INNER HARBOR VILLAGE CONDOMINIUM ASSOCIATION
ANNUAL MEETING
JUNE  20, 2009

The meeting was called to order by Dan Quail, President, with a welcome to all those attending.

He introduced board members  Pegi Graham, Gregg Hupp, and Ruth Seaberg. He thanked  Jan Lucas for her efforts as a departing Board member, especially in the areas of  resale certificate and insurance.  He also thanked several members of the community for service to the Board:  Donna LaFrere for internal  audit, Bev Rothenborg for social activities, Gregg Hupp for newsletter, Greg Lucas for firewood preparation and Bob Graham for audio-visual support.

A motion was made and passed to approve the minutes of the 2008 Annual Meeting.

Treasurer’s Report – Pegi Graham

Pegi reviewed the year end budget report.  With yearly expenses of $123,571 and our budget

at $123,721.00, we are $150.00 below budget. We also have a credit from our insurance policy due to changing the date of our fiscal year.

Property Manager’s Report – Dan Lanksbury

Landscaping -   Tree maintenance included  tree removal and pruning.  Bluff maintenance and brush/weed control were performed, with attention to drainage issues and vegetation cutback. Shrubs were maintained, with special attention to those damaged by the extreme cold last winter.

Much work was spent on repairing sprinklers and improving coverage.  Rain sensors are being placed on all irrigation timers to reduce water usage.

Repair and Maintenance – Eight roofs were cleaned, thirty-three roof jacks were replaced, a major repair was made to repair a leak, all gutters were cleaned, and drainage was  repaired on the bluff.  Two driveways and a portion of sidewalk were replaced.  Trim painting was completed  on eight buildings,  and damaged trim and touchup were done on five buildings.  Entry stairs were rebuilt on three buildings, trim on rotted rails was repaired on four buildings,and drainage issues were resolved at two buildings.

Plumbing  repairs were made to three frozen pipes, two broken water hydrants and two condo shut-off  valves.  Hose bibb insulators were installed on all non-protected hose bibs.  Water heater replacement is in progress.

Reserve Study and Proposed Budget  – Dan Quail

 Dan reviewed the reserve plan – He explained that a reserve expense is a long term, planned repair or replacement that is in a common area, has limited useful life, predictable life limit, and cost greater than $2,000.  The reserve balance as of June 30, 2009 is  $69,895.  Reserve expenses for next fiscal year (2009/10) are budgeted at  $11,572.

 Painting is scheduled to begin in five years.  We plan to extend time for painting in order to stay on reserve budget, but necessary caulking and replacement of chimney caps will be done.

The proposed budget for 2009/2010  is $110,550, with no increase in dues .We will put $27,263 into reserve account for future expenses.

Audit – Pegi Graham

  Donna LaFrere has reported that the audit of fiscal year 7/1/07 to 6/30/08 shows favorable results.  All expenses and invoices have been reconciled with the financial statements, pending final review of some invoices.

Insurance – Gregg Hupp

 Gregg explained our  new  three year insurance policy, which is less than $20,000 per year, including  an umbrella policy of $10,000,000.  He stressed the obligation of homeowners to have an individual condo policy.

 Electronic Withdrawal Option for Membership Dues- Pegi Graham 

Pegi reviewed the form available to members for electronic withdrawal for membership dues.

For those who choose to participate, it will allow automatic transferral from member’s bank accounts
to our account 

Election of Director 

Dan Quail introduced present members of  the Board:  Dan Quail, Pegi Graham, Ruth Seaberg and Gregg Hupp. 

Election Results  - Thirty-seven signed ballots were received from homeowners.  The following board members were elected:  Dan Quail, Pegi Graham, Ruth Seaberg and Gregg Hupp.  Nominations from the floor were Maryanne Barber and Bill Lane.  A motion was made and passed that they be accepted as members of the Board.

Members also voted by written ballot for accepting the proposed budget and against having a formal audit this year.  Donna LaFrere will do an internal audit for  the fiscal year 7/1/08 to 6/30/09.

Final Remarks and Questions

Dan Quail recognized Pegi Graham for her outstanding work in improving our community. Her efforts are much appreciated.  He thanked  members for attending and invited all to participate in the lunch following the meeting, organized by Bev Rothenborg.  

During a question and answer session, the problem of moles and bats was raised.  Dan Lanksbury is addressing these issues.

 A Labor  Day picnic is planned, with Bill Lane as chef. 

The meeting was adjourned at 12:30 p.m.

                                                                                    Respectfully submitted,                                                                                                                                   Ruth Seaberg. Secretary