Reflection Pointe HOA Annual Meeting December 8, :00 p.m.

Transcription

1 Reflection Pointe HOA Annual Meeting December 8, :00 p.m. Attendees: The Reflection Pointe Homeowners Association s annual meeting was held Tuesday, December, 8, 2015 in the Reflection Pointe Clubhouse. The Board members in attendance were Vincent Sica, Brad Lozier, Sean Corcoran and Mike Pasieczynk. Cedar Management Representatives Brian Pizzuti, Kim Perry and Paul Greiner were also present. HOA President Vincent Sica called the meeting to order. Vincent Sica welcomed everyone and introduced the Board, Committee members and representatives from Cedar Management. Approval/Correction of Minutes: A motion was made to approve the 2014 Annual Meeting minutes. The motion was seconded and the minutes of the 2014 annual meeting were approved. Vincent introduced each candidate for HOA Board as follows: Vincent Sica Sean Corcoran Additional nominations were requested from the floor. Hearing none, nominations were closed, however since a quorum was not present it was announced that a follow up meeting would be required to conduct the elections A Q&A session provided opportunity for residents to express their comments, concerns and ideas that would benefit the community. There were several questions and comments from members in attendance.

2 Vincent went over the highlights from 2015 as follows: February New Landscape Company (DeSignia) begins April New Social Committee Communications Committee announced May New HOA Board announced New HOA Management company (Cedar) announced New Board members attend free HOA seminar Board adopts 10 Guiding Principles Wi Fi installed at pool New HOA communication policy implemented Facebook 2 way, meeting minutes and on going updates June Mid year community meeting & poolside BBQ Shrimp Boil at marina & clubhouse New ACC members announced

3 July Welcoming Committee established Kids movie night begins New Board member announced September College football at clubhouse End Of Summer BBQ October Community meeting open forum & feedback on cell tower/flagpole Community meeting Meet the candidates for Belmont City Council Builder / Realtor Open House ACC Open House Halloween golf cart parade and trick or treat November ACC interviews for 2016 December HOA Annual Meeting On going Clubs and Events Wine tasting club Book club Mahjong Vincent thanked the volunteers for the numerous repair projects in 2015 that saved our community thousands of dollars.

4 Financials / Treasure: (Brad Lozier) The treasurer communicated that the collection rate remained at 93 percent; the same rate experienced in The board has aggressively pursued aged receivables. As a result of these efforts, the HOA collected an additional $22,000 of dues associated with accounts having balances over a year old. Liens were placed on all properties with overdue balances of a year or greater, and selective foreclosure and small claim suit actions have been approved. The community is expected to end the year 3% under budget, with contributions of $81,307 into the reserve account (against a plan of $54,402). Brad reviewed the rationale for the $210 annual dues increase, reiterating what was communicated earlier in the letter that was distributed with the annual meeting notice. He provided detail around the findings and recommendations made in the reserve study undertaken in 2005 which called for both higher bank balances and higher contribution rates. During the presentation, a request was made to distribute a balance sheet. Brad suggested that this would be done after the end of year totals are known. and the final 2015 balance sheet is shown below. Reflection Pointe Balance Sheet as of 12/31/2015 Assets Accounts Receivable $ 126, Allowance for Doubtful Accounts $ (107,000.00) Credit Card Holding Account $ 3, Reflection Pointe Operating Expense Account $ 160, Reflection Pointe ACC Escrow Account $ 132, Reflection Pointe Landscape Reserve Account $ 43, Reflection Pointe Money Market Account $ 45, Reflection Pointe Reserves Account $ 462, Total Assets $ 868,745.61

5 Liabilities Accounts Receivable (Early Collections) $ 85, Accounts Payable Net Total $ 8, Deferred Reserve Expenditures $ 28, ACC Architectural Review Fee $ Total Liabilities $ 122, Net Worth Current Operations Fund $ 713, Net Income $ 33, Total Net Worth $ 746, Total Net Worth and Liabilities $ 868, Following the presentation of financials, a question and answer session ensued. The level of participation at the annual meeting did not meet the required quorum, therefore a second meeting would need to be called. The meeting adjourned at 8:39 p.m.

6 January 5, 2016 Annual Meeting Follow up Vincent Sica HOA President called the meeting to order at 7:02 p.m. All HOA Board members were in attendance. Vincent announced that this meeting was a follow up meeting to the annual meeting that was conducted on Dec. 8. At our Dec. 8 meeting we were unable to reach a quorum and therefore tonight, since we have met the quorum requirement, we would ratify the 2014 meeting minutes, ratify the budget and conduct the election. The motion was made to ratify the 2014 meeting minutes and was seconded and they were approved. Nominations for Board elections were opened. Benny Yeargan expressed interest in participating on the Board and he was nominated by Vincent. There were no other nominations and the motion was made and seconded to close the nominating process. The motion was made to accept the three nominees as Board members since there were three openings and only three nominees, which was seconded. Brad readdressed a question that was raised at the Dec. 5 annual meeting about how landscaping improvements would be funded. He indicated that recurring landscaping expenses will be funded out of the operating budget and that non recurring landscaping expenses (e.g., irrigation system expansions) would come out of reserve funds. He confirmed that there is currently a separate a landscaping reserve account (with a balance of $43,403.24) that will be used for this purpose. After the landscaping reserve is depleted, only one reserve account will be maintained and all non recurring expenses will be funded out of that reserve account. All recurring expenses will continue to be funded out of the operating budget. Brad motioned to ratify the budget that was distributed with the annual meeting notice and reviewed in depth at the December 8th meeting. The budget was approved. The meeting adjourned 7:20 p.m.