Open Door Association PO Box 4178 Incline Village, NV Annual Meeting 1:00 PM September 17, 2011 Approved Minutes 1. Calling of Roll/Certifying P

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1 Open Door Association PO Box 4178 Incline Village, NV Annual Meeting 1:00 PM September 17, 2011 Approved Minutes 1. Calling of Roll/Certifying Proxies Owners Present Joan Rishel, #39; Ralph Scelzi, #47 & 54; Bart Panek & Jerry Urban, #57; Marty & Mary Tallungan, #61 and #80; Devin & Carolyn Mun, #75; Mary Fleming, #76; Jeremy Gorup, #83; Michael & Virginia Agostini, #86; and Gareth Harris, #94 Owners on Telephone Lorraine Eleccion, #35 Owners by Proxy Isao Hamanaka, #29; Glen & Leslie Jones, #33; Gerald Pretti & Mary Beth Wilson, #34; Sam Kukuruza, #41; Bluckley-Solcher, #55; Michael & Diane Jankiewicz, #63; Elizabeth Legras, #65; Lalura Rakitnichan, #82; Leopoldo & Bertha Ramirez, #85; Robert & Corinane Beaulieu, #89; Melinda Adams, #90; Radoslav & Mira Kovacevic, #91; and Frank & Connie Valentini, #92 With a quorum present the meeting proceeded. 2. Approval of September 11, 2010 Annual Meeting Minutes Bart moved and Gareth seconded a motion to approve the minutes as presented. Motion Passed. 3. President's Report Mary Fleming provided a report on the issues listed below. The report is included as Attachment A. Projects Completed Unanticipated Projects Future Projects 4. Treasurer's Report Carol Carlisle Financial Reports through July 31, 2011 along with a report summary were included with the Agenda. The reports and summaray are included as Attachment B. 5. New Business Rules and Regulations Violation Issues Long TermTenant Information owners are not providing when their units are rented long term. Pet Issues, noise disturbance, use of charcoal grills Pet owners not picking up after their pets Owners are allowing long term tenants to have pets which is a violation of the revised rules and regulations. Carbon monoxide alarms CA law requires carbon monoxide alarms in units. Carol was asked to include in the Fall/Winter newsletter and to add to the Rules and Regulations. 6. Homeowner's Comments Joan Rishell suggested that in future elections for the Board a brief biography of the candidates be included. Carol agreed that this is a good idea but unfortunately this meeting had to be changed and an additional call for candidates made in order to get owners to run for the Board. Will start the search for candidates earlier next year. Page 1 of 6

2 The Agostini s commentedd that the place looks cleanaer and neater since Tim has taken over as maintenance managaer. Joan Rishel asked how pet violations were being resolved. The Board responded that the current violation will be addressed by the new Board who will decide on a hearing and fine or whether the rule should be changed. Jeremy Gorup asked about the structural retrofit at unit 83. Jeremy said he was concerned as that was the unit he purchased. The Board responded that a load bearing wall in the upstairs closet had been changed when a prior owner remodeled the area. The Board wanted to make sure that there was no issue with the remodel and had an engineer inspect. Repairs were made per the recommendations of the engineer. Ralph Scelzi asked why the actual cost of the metal roof replacement done by Osborne was not used in the Reserve Study. Carol stated the current Board reviewed and provided the information to be used. Ralph stated the study he had was from Sept Carol did not have a copy of the current study and said she would review and if a change was necessary it would be made. 7. Election of Directors Ask for volunteers to open envelopes and count ballots Joan Rishel, Mary Fleming and Carol Carlisle opened ballot envelopes and counted the ballots. Certify election results Joan, Mary and Carol certified the election results Announce election results Carol announced the results as follows: Gareth Harris 19 votes Mary Wilson 15 votes Jeremy Gorup 14 votes Devin Mun 13 votes Jerry Urban 13 votes Martin Tallungan 11 votes Steven Hopkins 8 votes With five seats open for the Board, Gareth, Mary, Jeremy, Devin and Jerry were elected to the Board. The Board encouraged all candidates to continue to be involved by coming to meetings and volunteering for committees. 8. Adjournment Meeting adjourned at 2:05 pm. Page 2 of 6

