Attendees. Present from the Board were John Gensinger, Asim Ghulmani, Joe Losi, Toby Terrell, Mark Selz, and Lisa Whitley. Representing Wilson Property Management were Jeb Black and Joe Stewart.
Vice President Joe Losi called the meeting to order at University Woods Clubhouse on February 20, 2018 at 6:13 PM. A quorum of greater than 10% (22 owners) was established with attendees (10) and proxies (36). Lisa Whitley recording minutes.
Approval of Minutes. Motion made by Joe Losi to approve previous meeting minutes, the motion was seconded by Toby Terrell and unanimously approved by attendees.
Financial Report. Jeb Black reviewed Balance Sheet and Budget Comparison through December 31, 2017 with attendees. Of note, power washing of each building will take place again and rail replacements/repairs were discussed as an item that will be focused on this coming year. The Reserve Study needs to be updated and will reflect accurate income from this point.
Management Report. Jeb Black and Joe Stewart provided details of the management report. Items of discussion included:
2017 Accomplishments:
Replacement of electrical wiring (copper was stolen)
Water faucets disabled to prevent use
Security company now provides a report to give visibility on their activity
Parking lot lights were replaced with LEDs at no cost to the HOA, but with a small cost savings in efficiency and replacement costs
Trees were trimmed around buildings and light poles.
New dumpsters were delivered.
Damaged/painted sprinkler heads were replaced.
Parcel boxes were installed.
Submetering of water:
216 units were outfitted with water submeters, no small feat to gain access to so many units.
Water meter inspections are complete at this time. Owners may pick up keys from the management office if they choose to do so. If a unit was not inspected (due to inaccessibility), it will be the owners’ responsibility to take care of that from here forward.
Billing to owners is in place and HOA is receiving reimbursement from Guardian for payments made to City of Raleigh.
Sales within University Woods in 2017:
3 bedroom: Average $129,613, minimum ~$113,000, maximum ~$130,000
4 bedroom: Average $131,000, maximum ~$150,400
Homeowners’ Forum: Items discussed.
Mulch cycle: Question was posed regarding mulch around the buildings to prevent rain/mud splashes on the buildings. Discussion led to determination that measures to contain the mulch should be in place prior to mulching. Board will explore pursuing this and the possibility of completing 2 buildings per year.
Water bills: Question was posed regarding the “average” water bill. The next newsletter will include analysis of water bill to give owners an idea of what an average bill is for each size unit.
Old Business: Items discussed.
HOA owned unit: Brief details given for attendees regarding the property foreclosed on by the HOA.
The unit was grossly delinquent in HOA assessments (monthly and special).
The HOA Board followed the legal process to foreclose on the unit.
The unit became property of the HOA in August 2017.
The unit was prepared for sale, requiring approximately $3,000 in repairs.
The unit was listed for sale with an impartial real estate agent. Within days of listing, multiple offers (including 2 cash offers) were received. The unit sold in early February 2018 for $150,500, above listing price.
New Business: Items discussed.
Elections to the board:
Tiffany Alexy communicated to the Board prior to the Annual Meeting she would not be able to continue serving on the Board.
Remaining Board members confirmed intent to continue serving.
Anthony Frasso, in attendance at the meeting, volunteered to serve on the board. A vote was taken and Anthony Frasso was unanimously elected to the Board.
Other Items. Items discussed.
Next Board meeting was set for Tuesday, April 17, 2018 at 6:30pm at University Woods Clubhouse.
Motion by Toby Terrell to adjourn meeting. Seconded by Mark Selz. Meeting adjourned at 7:01pm.
Minutes submitted by Lisa Whitley. To be approved at next Board Meeting.