The Grand at Diamond Beach Homeowners Association Meeting

Transcription

1 The Grand at Diamond Beach Homeowners Association Meeting Minutes of meeting held Saturday, September 3, 2016 Wildwood Convention Center Attendees: In-person: Board Members: Tim McKenna, Jody Curcillo, Tim Little, Anthony Verde and Rich Saitta Bruce Hamlin, Vic Spada and Tom Hunt of Shore Resort Property Management Homeowners - see list attached at the end of the Minutes Copy of the Agenda A copy of the Agenda of the meeting was posted on the My-Grand website and hard copies were available at the meeting. Call to order Meeting called to order by Tim McKenna at 9:09 AM. Roll Call was waived. Minutes of the May 27, 2017 HOA Meeting were approved by acclamation. President s Report Jody Curcillo reported on a number of matters impacting The Grand, including: Tom Hunt. Jody acknowledged the contributions of Tom Hunt who was leaving his position as Property Manager at The Grand. Leaks. Jody reported that the Board has originally advised by ARM that the Building was facing a total caulk failure. We now know that only half of the façade panels were prefabricated and the leaks seem to be concentrated on those panels. Mara will come out in the Spring of 2018 to inspect the caulk and start repairs on the West side of the Building. Total cost is estimated at around $1.3 million, incurred at a rate of approximately $150,000 per year. Roof repairs should run $13,000 for all but the unit 413. Treasurer s Report Tony Verde presented the Treasurer s Report attached to these minutes. In summary: Current projections would have the building under budget through year end, with savings largely attributable reduced insurance costs.

2 As of July 31, 2017, the HOA had about $2.1 million in cash. The HOA had reserves of approximately $1.5 million at Dec. 31, Leak issues should not significantly impact reserves. The Board intends to undertake an updated reserve study and adjust reserve contributions accordingly. The process for preparation of the 2018 Budget will begin in October. Management Report Vic Spada of Shore Resort Property Management reported on a number of matters for the upcoming season. Victor Spada will be taking over the Property Manager position for The Grand. The Pool and Hot Tub will close after September 24, Beach service will end the weekend of September 17-18, Entrance FOBs will be re-registered. Vic reviewed various repair projects to be undertaken in the offseason, including exterior power washing, replacement of veranda light fixtures and continued replacement of veranda railing caps. Victor will once again provide shrink wrapping service for deck furniture. Shore s Best is the building s recommended provider for HVAC maintenance. Old Business Tim McKenna reported on the progress of the State dune project and the Board s efforts. The Board would take an approach similar to Seapoint Village and seek State approval for our dune construction and walkover. That approval would not obligate The Grand to do anything but would crystalize our rights. New Business Jody Curcillo reported that with the help of Gus Mouthis, the Board would be creating a focus group and designing a new homeowner survey to identify issues and concerns. Question and Answers There were a number of questions raised by homeowners Motion to Adjourn The Meeting was adjourned at 10.10

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4 Jan - Dec 16 Budget vs Budget Total Condominium Income 1,588,571 1,588, Other Income Unit Owner Rental Asessment 15,000 16,000 (1,000) Lockers 3,200 2,000 1,200 Insurance Claim - Windstorm 50,434 Room Rental 200 Key FOBS 2,155 Reserve Interest Income 61 Total Other Income 71,051 18,000 53,051 Total Income 1,659,621 1,606,448 53,173 Reserve Replacement Fund 308, ,000 - Administrative & General 77,039 93,510 (16,471) Beach Operations & Supplies 34,248 29,100 5,148 Insurance & Licenses 228, ,350 6,691 Payroll Expenses 415, ,460 3,158 Repairs & Maintenance 222, ,468 2,614 Utilities 312, ,560 (9,760) Total Common Expenses 1,597,828 1,606,448 (8,620) Excess of Revenue Over Expenses 61,793 61,793 Excess of Revenue Over Expenses Approximately $30,000 of the excess is expected to be used to repair leaks in the building. Atlantic City Electric has recently increased the delivery cost for electricity which is not covered by The Grand s utility contract and depending on the electric usage for the balance of the year we may utilize some or all of the remaining $30,000 balance. Cash as of July 31, 2016: Genworth Reserve $ 364,344 Fidelity Reserve $ 369,180 Reliance Reserve $ 657,984 (A) Insurance Escrow $ 284,882 Operating and other cash accounts $ 225,321 Total Cash $ 1,901,711 (A) Reliance includes 2 contracts, one with a contract date of 10/22, the other with a contract date of 9/1. The contract date of 9/1 earned slightly over 5% as of September 1, 2016.

5 Reserves Opening Reserve Balance: $ 1,977,475 Additions: Current year contributions $ 179,667 New Sales working cap $ 14,526 Usage as of July 31, 2016 ($ 149,782) Reserve July 31, 2016 $ 2,021,886 Other Activities: A formal Purchasing Policy was developed and implemented. SRPM currently developing a budget for o One of the major expenses is insurance and we are reviewing opportunities to possibly reduce the insurance premiums. o The Board with the assistance of the Committees (and the knowledge unit owners where appropriate) will review all contracts for reasonable before they are finalized. o The Board will also work with the Finance and Operations Committee to review other potential cost saving opportunities for consideration in the 2017 budget.