3 Attachment A Presidents Report Projects Completed Hired new manager 27 inquires, 17 job applications received, 7 interviews scheduled (4-5 showed for interview) Moved BMP rock away from contact with wood siding of buildings Developed (Preventive Maintenance) day-to-day and annual work list for manager Manager will lock up clubhouse and cover spa in evening. Cancelled High Sierra Contract, which included locking up but not covering the spa. All windows washed, inside and out Cleaned out storage rooms and shed and notified owners to either remove their belongings from the storage rooms or register them with management. Unclaimed goods are to be disposed of. Condensed Rules and Regulations and updated pin boards at entrances and in the clubhouse. Painted metal grates at entrances of buildings Touch-up painting of interior hallways Bids obtained for snow removal winter season Multiple bids obtained for roof repairs Revised pet rules after obtaining advisory responses from owners Resealed Durastone Repaired faulty wiring on upper parking lot light Repaired lighted sign on Hwy 267 Re-wiring of light at shed brought up to code Inspect ventilation holes above upstairs sliding doors for evidence of rodent/bird intrusion for screening. Upper parking lot debris cleaned up Repair sink and cabinet in women s restroom Grounds cleaned up Combination lock installed on clubhouse door to prevent unauthorized use and Exit Only lock was installed on swimming pool gates Parking permits provided to owners to begin to control unauthorized parking on site Update computer equipment Forward phone calls directly to maintenance manager Wireless internet provided in clubhouse Exterior stairs restriped Chained off one access to upper parking lot to discourage unauthorized access Unanticipated Projects Roof leaks and repairs to several units Extremely heavy snow fall required extra work to keep excessive snow load off roofs and away from lower siding but still resulted in water leaks in some units Replaced broken window above laundry room in Building 2 Page 3 of 6

4 Future Projects Exterior painting and siding repair Roofing repairs and maintenance Deck footings repair and/or replacement Parking lots, asphalt repair, crack fill, and striping Exterior wood stairs and handrails BMP maintenance & planting of native wildflowers per Robert Basile Page 4 of 6

5 To: ODA Homeowners Attachment B Re: Financial Review through July 31, 2011 Enclosed for your information and review are the Balance Sheet and Profit and Loss Statement through July 31, 2011 Financial Reports are reported on an accrual basis as required by CA Statutes. The Board will review this information at its Meeting on September 17, Balance Sheet Operating Account Balance $5.7K Reserve Account Balance - $146.9K up from 125.8K in March Accounts Receivable Balance of $14.7K is the difference between the Actual Accounts Receivable balances of $29.9K minus the Allowance for Doubtful Accounts Balance of $15.2K All owners with past due amounts have been sent statements and liens have been placed on accounts over 90 days past due. Six bank owned units have been sold, at least two units are bank owned and several owners are attempting short sales. Unfortunately when a bank takes over possession of a unit, the lien that the Association has on the unit is wiped out. As a result, $19.7K of assessments owed was not collected. Undeposited Funds $2.1K represent receivables paid in July deposited in August Due to Reserves of $38.7K represents the shortfall of funds being deposited to reserves, primarily as a result of the $15.2K in Allowance for Doubtful Accounts and the write off of $19.7K of uncollectible assessments. Deposits are being made as funds become available. Prepaid Assessments of $4.9K represents total of assessment payments prepaid by owners. Accounts Payable of $5.8K represents invoicing for July paid in August Prepaid Assessments of $6.0K represents the amount of monthly assessments that have been paid in advance. Income/Expense Statement Income Total income of $110.6K is $3/5K higher than the budget of $107K primarily due to invoicing of Late Fees and payment of rent and utilities by the maintenance manager while on personal medical leave. It must be pointed on that reporting on an accrual basis as required by CA Statutes reports income that has been invoiced, not received. Expenses Administrative Expense of $52K is over the budget of $48.4K by $3.6K primarily due to over runs in Bad Debt Expense and Professional Services. Maintenance Expense of $59.4K is over the budget of $37.6K by $22.9K. This over run is primarily due to the cost of snow removal from roofs of $14.6K and Part Time Backup of $10.4K (required while former manager was on medical leave). The cost for part time backup is partially offset by Miscellaneous Income of $1.9K and the under run in Manager s Salary of $3.8K Utility Expense of $20.8K is $2K under the budget of $22.8K. Total Operating Expenses of $133.9K are $22.9K over the budget of $111KK for the reasons indicated above. Net Operating Income/Expense for the Quarter shows a loss of $23.3K for the reasons stated above. Reserve Income/Expense Statement Deposits to reserves through July are reported at $36K The Board continues to make every effort to increase the Reserves as funds become available. Through July, the only reserve expenditures have been to replace the heat exchanger in the spa at a cost of $405 and to purchase a computer for the office for $728. Page 5 of 6

6 In Summary The Board continues to monitor expenditures and maintain the property within Operating and Reserve Budget constraints. The Board has recommended exterior maintenance and is evaluating bids for several projects to prioritize work using the existing reserve funds Again the Association would be in a much better financial position if it were not for the Allowance for Doubtful Accounts and Past Due Receivables. Placing a lien on the unit helps secure the Association s claim on back assessments, but if the bank forecloses, that lien is wiped out and the bank is only responsible for assessments from the date of foreclosure. If you have any questions, please call or me at the information in the footer. Sincerely Carol L. Carlisle Administrator Page 6 of 6