Minutes of the April 19, 2011
Special Meeting of the Board of Directors of the
Manors at Central Park Condominium Association
1. Meeting began at 1:05 p.m.EDT; Quorum was established with two of the three Board Members being present on the conference call. Board Members present: Amanda Jacobson (Titanium), Mike Grobbel (Manors co-owner); Board Members absent: Casey Wendeln (Titanium). Also present: Ryan Dorner (Kramer-Triad property management)
2. Approved the agenda for this meeting.
3. There were no prior Board Meeting minutes to approve.
4. The Board officers for 2011 are:
a. President - Amanda Jacobson,
b. Treasurer – Casey Wendeln,
c. Secretary – Mike Grobbel
5. 2011 Budget; discussed the current amount and status of delinquencies; MOTION: approve and adopt the 2011 Budget as presented in Dec. 2010; Yeas: Jacobson, Grobbel. MOTION PASSED
6. There were no contracts needing Board approval at this time
7. Transparency Policy for Board Meeting decisions; It was agreed that the
a. Secretary will prepare a synopsis of Board Meeting discussions and decisions for the Minutes
b. Minutes will be published on the Manors blog at http://manorsatcentralpark.blogspot.com where they may be read by Manors co-owners.
c. Minutes will be marked “Unapproved” until approved by the Board Members.
8. Transitional control planning
a. The Association’s replacement reserve account must contain an amount greater than 10% of the annual budget expenses before the Transition Meeting can be held; based on the 2011 Budget, it must therefore contain at least $25,600 (current balance is about $750).
b. President Jacobson stated that the Carpenters Pension Trust Fund is willing to contribute no more than $10,000 into the replacement reserve account at the time of Transition. This leaves a shortfall of about $14,850 that will have to come from the Association’s revenues.
c. The Association’s 2011 Budget shows a favorable excess of revenue vs. budgeted expenses of $12,880. Knowing that our recent operations cash account balance has been adequate to conduct the Association’s business and assuming that our delinquency level does not grow during 2011, this is money that can be moved to the replacement reserve account as it accrues. MOTION: direct Kramer-Triad to begin making $1,000 monthly additions to the replacement reserve account, retroactive to Jan. 2011. Yeas: Jacobson, Grobbel. MOTION PASSED
d. Given $1,000 monthly additions to the replacement reserve account effective Jan. 2011, the earliest the account will contain the necessary $15,600 to enable Transition will be March 2012. This date can be moved earlier in direct correlation with how successful the Association is in collecting the current outstanding delinquencies, which totaled $10,500 as of March 31, 2011. President Jacobson stated that she and/or Treasurer Wendeln will attend the Transition Meeting when it is held.
e. President Jacobson stated that when the Board decides to levy an additional assessment to pay for the shortfall on the final layer asphalt paving project, the Carpenters Pension Trust Fund is willing to pay the per-unit additional assessment amount for each of their 47 units that have not been constructed. This commitment is independent of whether the additional assessment is levied before or after Transition and is based on the Board’s assumption that Shelby Twp. will contribute the full amount of the letter of credit they received in 2003 to guarantee the final paving.
9. There was no New Business to be discussed.
10. The next Regular Board Meeting is scheduled for a conference call to begin at 2:00 p.m. Eastern Time on Oct. 12, 2011.
11. Meeting was adjourned at 1:59 p.m. EDT.
