Management Committee
Management Committee
Topics: avoiding taxes, recycling
Management Committee
Topics: landscape grading
Management Committee
Topics: tagging, stucco and, water damage #18, close WC Cohousing checking;
Management Committee
Topics: overdue fees, deck & stucco repairs;
Management Committee
Topics: corporate registration, nonrunning cars;
Management Committee
Topics: cars, officer elections
Proposal: mgt officers President - Vaughn, Treasurer - Mike W., Secretary - Mike P.
This was mainly a check writing session, and a look at the finances. We discussed a few technical issues.
Vaughn: perhaps we should write a proposal that as part of our bylaws, receipts must be in in 30 days. Whoever gives a management report in the ACM should remind everybody that it is important to get their receipts in.
Landscape expenses are at $3100 this year, budget was 2000, but part of this is the water line repairs (which did not happen today because of the rain).
Regarding late payments of rent and homeowner fees: If someone is late with payments they must give us notice in writing before the 10th of the month. Then the late fees will be waived. Afterwards, Linda, our accountant, does not have authority to waive the late fees, but the management committee needs a written request.
Perhaps your bank allows you to use electonic bill payments to pay the monthly dues. Some in the community do this.
Linda still hasn't talked with the tax adviser about what to do to avoid overages at the end of the year.
Question: does that mean that people should not pay ahead? No, this does not matter because we are on an accrual basis.
Insurance policies came in, it is 10,000 this year. Is this lower than last year?
Linda gave the insurance policies to Mike Wason who will be the insurance expert.
There is also a $482 check for rental liability. Mike P said this protects the managers of the Crown units from liability claims. Insured party is Wasatch Cohousing and Wasatch LLC. This comes out of the crown management budget.
Wasatch Cohousing is the company which did the construction. It now only exists because it is the partner with American Express in the CROWN program, and after the rental period is over we can dissolve it. It was discovered recently that it has an account with First Bank which charged us annual inactivity fees. Mike P spoke to their business loan officer in Denver and got this account switched to a differnt type, and we got reimbursements for the account fees in the last year. History of this account: this was the remainder of the construction surplus after we paid for the storage units etc. This was a small amount just used to pay a few dollars every year for business taxes.
We have 3 companies, Wasatch Commons, Wasatch Cohousing, and wasatch Crown LLC. Board of trustees are the same as the ones for the homeowners association. Original owners signed on to these other corporations, perhaps we need those who moved in later to sign too?
Yesterday's management meeting mainly discussed budget and financial issues. Last year we had to pay taxes because we had spent less than our receipts. The committee discussed ways to avoid similar situations in the future, by either making more contributions to our reserve funds, or by charging the asphalt repair and the upcoming water line repairs to current account instead of capital funds. The fiscal year is coming to a close, if you have checks you want to submit, please do this.
It was also remarked that glass had been deposited in the recycling containers. Glass must be brought to the recycling station West of the CH, we are not allowed to put it into the gray containers.
Began a little after 7 pm.
Kay and Nancy presented information on the need for the backs of a some of the places to be graded to meet code. Nancy's, the Cousin's, Carol's and Jen and Tylers were mentioned. There may be others. Nancy is going to have a bid probably tomorrow. A determination needs to be made once we know how much money will be involved to determine the appropriate fund to draw it from. More later.
Checks were signed, there were just the usual bills.
A short report that all cars will be moved for the resurfacing. Some of them immediately.
Myste submitted a letter indicating that she would be submitting a bill for the uncovered medical costs from her accident. As soon as we have those we will submit them to our insurance company.
Linda gave a CROWN update.
We discussed the need for some kind of discussion on what we should do when households completely withdraw. We agreed that this is an issue that needs to be addressed in the near future.
Adjourned a little after 8:30 pm.
Anyone in attendance feel free to add anything that you feel I missed here.
Vaughn
Check review and signing.
Tagging issue/talk with Paul and Sam re: skateboard ramp clean up
Stucco/water damage in unit 18.
HOA Corporation status update.
Closing Wacoho [Wasatch Cohousing LLC] checking account
CROWN report Late HOA fees and balances due.
Asphalt sealing and crack fixing Dryer repair.
Significantly overdue HOA fees and penalties for same. Numerous small balances due for laundry fees and recently raised HOA fees. Please check your in-boxes for latest statements and please bring them current!
Various deck and stucco repairs by Keer [sic - Kier] as being overseen by Kevin. HOA corporate registration issue being handled by Mike C.
Linda R. to check on Wasatch Cohousing US Bank account and set up a new one.
Reviewed and signed disbursement checks.
Mike C. will handle WCHOA entity annual registration.
Mike P. will handle WACOHO entity annual registration. Discussed and confirmed payments and checks.
Discussed overdue HOA accounts and prepared draft letter to same.
Discussed dead car issue.
Discussed tax returns due.
President - Vaughn Treasurer - Mike W. Secretary - Mike P.
Reviewed and approved checks for payment.
Discussed John Noorda water use issue.
Discussed utility payments.
Discussed overdue HOA fees.
Discussed dead car issues.
Discussed Management and Process Committee interactions based on Laird's suggestions. Discussed Management Committee guidelines and mandates per bylaws, etc.
Page generated May 19, 2020