Estes Park Mountain Fairways HOA

Mar 16th Board Meeting 3/16/24

Approval Pending

Estes Park Mountain Fairways
Board Meeting
March 16, 2024
10:00 MT
Zoom Only

Zoom Attendees: Yvonne Hale, Kevin Preston, Susan Novy, Pete & Linda Hogue, Ronny LaRue, Abby Pontius, LeAnn Briggle-Daugherty

Call to order: 10:07
Some friendly discussion about our 39” of snow last Thursday. Springtime in the Rockies!

Approval of minutes from meeting held March 16, 2024:

Pete moved to accept minutes, Yvonne 2nd. Passed.

Treasurers Report (full report in Financials/Treasurer’s Report)

FINANCIALS AND FINANCIAL SITUATION

1) The 2/29/24 financials have been completed and distributed.

2) After two months of 2024 we have operating revenue of $91,412.11 and operating expense of $15,266.34 for a net income of $76,145.77.

MONTHLY ASSESSMENTS

We have several owners that are significantly in arrears for their assessments as of month end February. 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 of the Violation protocol). There was minimal progress made as the board worked with PMI in this arena in 2023 – the expectation is that as the board works with EP Rentals (who have invested significant time in trying to do “friendly” collection) in this arena the situation will be resolved.

SHOW US THE MONEY! As of February 29, 2024 – $206,483.16

BOC Checking $76,892.97

Fidelity Operations Savings $6,930.59

Fidelity Reserve Savings $122,659.60

—

FINANCE TEAM STATUS INFORMATION

1) Outsourcing Implementation Team Status:

The appropriate EP Rentals personnel have been set up with the needed authority and tools for managing our operational financial activities. The normal start of year activities and January and February financial activities have progressed as expected (a pleasant change from our experience in 2023).

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 just the “book” value.

(see chart in financials/Treasurer’s Report)

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 (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.

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. There has been no RP/RF activity yet in 2024, so no additional report has been created.

—

EP Rentals Report– Abbey and Team

Doing weekly tours of the HOA.
*Carl has done a fantastic job on snowplowing. Thank you. Not everyone is keeping the front door access clean of snow and ice.
*Not all of the Brodie units have numbers on the Brodie facing access. I would suggest that owners get numbers up.  
*I will start getting decks inspected (each individual deck) starting after 1st of April. I have not gone behind the homes yet as I had not said that I would start inspecting decks. Hoping that I can set a time to meet with Nan or Ronnie to inspect the first of the decks. Going through the whole property should only take me one day and the write up of needs and questions will take a second day. Can I also get a list of what decks are owner responsibility, and what are HOA?
*Roofs there are a few that need to worked on. I need to see the list of who is up for roofs, and who had new roofs installed and when, and by whom. I have a couple questions about roof vents.
*I need to know where the structural vents are.
*April-ish/snow melt time going to follow up with the owner about the smell coming from under the house.
*The HOA needs to make a decision on if they are keeping the rail fencing or removing it. It has hit an age where it is falling apart. It needs to be replaced or removed.
*Some trees and shrubs are in need of CARE!!! And soon. Elk damage from rut. Bushes touching structures. Some bushes are right under attic vents. If they burn that take fire right into the home. Two trees seem to have taken hard wind hits, or they are in the process of expiring. I would like to meet with the landscaping team to see what their take is on the health of the trees and shrubs.
*Who has done the inspection of the Brodie wall sections in the past??
HOA dues are coming along well. Just have 2 accounts we are working to clear delinquent or late payments.
Auto payments are set on all vendor and utility accounts
All vendors are being paid timely
Financials are going well, getting them massaged and produced to the HOA’s perfection 😉

Discussion on Estes Park Rentals report/transition update (Abbey and Team)
Dues: looking good. We still need to get 2 units up to date.
Member questionnaires: still need a few to go.
Update on architectural request-extension of deck: a permit is required. He doesn’t want to pay for the architectural drawings if we’re not going to approve it. The vent is a concern. It’s free to ask the building inspector what can be done for getting a grill back there.
Taxes: Needs a clarification on investment accounts before filing.
Snow removal: there was one person complaining that not all the snow was removed. Wind may have blown some back (still under 4″) and plowers came back and took care of it.

Work order status (Abbey and Team, B and G-Ronnie, Nan)-see below
Current status of pending work orders: all are caught up.
Asphalt project-bid received from Estes Park Asphalt: The recent bid sent to us by Abbey came in much higher than we expected. Mario (EP Asphalt) is more expensive but is very good and doesn’t require call backs. We’ve gone from $7500 to $62000. Where’s the money going to come from? That bid came from PMI. We may want it rebid to make sure it was properly bid.

Update on major projects for this year including:
Inspection of siding: to be determined
Inspection of foundations, including retaining wall: to be determined.

Roofing Review: Carl says the report has been written and sent “well before the 1st of the year” to Nan and PMI. Nan doesn’t have it. Carl’s computer crashed and he can’t rewrite it. EP Rentals will contact PMI to see if they have it. Carl has been paid for the report.
Other planned for this year? Yvonne will take a poll about the split rail fence along Brodie. It’s in bad shape and needs removal or replacement.

Business Practices Report (Yvonne, Pete)
Updating of documents-potential budget item
Update from John Gaddis email: All of our documents are old, but doable. Rewriting of the covenants would run around $10,000.
Next steps: We need a consultation with an HOA lawyer to determine how we can add the completion of Exhibit B to our Declarations and the ramifications of that.

Other items
Update on paving of Matthew Circle from Town meeting (Yvonne): The Town said they are in the planning stages this year for paving Matthew Circle, and will implement it in 2025.
Monthly plan document: A new document by Yvonne that addresses all the expense dates to pay the budget items. A wonderful addition and great help to management!

Date of next meeting? May 18,2024 at 10:00 on zoom



Adjourned: 11:18

Posted in Minutes 2024 by Susan with no comments yet.