Crawford Bay Condo Association
Board of Directors Meeting
August 3, 2009
The meeting was called to order at 6:30 p.m.
Members present: Debbie Rosso, Carole Garrett, Frank Wright, Mike Reagan, John Park....... Rosemary Dorow, Association Manager, also attended.
Homeowners' Forum: Teresa Park, David Warren, Peter Stinson, David Zimmer
Our insurance representative, Tom Hoddinott, from State Farm Insurance, spoke about condo insurance. We currently are insured for $5,723,400.00. He distributed brochures and info which itemize individual buildings and deductibles. According to Mr. Hoddinott "everything that can happen to a condo is covered." We have a $5,000.00 deductible per incident. Mr. Hoddinott noted that there is a 2% deductible per building for a named hurricane. Regarding liability, we have coverage of $ 1,000,000....the Board is covered.....we also have an extra umbrella policy of $1,000,000. Mr. Hoddinott stated that each individual policy should have loss assessment coverage and recommended $20,000. The additional coverage is inexpensive. Mr. Hoddinott explained that a homeowner can file a claim under master policy without going through the Board. David Zimmer requested that Mr. Hoddinott send out brochures to the owners explaining condo insurance.
Mr. Hoddinott stated that our insurance covers replacement. Frank Wright suggested that at a later date we should check to see if we need to increase our coverage due to increased building costs.
David Zimmer asked about flood insurance. Mr. Hoddinott said homeowners should have extra insurance only for contents.
Peter Stinson will post documents regarding coverage on the website.
David Zimmer restated his concerns regarding incorporation and the tax implications. Mr. Zimmer believes it is important to take steps to extinguish the corporation rather than just allowing it to expire.
David Warren referred to his letter to Board members regarding his deck repair and limited common elements. Mr. Warren feels that the Board should adhere to the way past boards have handled repairs and suggested that a radical change would have repercussions. Following considerable discussion it was the consensus of the Board that David Warren is to be responsible for having his deck repaired. Debbie Rosso offered the Board's assistance in helping him find a contractor but he declined the offer.
Frank Wright distributed the Treasurer's Report.
Rosemary Dorow gave the Managing Agent's report. There was some discussion about the way it should be presented. Ms. Dorow agreed to make suggested changes.
Debbie Rosso reported that Peter Stinson is updating our website with regard to house rules.
Rosemary Dorow distributed 2009 budget with notations as to where we currently stand on each line item. Ms. Dorow stated that we should start working on the 2010 budget in October.
It needs to be formulated and sent to homeowners by the first of the calendar year.
Rosemary Dorow distributed the maintenance log. There was a lengthy discussion regarding work to be done to third floor balcony of Unit 107. Since we were previously committed to this repair we must have the work completed. Mike Reagan moved that Aarden be given the job of repairing 107. Carole Garrett seconded the motion. Frank Wright abstained.
The motion was passed.
Rosemary Dorow gave an update regarding payments in arrears.
Debbie Rosso reported that the pressure washing work would be done very soon.
Under Old Business, there was considerable discussion regarding incorporation. Carole Garrett made a motion to extinguish corporation pending the signatures of three former Board members. Mike Reagan seconded the motion. Motion passed unanimously.
Frank Wright reported that BB&T does not do a line of credit for associations. Mike Reagan suggested that the reason the by-laws revision was not approved last year was because it gave too much power to the Board with regard to making loans and a line of credit would be considered a loan. Rosemary Dorow also recommended that we pay off the loan. John Park moved that we pay off the loan and not apply for a line of credit. Frank Wright asked that the motion be amended making it possible for him (Frank Wright) to complete this transaction with only his signature. Mike Reagan then made a motion that Frank Wright be allowed to complete the transaction to pay off the loan. Debbie Rosso seconded the motion. The motion passed unanimously.
A discussion ensued as to how much money to put into the reserve account since we would now have no more loan payments. Mike Reagan moved that we transfer $3,000.00 to our reserve account. Frank Wright seconded the motion. There was some discussion. Motion passed unanimously.
Sewage problems were discussed. The line is currently snaked out every six months so it was agreed we would not do anything immediately.
Under New Business, H. E. Moore proposal was reviewed. Changes were made to the original proposal. Mike Reagan moved that we hire H.E.
Moore Services if the changes were agreed to by H.E. Moore Services. Frank Wright seconded the motion. It passed unanimously.
A letter to the homeowners regarding limited common elements is being worked on by John Park and will be circulated to the Board.
The Board agreed to change meetings to the second Tuesday of each month.
