The HOA President, Gary Moore, called the meeting into session at 6:00 PM on May 27, 2014. Present were Phillip (Toby) Terrell, John Harper, John Gensinger, Amber Stotesbury, and Tiffany Alexy. Representing the Preiss Company were Dorothy Davis and Victoria Mangum.
Regarding the Preiss Company’s management of University Woods, it was presented that approximately 65% of University Woods was under active property management by the Preiss Company. The remaining 35% of the units are self-managed by owners or by a property management company other than the Preiss Company.
Delinquent units and filing procedures were discussed. As of March 2014, 24 units had delinquent HOA charges on file. Also discussed were the costs versus benefits of filing liens on said accounts in order to encourage payment of these backlog HOA dues.
While reviewing the University Woods HOA financial reports, it was discovered that 40% of the annual budget is going to the payment of water bills and that we have under budgeted for water by about $4,000 per month. Water is one of the categories consistently over budget. Toby Terrell is looking into this issue and examining whether having each individual unit be sub-metered would be a better and more cost effective alternative.
John Gensinger motioned to pull money out of cash reserves in order to catch up with all past due bills. The motion was tabled by a 4 to 1 vote.
In determining the HOA standing of University Woods, other nearby student living communities were discussed. The HOA dues at University Oaks are $165/month; those at Red Wolf are $125/month (the owner pays utilities). 2505, Method Road, and Campus West have neither HOA board nor dues since they are owned by either the Preiss Company or made up of a few private, individual investors.
A review of the Capital Reserves accounts was done, with the following allocated in each account: $50 Checking; $6,499 Business Savings; $18,999 Step 1 CD; $47,153 Step 2 CD; $58,445 Step 3 CD (“locked in” – not readily accessible).
A motion was made to ask Ted Sherrod to undertake a Capital Reserves Account study in the month of July, the fee for which will come out of Capital Reserves. The motion was passed.
John Harper, head of the Maintenance Committee, brought up maintenance issues affecting the safety and aesthetics of the units. Specifically, the caps on numerous stairwell posts are missing, which could potentially lead to a safety hazard, as the edges of the stairwell posts are sharp. Also, gutters are clogged, leading to excessive flooding in the walkway(s) of some units during adverse weather conditions. Lastly, the doors of some units are in poor shape, having been discolored and otherwise worn by continual use. It was brought up that re-painting of the doors can be done rather economically ($15 per door) and would give the units a more unified, cleaner look.
The meeting was adjourned at 8:50 PM on May 27th, 2014.