January 9th, 2012 - Board Meeting

posted Feb 11, 2013, 7:47 PM by peterc@saxonyhoa.org

Saxony Owners Association
Board of Directors Minutes

2012 January 09

Call to Order 7:10


Establishment of Quorum 4 board members present

Approval of November Minutes has already occurred

Review of Monthly Financials
Operating Funds $145,629.29
Settlement Funds in OP $215,802.66
Petty Cash $250.00
Maintenance Reserves $198,402.77
Insurance Reserves $51,178.68
Insurance Reserves – FHA Deductible Sub-Account $833.33

TOTAL $612,096.73


Outstanding Financial Commitments

$0.00

Items of Note in enclosed financial reports:

Per the Board’s request $45,000 has been reimbursed from the Settlement Funds back to
Operating to repay a portion of the constriction defect expenses.  This plus payment of all outstanding construction defect expenses leaves a balance of $215,802.66 to be transferred to a money market account as soon as it has been opened.

Per FHA requirements we have budgeted for $10,000 deductible and will be transferring 1/12th every month to a sub-account of the insurance reserves.

Homeowner’s Forum
  • Various residents had questions about the settlement, settlement funds and the pending construction project.
  • A discussion about replacing water heaters and caring for the radiant heating systems took place.
    • Owners should conduct maintenance on radiant heating systems annually
    • A replacement of water heaters was not included in the conversion.  Select water heaters were replaced by the developer if they failed during the conversion; otherwise water heaters were not replaced and are original.  Owners are encouraged to check their water heaters to be aware of the age of the water heater.

Vote for Officers – Michelle Chapman and Travis Prince we voted onto the board.  Jesse Prescod and Caren Park’s terms ended.  Page Meyer, Cece Kennedy and Peter Crossely  are continuing board members.

Ongoing Business/Projects all ongoing business was tabled until the February meeting
  • Cagianut Audit paperwork (Cece, Marcel)
  • B 103, E 102 update (Peter)
  • TV Dish (#38)
  • Irrigation Shack (Marcel)
  • Settlement Funds (Where, What)
  • Missing Poo Sign
  • Industrial Hygienist (D 102 Kraft, E 105 Swanson, E 106 Cooks)
  • Backed-up Drain - Roto Rooter for Adam Bresson (542 - 224th)
  • FHA Cert (Marcel)
  • Dumpster areas are, again, becoming a dumping ground
    • Signage
    • New Rules?  Ideas?

New Business
  • BOD Vote
  • Noise (22411 Inglewood Hill / Unit 17?)
  • Smoke Detector (B 106)

Executive Session
  • Yes

Adjournment
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