PROMONTORY HOME OWNER’S ASSOCIATION
ANNUAL BOARD MEETING MINUTES
February 10, 2014
HOA President, The HOA President Barkman called the meeting to order at 7:11 p.m. at Tuscany Tavern.
- Board members present: Jan Barkman, Chan Pollock Leanne Fesenmeyer, Holly Richardson, Christin Helander and Fabrice Fonck.
- Board members absent: Roxanne Smith
- Other attendees: Anita Barkman, Mike Paules
The proposed agenda was presented and approved with the addition of a discussion regarding Income Taxes suggested by The HOA Treasurer. The minutes from the previous meeting held November 20th, 2013 were distributed and approved.
Financial Report
The HOA Treasurer presented the 2013-year end financial headlines and an additional document with supporting details (see attachment).
We were significantly ahead of plan (-$4,898) largely due to the fact that we spent less than projected on Road and Grounds Maintenance ($3,037 combined), Technology ($750) and Waste ($550) which did not increase as expected. We also have under spending of $440 in Legal & Audit, which is largely due to the fact that 2012 taxes were not filed, a potential issue, which The HOA Treasurer is investigating, further.
Overall, we ended the year with $45,308 in our Checking account and $17,051 in our Savings and an outstanding receivable of $830 for a total of $63,189. This includes an allocation for Road Maintenance of $10,600.
In the coming months, The HOA Treasurer will work to secure a 1, 2 and 3 year CD of $15,000 to optimize the returns on our $62,000 of outstanding cash funds. As a result, we will then have approximately $10,000 in the checking account.
A motion to approve the Treasurer’s report was made, seconded and subsequently approved.
The HOA Treasurer then presented the proposed 2014 budget including both a Headlines summary and an additional document with supporting details. Key items include $4,500 in the Road Maintenance fund for shoulder repairs and a slight increase for Snow Removal ($3,000 total).
A motion was made to approve the 2014 budget, which was seconded and approved.
Of note, The HOA Treasurer also discussed that we have not filed a 2012 Tax Return and is investigating whether or not a return should have been filed and what the required frequency is for filing.
Other
There was a discussion regarding timing of snow plowing and it was suggested that a resident on El Diente be appointed to evaluate the road conditions and make a call to the snow plow company as necessary for additional plowing. However, it was agreed that until residents begin to complain, we will not undertake any additional actions.
Legal – The HOA President discussed that we have Hindman Sanchez as our retained attorneys, which provides us with advantages including free seminars, regular newsletters, etc. He recommended that we renew our contract, particularly given that we only pay for their services as incurred. The overall group supported the HOA President’s recommendation.
Other – The HOA President proposed that we explore the requirements regarding mandatory record keeping and reporting to ensure that we are in compliance. The HOA President went on to discuss requirements regarding collection policies and he shared that after researching the matter, he found that we are in compliance with the requirements.
Website Review – The Webmaster shared a draft version of The Promontory website as well as those of local area HOAs including Hiwan, The Ridge, Tanoa and Genesee. It was agreed that we would adopt good ideas from each of the sites as we finalize the format and content for our site. He also reviewed the list of recommended resources (e.g – housecleaning, painting, etc.) and it was agreed that in order to list a provider, that a resident also be listed as a referral source.
It was decided that if we publish Meeting Minutes and Financials on our web site, we sanitize the information related to bids and related budget items, general commentary and to whom specific comments can be attributed. It was also agreed that we do not publish budgets on the web site other than historical budgets, which is in line with requirements related to prospective buyers who require the last annual budget and the last available Meeting Minutes. It was also suggested that we not use actual names in our Meeting Minutes and instead refer to individuals by their HOA Board Member titles.
Holiday Lighting – It was agreed that we pursue a neighborhood holiday lighting event next year versus hiring an external service provider.
Forest Restoration Grant – Roxanne forwarded paperwork from the Colorado State Forest Service regarding the application process for a forest restoration grant. It was assumed that we could earn a grant for 25% of expenses incurred and it was shared that there is at least $1MM available. Concerns were expressed regarding the time and effort required to complete the application as well as the matching funds that are required (e.g – if we get a $5K grant, we would have to contribute $10-15K) and whether or not we’d be willing to make that contribution for the 11 acres in our open space area. It was recommended that we postpone a decision given that the CO Forest Service will likely put a priority on projects related to water preservation, large trees and related risks.
Enable – The HOA President shared that the Enable organization is asking for dues of $25 and it was agreed that we approve payment.
Nominating Committee
At the 2014 Annual Meeting, the current current terms for three HOA board members including HOA President Jan Barkman, Directors Roxanne Smith and Christin Helander will be completed. Christin Helander indicated that she would be open to pursuing another term but Jan indicated that he is unable to stand for reelection to the Board for reasons that were explained at the meeting.
Upon review of the by-laws, it is apparent that we have the option to create a Nominating Committee to nominate and approve prospective board members. Jan Barkman volunteered to serve as a member of the nominating committee as did Mike Paules. It was suggested that an email be sent to the community to solicit volunteers for both the Board and ARC.
Adjournment
It was decided that the Annual Membership Meeting be held on Monday, April 28th at 7:00 pm. Notices will be sent out in advance.
With nothing further to discuss the meeting was adjourned at 9:21 pm.
Respectfully submitted by
Leanne Fesenmeyer, Secretary