Attendees: Present from the Board were Asim Ghulamani, Mark Selz, and Lisa Whitley. Representing Wilson Property Management, Jeb Black. President Mark Selz called the meeting to order at 6:45 PM. A quorum was established. Lisa Whitley recording minutes.
Homeowners’ Forum: No homeowners present.
Approval of Minutes: Previous annual meeting minutes will be approved at the next annual meeting in February 2020.
Treasurer’s Report: Jeb Black reviewed Balance Sheet as of October 31, 2019 and Budget Comparison through October 31, 2019 with Board members.
Balance Sheet: To rotate availability of funds, 6/12/18 month CDs will be opened in the amount of $50k/$50k/$50k to also gain more interest.
Budget Comparison: Line 5115 Plumbing repairs, new line item. HVAC Condensation lines are becoming clogged. HOA Management will get bids for cleaning the lines to prevent issues.
Capital Expenses: Roof replacement: 9 buildings have been inspected and they are in good shape, but will require replacement (due to age). Plan to inspect other 9 buildings this coming year, then come up with a plan of replacement.
Delinquencies Report: List is down to 1.39%, spectacular improvement. Motion made by Mark to begin foreclosure process on account #26227, $3,848.50 in arrears. Motion seconded by Lisa, approved unanimously.
Treasurer’s report was filed with the Board at completion of review.
Management Report: Jeb Black provided details of the management report. Items of discussion included:
Roof replacements, as discussed in budget comparison, will be a significant cost to the HOA in the coming years. This coming year, the remaining buildings’ roofs will be inspected.
Siding on the building exterior is no longer made, so HOA management proposes replacing the face/side of one building with new and using the old/removed siding to replace other areas in need.
Detention ponds cleaned of sediment.
There was a bed bug infestation in a single unit, the issue has been corrected.
Old Business: None.
New Business: Items discussed:
2020 Budget approval motion by Lisa, seconded by Mark, approved unanimously.
Insurance deductible costs this year were approximately $10,000. Discussion regarding recoupment of the expenses that should be bore by the responsible homeowners. Motion for special assessment of $100 per unit to reimburse HOA made by Mark, seconded by Asim, approved unanimously.
Next meeting (Annual meeting) scheduled for Wednesday, February 19, 2020 at 6:00pm at the University Woods Clubhouse.
Motion by Lisa Whitley to adjourn meeting. Seconded by Mark Selz. Meeting adjourned at 7:28pm.
Minutes submitted by Lisa Whitley. To be approved at next Board Meeting.
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