John Park initiated a discussion regarding tenants being made aware of by-laws and house rules; other issues such as rental inspections were discussed. Tenants should be told to have renter's insurance. Tenants should be encouraged to attend board meetings. The owner of each unit is ultimately responsible for his or her tenants.
Parking issues and complaints were discussed. Rosemary Dorow is to contact owner of Unit 111 to see if her permission had been given for other unit owners to park in her spaces.
Frank Wright informed Rosemary Dorow that the Board felt it necessary to make a management change. Rosemary Dorow said this should be done in writing. This will be handled appropriately.
Meeting was adjourned at 10:20 p.m.
These minutes are posted 9/18/2009 as received via email 9/9/2009 from the Board President.
Crawford Bay at Olde Towne Board of Directors Meeting July 13, 2009 Minutes
Members present – Debbie Rosso, Frank Wright, John Park, Mike Reagan, Carole Garrett. Rosemary Dorow, Project Manager, also attended.
Homeowners’ Forum - attended by: Teresa Park, Nancy Cherry, David Zimmer, Ben Forsythe.
The minutes from the annual meeting held on June 4, 2009 were not available.
Debbie Rosso opened the meeting by stating out goals are to: maintain the appearance of the condos, keep property in good repair, work toward increasing out financial stability, and enforce the house rules.
Homeowner’ Forum – David Zimmer addressed the issue of incorporation; raising the question as to validity of forming new corporation when old entity still exists. He explained that we need to correct deficiencies in by-laws to conform to federal tax regulations. He discussed private letter rulings – only CPA’s or tax attorneys can handle. He also raised questions about our insurance coverage. Would we be covered individually or collectively? Should we obtain more insurance or dissolve entity formed? This issue was tabled until August meeting when our insurance agent, Tom Hoddinott will be attending.
Frank Wright commented that the attorney we previously had, Sarah Palmara, did not do a good job representing us. We will actively look for a new attorney familiar with condo rules and regulations.
Treasurer’s report – Frank Wright advised the board members to refer to his e-mail report. He did state that there had been no drain on reserve funds. Frank Wright suggested that since out reserve funds (CD’s) were earning a nominal amount of interest we consider paying off our loan with BB&T in full. We could then arrange for a line of credit in the amount of $50,000.00 for emergencies only. Frank Wright and Debbie Rosso will meet with BB&T to discuss these issues.
Mike Reagan raised the issue of limited common elements as stated in the by-laws. A very lengthy discussion ensued. Following the discussion; Rosemary Dorow gave the Manager’s Report, and asked how we wished to handle bills submitted by On Target, David Warren’s very unsafe back deck and Rob Poellnitz’s shed and leaks. Again there followed a lengthy discussion.
Debbie Rosso will appoint someone to work with her to review On Target’s bills to see if we do owe anything since On Target was paid for work not completed by the previous board.
Frank Wright moved that we send a letter to David Warren advising him that we plan to enforce the by-laws regarding limited common elements. A letter should be sent advising him that he should have the work done himself or the board will get the work done and bill him. This must be done within 60 days. Carole Garrett seconded the motion and it was voted on and unanimously passed. Rosemary Dorow was directed to draft and send a letter to the Warrens advising them of our decision. Debbie Rosso suggested that in this letter we tell them that under no circumstance is anyone to go on their deck until the problem is corrected.
Frank Wright suggested an annual review of the management contract.
The problems at Unit 159 were addressed. Debbie Rosso made the comment that the water problem has not been resolved and OnTarget should not have been paid. Rosemary added that On Target should be paid because they did as they were supposed to: dig the hole, fill it back up, but that left the problem still unsolved. This item will be on the August agenda.
Rosemary Dorow said that from now on the only bills that Prudential will pay without board approval are as follows:
Management fee
Electricity
Insurance bills
Monthly yard maintenance
The board agreed that any bills will be approved before payment. The entire board agreed that we are very happy with our current yard service.
Rosemary Dorow asked about Andrews Roofing’s bills. Board agreed to pay them with the notation that Board felt the hourly rate was too high and Rosemary Dorow should have questioned it before presenting it to the Board.
Rosemary Dorow asked the Board what to do about the 3rd floor balcony on Unit 107. This will be looked into and discussed at the August meeting.
The discussion then came back to limited common elements. Rosemary Dorow suggested that we are allowed to have planning meetings. The Board needs to decide how to handle a letter to the homeowners apprising them of the enforcement of the by-laws. Carole Garrett suggested that we point out in our letter that this means we will not have to continue to have assessments and will be able to fund the reserves. A planning meeting will be held prior to the August meeting to decide how to handle this situation.
The next regular board meeting will be held on August 3, 2009 at 6:30p.m. at Frank Wright’s house.
The meeting adjourned at 10:20p.m.
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