Minutes of 1/12/07 BOD Meeting

Meeting called to order at 3:00 PM.

Board members present:  Pegi Graham, Dan Quail, Bob Edelblut, Bev Rothenborg.

Also present:  Association members Doug & Marianne Barber, Bob Force

Not present:  Mike Derrig, Property Manager

Motion to approve minutes for December 15, 2006.  Seconded. Passed.

Financial report by Bev Rothenborg.  December budget report shows Association overspent by almost $22,000 relative to budget for first 6 months of year.   Large maintenance and repair projects in summer months account for much of this.  That level of activity has greatly diminished and expenses are anticipated to come back into line as year progresses. Some errors in budget report that need to be corrected.  Reserve Fund repayment plan has been formulated and implemented.

Landscaping report by Bob Edelblut.  The big issue currently under consideration is the stability of the bank behind North Chandler where some large trees were uprooted by high winds.  The Property Manager is working on an evaluation of the situation and possible remedies.  Due to his absence at this meeting, discussion of the matter was postponed until next week.  More cleanup issues may develop if there is a return of the high winds.  $4,000 to $5,000 could be saved through a reduction in landscaping services over the next six months. That money could be applied against operating debt owed to Reserve Fund.  Much will depend on the weather over the next few months.

Maintenance and Repair – Pegi Graham.  Repairs to roof leak and associated interior damage in Bldg. 10 have been completed.  Cost – about $2,282.  Water from gutters above Bldg. 1 is causing damage to wood around lower, east kitchen window.  Many gutter issues throughout the village.  Though minor in themselves, they can lead to expensive downstream repairs.  Gutter inspection and repair is a priority for next summer.  A number of minor repair issues seem to be ongoing but they are more a nuisance than a major drain on finances.

Old business

●  Efforts to develop a comprehensive six month review of Association finances is underway.  Some apparent errors in the budget reports first need to be corrected.  Information concerning IHVCA finances is available to any Association member at any time.

●  Options for growing the Reserve Fund to meet future major repair/replacement expenses were discussed.  More work needs to be done on this including development of a plan that quantifies funds needed and how they are to be raised.  That plan is to be presented to the membership sometime before the next annual meeting.

●  Motion to set interest on monies repaid to Reserve Fund at the same rate that would have been earned had the monies been left in the account.  Seconded. Passed.

●  The Reserve Study conducted last year has proved to be unusable in many respects due to its structure which addresses a repair or replacement item for the village as a whole rather than on a building by building basis.  An effort to update the study is to be made by the Property Manager and Board members that will provide the same information for each building.

●  Pegi Graham is working on a revision to the House Rules that would incorporate some new items that are felt would be of benefit to everyone.

●  Insurance.  Discussion about having a representative from CAU make a presentation to the Board on how an individual homeowner’s insurance should dovetail with the Association master insurance policy.  It is contemplated for April.  All homeowners invited.

●  The May/June time frame has been chosen for a community effort to pick Rhododendron flower heads.  More will be forthcoming later in the year.

Meeting adjourned at 5:20 PM

Respectfully submitted,

Dan Quail