Annual HOA meeting 2017

March 21, 2017

Board members in attendance: JH, JM, JG, and SD.

The meeting started at approximately 6:45. JH welcomed everyone, followed by JG reading the minutes from the March 29, 2016 annual meeting.

1. SD explained the following financial information:

1. 2016 Profit & Loss, and Balance Sheet:
2. $6500 for move-in fees collected in 2016.
3. $7233 special assessment for Elite security cameras – nearly 100% participation rate.
4. $7216 Firetrol fees, including repairs to leaks, and new compressor.
5. $1000 for office computer upgrades to accommodate new Elite security system.
6. $9350 for 3rd floor deck repairs, and maintenance. 100% completion for 3rd floor.
7. $13,056 net income, which will help build reserves.
8. $80,971 balance in Fidelity reserve account.
9. 2017 budgeted items:
10.  Hall painting, and carpet cleaning for 2nd floor.
11.  Deck repairs, and maintenance for 4th floor.
12.  Roof inspection, and patching (full replacement probably delayed until 2018).

JL, owner of #202, asked SD to add the following columns to the annual P&L in the future:

1. Prior year totals (2015 totals for example).
2. Variance between the two years.
3. Budgeted totals.
4. Variance between actual, and budgeted.

2. SD covered the following reminders, and scheduled projects for 2017:

      A.  Owners should replace smoke detectors older than 10 years old.

      B.  Boxes should be broken down before placing them in the recycling cans;        glass, wood,  food, and greasy food wrappers/containers (like pizza boxes)       should not be placed in  the recycling cans.

      C.  Owners should replace older water heaters – especially if it is the original        one.

      D.  2nd floor common area paint and drywall repair (every five years - see          1.B.1).

      E.  4th floor balcony repairs and maintenance for summer-early autumn (every       five years – see 1.B.2).

      F.  Paint all south, and east-facing balcony railings.

      G.  Window cleaning will be scheduled for May-early June.

SD informed attendees they could ignore the mailing they received from the Division of Water regarding water shares, since The Club and its residents do not own any shares (according to Russ Watts, the original developer of The Club).

3. Rental Cap Discussion

      A.  JH informed attendees that The Club currently does not have a formal,          written rental cap; there are currently 25% units being rented; and the           proposed rental cap caps rentals at 35%.

      B.  A motion from DW, owner of #302, was passed for a wording change to         the 60 day stipulation in section 3.2.6.1 of the Amended Declaration of The       Club.

      C.  A motion from JF, owner of #405, was passed for a wording change to the       January 1 stipulation in section 3.2.6.2 of the Amended Declaration of The       Club.

4. Other Business discussed

      A.  BG, owner of #204, inquired about the pest control schedule. SD reported       the current schedule will continue. BG also reminded attendees of the          operating hours for the garbage chute: 10:00 a.m. to 10:00 p.m.

      B.  JH reported no new developments for the rumored parking changes on         300 East.

The meeting was adjourned, and Voting & Election proxies were collected.

The Club website:  www.theclubhoa.com