Sundial Lodge Condominium Homeowners Association, Inc. Annual Homeowners Meeting September 8, 2012

Transcription

1 Sundial Lodge Condominium Homeowners Association, Inc. Annual Homeowners Meeting September 8, 2012 Board members in attendance: Richard Schwartz - President; LJ Corby - Vice President; Roger Stephens Secretary; Bob Flaig - Treasurer; Katy Syko-Kramp - Commercial Representative ASRL members in attendance: Jim Simmons HOA Manager; Ken Rabach HOA Accounting Manager; Tom Overson Sundial Lodge General Manager; Ron Brenner Sundial Maintenance Manager; Cecilia Chan Homeowner Liaison Homeowners and Canyons staff in attendance: Mike Shrugg B203; Shelly Smith C109; Jayne & Tony Hawe B224; Mike Kunstadt; Mary & Craig Rettke C005 & C412; Barry & Marsha Brodsky B411; Randy Cassidy B419; Karen Arras & Anthony Cochoned C205; Bob & Cyndi Douglass B210; Eric & Jennifer Hohmann C405; Kenneth Schwartz C215; Uta Cicalese B206 & B207; Kristin Huffmon Canyons Sundial Lodge Resident Manager Attended via conference call: Dr. Harvey Lapin B311 & B312; George Rimalower B322; Kenneth March & Deborah Gott C004; Scott Ribeiro B405; Rob Langenstein B409, Fred & Bonita Valenti C301; Terry & Beth Davis C407; Steve Blankenship B502 Call Meeting to Order Prior to the official start to the meeting, Richard Schwartz announced that he would be recording the meeting. Richard Schwartz called the meeting to order at 1:07 P.M. and thanked everyone for coming. Introductions were made by each owner, Canyons and ASRL staff. Additions to Agenda Lobby refinish update Election to move surplus to the reserve Discuss recommendation of removal of old wireless access point in individual units. Remove the old MOEN cartilages in shower plumbing fixtures. Update on relocation of the fitness center. Additions were added to miscellaneous New state law on the insurance policy Richard would share how it affected him personally. ASRL HOA Update Brief HOA update was provided by HOA Manager, Jim Simmons.

2 Jim explained that ASRL was excited to be onsite as the new property manager and much work had occurred since May 1 to get up to speed at Sundial Lodge. There had been some bumps along the way, but ASRL is working to ensure all staff providing the best possible service for the owners. Q: Tony Hawe What percentage of Sundial Lodge owners were in ASRL rental? A: 17% with ASRL, 70% with Canyons, the remaining units were managed by various management companies. ASRL expects to have a number approaching 50 units by December based on units being dropped from the Canyons rental program. Q: Marsha Brodsky Would there be any improvement to the TV services in the future? Some major channels were unavailable, specifically wanted to have MSNBC. A: TV service was a shared system with the Grand Summit Hotel contract that was established a year ago. Canyons and ASRL worked to resolve some channel issues, i.e. USA network was just added. ASRL would establish a TV guide. Jim Simmons encouraged everyone to let him know of any additional channels requested. Old TV guide from Canyons was outdated, and was in process of getting updated one in all units. Q: Kenneth March Are there any challenges with the current TV compatibility with the existing TV services? A: Current service was HD service; HD TV would get HD channels. Some channels were limited to standard definition only. Richard Schwartz encouraged homeowners upgrading to HDTV for enhanced guest experience. Facilities Review Federally mandated requirements for lift access in pools and spas go in to effect in January The HOA Board is still working out the details and costs of the work needed. The change requires one lift per water feature; one for the pool and one for the hot tub. Portable lifts do not comply with the mandate and therefore cannot be shared between the water features. Some Park City properties are shutting down their hot tubs due to the costs of implementing the new lifts. Ving locks were 13 years old and are nearing the end of their anticipated life. Annual budget process is used to evaluate the capital projects to maintain the building and possibility changing or updating the electronic Ving lock system. Some owners had asked about pool cover. A large pool cover and wheel rack generally cost around $15k. Cover might often need replacement due to the exposure and wear and tear. Financial Review Modified agenda for financial review Ken Rabach ASRL Corporate Office had moved. New address is 1794 Olympic Parkway Ste. 200, Park City, UT Draft of the audited financial statement was provided at Board Meeting.

