billing & payment guidance, in particular their new capability of doing on line payments c) MF & PMI have confirmed there is no cost to the association if an owner chooses to pay by credit cardd) the MF and PMI financial personnel will be carefully monitoring the transactions that impact our five key accounts which occur over the year end boundary.
5) Our projected year end monies are split between the Operating Fund ($15,865.04) and the Reserve Fund ($97,033.78) for a total of $112,898.82. Also, the Fidelity Reserve Savings is split between a base balance ($55,733.78) and CD ‘s ($42,000.00) for a total of $93,733.78.

MONTHLY ASSESSMENTS
We have several owners that are in arrears for their December 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 December 31, 2022 – $112,508.82
BOC Checking $5,146.55B

OC Operations $3,767.57
Fidelity Operations Savings $6,560.92
Fidelity Reserve Savings $97,033.78

d. Where payments are to be made? On your personal portal.

e. Who pays the credit card fees? The owner.

Buildings and Grounds Report (Nan)

a. Status of change over to PMI: ongoing, but going well.

b. Snow plowing- is it OK? By and large it is going very well. Quite a bit of snow for so early in the season.

c. Trash pick up- is it OK? Yes

d. Roof Leak – is it being handled? It is being handled. It is a leak at the fireplace roof flashing. More expertise is required and being looked into.

e. Other building and grounds issues: Painted the Bodie units in 2022. Replaced one deck. The other deck painting in the 2022 budget was moved to 2023.

Fun Committee Report (Gary and Jim): They will have big plans at the next meeting 😉

Next Board Meeting: March 18, 2023 at 2:00. Zoom by PMI.

Respectfully submitted,

Susan Novy- secretary

Posted in Home, Minutes 2023 by Susan with no comments yet.