A quorum for the Association was present at the meeting. The Preiss Company was represented by Lauren Dalia Reaves and Joe Woo (HOA Managers). The meeting was held at the University Woods Clubhouse located at 3750 Pardue Woods Place, Raleigh, NC 27603. Minutes were recorded by Joe Woo.
Owners Present
Lauren Dalia Reaves (Preiss Company)
Joe Woo (Preiss Company)
John Gensinger (HOA President)
Reed Johnson (HOA Vice President)
Daryl Johnson
Toby Terrell
John Harper
Gary Moore
Malcolm Hawkins
Mark Selz
Bryan & Tina Fulford
Chris Wilson
Lisa Whitley
Russ Copersito
Dick Martin
Gordon & Lynn Lye
1. Introduction
Lauren Reaves opened the meeting. She introduced herself and announced her resignation from the position of HOA manager.
Lauren introduced Joe Woo as the new HOA manager effective at the beginning of 2013. Joe has been with the Preiss Company for six years and has worked in the Raleigh market at several of the sites that the Preiss Company manages. He also manages the HOA for the Preiss Company in Clemson, SC.
2. Discussion of the Raleigh student housing market
Discussed the new properties that were built last year and their effect on the overall student housing market in Raleigh.
Discussed the future projects that are currently being started and built.
Discussed how the market may becoming oversaturated with the new properties
3. Property Manager Report
Review of key staff members for the Preiss Company managed units
Chloe George – Property Manager
Brian Dimsdale – Assistant Property Manager
Greg Sakas – Resident Life Manager
Ron Bell – Maintenance Supervisor
Sara Clark – Regional Manager
Discussed Preiss Company’s focus on resident retention this year. Keeping “heads on beds” and trying to reduce the number of people moving to new properties.
Discussed pre-leasing activity for the property
63% of the total units managed by the Preiss Company
Pre-Leased 23% for 2013-2014 school year
4. 2013 Budget Proposal
Discussed proposal to raise dues
Proposal to raise dues $15/month per owner
Due to increases in water expense from City of Raleigh. Did not properly budget in last two years for increase in expense.
Also plan on transferring funds each month to capital reserves. Capital reserves allow us to make necessary repairs (i.e. roofs)
Discussed how lenders today are denying loans and refinance requests without transfers to capital reserves in HOA.
Small increases in expenses for Mail Delivery Service (Postal Solutions) and Insurance
Budgeted a line item called “Bad Debt”. This accounts for the delinquency of unpaid HOA dues each month. Allows us to have a realistic snapshot of actual income each month including delinquency.
Discussed option of automatic payment. Discussions were about what options we had and if the expense of having the system would be beneficial.
Discussed looking into installing a water conservation effort on the entire property. One was done a few years ago. Possibly looking into water saving mechanisms for toilets and showers. Discussed that usage was not an issue for increased expense.
Mail Delivery Service – discussed looking into other companies or renegotiating current contract.
Discussed current year variances in budget.
5. Amenities and Clubhouse Discussion
Discussed loss of UVR last year. Members raised concerns over communication about important items such as loss of clubhouse use.
Discussed options of replacing UVR clubhouse/amenity access
One option of renting was proposed but during discussion, it was determined that renting would be difficult.
Another option is to have a special assessment to raise enough money to build an amenity such as an outdoor volleyball court, picnic/grilling areas
Discussed pros and cons of using the current clubhouse to have a work out facility. Determined that expense would be too high and staffing would be required.
Discussed using the amenities at UV2505 or University Suites. Inquired about cost to both owners who manage their own unit and Preiss managed units.
6. Building 2002
Discussed issue in building 2002 with sinking foundation.
Informed all owners that HOA hired attorney to help make proper decision about how to handle expense to repair building.
7. Approval of Budget
Budget was approved with no opposition
8. Election of New Board Members
John Gensinger will continue to serve on board
Reed Johnson stepped down from Board
Amber will continue to serve on Board
Toby Terrell, Daryl Johnson, John Harper, Gary Moore, and Albert will also be on Board.
Meeting ended at 7:00 pm on December 27th, 2012.