March 11, 2013 - Board Meeting

posted May 13, 2013, 6:53 PM by

Saxony Owners Association

Board of Directors Meeting Minutes

March 11, 2013

Meeting called to Order @7:01 PM

Establishment of Quorum: 5 board members present

Approval of February Minutes: Approved by board via email.


Review of Monthly Financials

As of the end of February, the Association had the following funds:

Operating Cash                                                                                     $152,578.68

Settlement Funds in Operating                                                             $167,238.61

Insurance Claim – A Building                                                              ($10,000.00)

Petty Cash                                                                                             $250.00

Maintenance Reserves                                                                          $286,358.99

Insurance Reserves                                                                               $42,466.77

Insurance Reserves - FHA Deductible                                                 $11,666.66

Total Cash:                                                                                          $640,559.71

Outstanding Financial Commitments: 


Items of Note

  • The Board still needs to open a money market account for the Construction Defect Settlement funds, but we understand that this is being postponed until a loan has been secured so that the funds can be moved to the same bank.

  • We’ve completed the Insurance Claim for Building A. The 10k deductible is still unpaid by the homeowner, which shows as a negative 10K in the insurance claim sub-account.


Current Month                                                                                        $7,752.62

Over 30 days                                                                                          $3,997.55

Over 60 days                                                                                          $8,844.30

Over 90 days                                                                                          $56,398.54

Prepaid Assessments                                                                              $9,191.67

Total Outstanding Balances                                                                   $67,801.34

Homeowner’s Forum

  1. Unit E202, this resident had his truck broken into last month and would like to setup a community watch. He recommended parking passes that attach to vehicles to note which vehicles belong to residents.

New Business

  1. The board approved a new towing agreement with Ken’s Towing. Ken’s will now be handling removal of vehicles from the property. New signs have been posted with a phone number for residents to call.

  2. The bid from Charter to replace the split rail fence at the back of the property has been approved via email.

  3. The dryer vents will be cleaned on the 28th and 29th of March. The bid was also approved via email by the board.

  4. The board received a bid to renew the property insurance. This was approved.

  5. The board approved John Coe’s request to consult with Gary Ackerman in regards to the legal documents for Saxony.

  6. The invoice for SGA was approved via email by the board.

  7. The board needs to meet for a property walkthrough review. A date will be decided upon in the near future.

  8. The Saxony HOA website is going to become easier to log into for residents. There will be an email sent to residents regarding this update.

  9. The board is finalizing a community newsletter with many updates about the community for the residents.

  10. The garage gate code will be changing. A letter will be sent out with notice to residents. Davis Door will advise on the process for changing the code. There will be a sign placed at the keypad alerting residents to the pending change.

Ongoing Projects

  1. Receipt reimbursements for board members.

  2. The construction project has been sent out for bid. This process could take several weeks to complete.

Meeting Adjourned @ 8:22 PM