INNER  HARBOR VILLAGE CONDOMINIUM ASSOCIATION
ANNUAL MEETING

JUNE 26, 2011

Dan Quail, President, called the meeting to order.  It was determined that the meeting had a quorum.  Dan welcomed new homeowners Margaret and Peter Reynard,  21A  Keel Way.  He introduced Board members Gregg Hupp, Greg Lucas, and Ruth Seaberg, and thanked departing member Marianne Barber for her outstanding service as Treasurer.  He also introduced Dan Lanksbury, our Property Manager, and thanked him for the superb job he has done for us the past three years.

Dan explained the Annual meeting agenda  and noted that the Special Assessment meeting would take place after the conclusion of the Annual Meeting.  Counting of ballots will take place at the end of the Special Assessment meeting.

Dan thanked the following  homeowners for their contributions to the community:

Donna LeFrere – internal audit; Bev Rothenborg, social activities; Doug Barber, many contributions and good advice; Michael Baroumes, board consultant and  pond maintenance; Greg Lucas, volunteer building maintenance; Pegi Graham, insurance coordinator; Bob Graham, audio visual.  He also thanked Debbie Lanksbury, who works with her husband in accounting and other areas of property management. 

A motion was made by Bob Force and seconded by Frosty Foust to approve the minutes of the 2010 annual meeting. 

Landscape Report – Dan Lanksbury                                                

Most normal landscape activities were completed on schedule although some weeding was delayed due to a wet spring. Winter damaged shrubs were replaced.  Pond  maintenance continued, with pipes added to keep water level low.  Beavers appear to be gone.  Major failure in irrigation required pipe replacement and repairs.  Landscape expenses were under budget for the year.

Maintenance Activities –  Dan Lanksbury

Small job repairs:  Trim replacement and painting at six buildings;  dryer vent project cleaned 15 vents; gutter leaks repaired at two buildings; leaks repaired at two storage areas.             

Blacktop  repairs were completed on all roads.  One driveway and one courtyard were replaced.  Roofs were cleaned at three buildings.  Gutters were cleaned and windows washed. Two sets of entryway stairs were cleaned and one painted.  Gutter flashing completed on two buildings.  Wall replacement and repairs done on three buildings.  Attic inspections performed on all buildings.  Major structural damage found on one building due to ground water.  Three chimneys  were repaired because of faulty chimney caps, One building was fully painted and one partially painted. Eleven mailbox kiosks were refurbished, repaired and new roofs were installed.

Much repair work was done on Building 10 due to faulty construction which caused defects not previously discovered.  As a result we have encountered large unexpected expenses.  This issue will be explored in detail at the special assessment meeting.

Financial Report – Dan Quail

Dan Quail reviewed our 2010-11 financial report.  Checking account balance on June 30, 2011 was $l,50l.  Reserve account balance was $13,303 after withdrawal of $80,000 for extraordinary expenses.

Budget Progress Report

Report for 12 months ending June  30, 1011 shows  all dues have been paid. We are $110,000 above budget because of unexpected repairs.  Reserve expenses are $7, 831 over budget due to necessary painting.  Total unanticipated expenses were $117,511.

Proposed Budget

The proposed budget is based on the passage of  the special assessment which is  $5,000 per unit in fiscal year 2012/13, $2,500 per unit in FY 2013/14 and $2,500 in FY 2014/15. 

       Income after reserve contribution   - $345,766.       

       Expenses

          Total  operating expenses                      $115,854

          Cost of completing existing

          work on Bldg 10                                          4,000

           Cost of essential repairs to Bldg. 4        42,000

           Cost of essential repairs to Bldg. 8        38,000

           Contingencies for Bldgs. 4 & 8                38,562

           Restore funds taken from operating     

           for extraordinary expense                        11,850

           Repay  reserve fund                                 80,000 

          Repay outside personal loan                   15,500

      Total expenses                                            345,766

Reserve Study Update

Changes in the law effective January 1, 2012 will necessitate changes to our Reserve Study.  New reserve components will be added to the Reserve Study, funding to be determined.  Association Reserves will conduct an on-site review of our Reserve Study this summer.

Dan showed a chart summarizing our projected reserve balances for the years 2010 through 2021. 

Internal Audit

Donna LeFrere has completed the  audit of our financial activity for Inner Harbor for the year ending 6/30/2010 with favorable results.   Financial statements, bank reconciliations and bank statements are in agreement.    Marianne Barber was thanked for her work providing support for all  expenditures and receipts.

Details of all financial reports are available to homeowners upon request.

Election of Directors

The following slate of directors was presented to the membership:

Dan Quail, Gregg Hupp, Greg Lucas, Michael Baroumes, Ruth Seaberg.

There were no nominations from the floor.

A motion was made and passed that the above be unanimously elected to be the Board of Directors of the Inner Harbor Village Condominium Association.

After a question and answer session, a brief recess was announced before the start of  the Special Assessment meeting.

                                                                                    Respectfully submitted,