3 HOA had a choice to refund the surplus or alter the prior year budget on it and move the fund to capital reserve. Or pay taxes on it. The Board would be making a motion to address the transfer of funds. An unqualified audit was issued no explanations, no exceptions needed (which is the best result there is). First quarter is $33K better than budget so far in 2012 under ASRL management. Utilities are under budget electricity was $10K, partially due to the new automated chiller controls. Interest on reserve was $6,500 in four different FDIC insured banks at 0.008% interest rate. Board instructed ASRL to look for better options and higher returns. Bob Flaig added that HOA was $33k under budget in the first quarter. Dues had not been raised in the past 3 years. HOA was operating on budget and yet still saved money. Bob emphasized that the board was not cutting corners and has been investing into the property. Roger Stephens added that Utah state law; ASRL would re-analyze the capital replacement budget each year. Q: Ken Schwartz What was the percentage of the HOA budget for anticipated expenses through 2020? A: Reserve study was last done in There had not been a ratified budget for years. Part of ASRL budget process was to understand the building condition through inspections. ASRL would have a better number next year for Ken Schwartz question. Bob Flaig added that any operating surplus was funded into the reserve. Both Bob and Richard had to approve and receive copy of each HOA issued check. Richard and Bob felt that HOA now had a better control over expenditures. MOTION: Bob Flaig motioned to elect the Revenue Ruling for Potential Operating Net Income for the financial year ending April 30, 2012, and thus, to transfer the operating surplus for the fiscal year ending on April 30, 2012 to the capital reserve. The 2011 budget would be revised to reflect the surplus. Richard Schwartz seconded. All were in favor. Motion was passed 5-0. Katy Syko-Kramp asked to have a financial policy drafted for investment of capital fund. Owner Services Cecilia Chan introduced herself as the ASRL Homeowner Liaison, who reports to Jim Simmons. Cecilia assists with HOA communicates, facilitating owners requests and concerns regarding HOA services. Transfer of Swimming Pool and Garage Access In 2005, ASC manager approached Sundial with desire of building a swimming pool to meet guest expectations. Recommendation was accepted by HOA. The management company requested HOA to take control and convert parking garage originally a commercial space to a common area. 2 nd amendment was voted upon in 2005, homeowners approved. Document was drafted, but was not recorded. A year ago it was notarized and signed by ASC representative and HOA. Total of $500,000 was put in the pool. Roger Stephens and Richard Schwartz were appointed as legal liaison working directly with HOA Attorney, Larry

4 Moore. ASC/Utah had a loan against the property; deed could not be transferred until lender released it; otherwise it would legally default the loan. The HOA attorney advised that ASC-Utah was close to resolving the issue, and HOA should allow more time. The agreement has legally existed despite that it was not recorded. ASC dues were reduced since HOA had an executed copy, but the actual deed and original document were with ASC-Utah (Canyons). Miscellaneous Owner Comments LJ Corby Recognizing the assistance from Kristin Huffmon, Tom Overson and Ron Brenner, who were working closely as a team to ensure a more enjoyable stay at Sundial. Kristin worked hard on facility refurbishment through RC Willey. Full refurbishment would be done by winter season, and there would not be any room construction during the ski season. Harvey Lapin A couple of rental checks from Canyons had bounced, and an unauthorized charge to his credit card had been noted. Katy Syko-Kramp explained that there was an electronic issue from the bank during the electronic transfer of fund. It only affected four owners. Katy emphasized that there was no cash flow problem with the owner rental account. It was a one-time incident. Roger Stephens said that there were owners present who were not in rental program and advised that rental discussion should be separated from HOA. George Rimalower Specifically thanked Kristin for her tireless effort at Sundial and added that he had had a bad experience with RC Willey, i.e. unauthorized charge for refurbishment that the board should be aware of. Katy Syko-Kramp appreciated owner s comments and would learn from their recommendations. Ken Schwartz Ken s newly purchased microwave did not work and was not the same color. Kristin would look into the issue with RC Willey representatives. Cyndi Douglass Cyndi had neither received receipt for the refurbishment nor an inspection result from Canyons and RC Willey. Kristin Huffmon explained that RC Willey refurbishment was an evolutional process. There were instructions and processes in place to set out of order units, and RC Willey came every Tuesday and Thursday as needed. Gary Riness and Kristin Huffmon conduct the final inspection. Signing off on the installation, and Kristin would be happy to send the sign off sheet to the homeowners. Front lobby in the B building furnishing replacement sofa replacement, mirror, clock, four custom fabric chairs. LJ Corby was working with Kristin Huffmon and Tom Overson to rearrange the lobby environment. Old furnishings were sent to a consignment store Pebbles & Twigs, and any sale funds would be put back into the HOA capital reserve. The leather sofa was moved to C building for social seating. Some common area furnishing on some floors would be replaced by November 1 st. Bob Flaig asked about a TV in the lobby and asked interested owners to raise hands a total 3 raise hands were shown. Ken Schwartz asked if lobby TV could show scenes from Canyons. Canyons provided weekly activity sheets. ASRL worked on signs in the elevator. Pet area LJ Corby encourage pet owners to pick up after their pets. She proposed a pet area be located by the C building and the swimming pool. Jim Simmons and Ron Brenner were working on the gated area and dispenser. Uta Cicalese asked if a

5 dispenser could be put on the 2 nd floor balcony but was opposed to have pet area by the pool. Karen Arras felt that a dispenser might be a good first step. Jim proposed to get a bid and come back for recommendations. Icemaker one located in B building. Ron Brenner would look for an area for the second one. Pool enclosure area for fire pit. The board would be looking into costs. New Large TV in the fitness room. Uta Cicalese Was there any landscaping management in the back of Sundial? Weeds had grown to 4 or 5 feet high. Ron would remove the weeds. How about umbrellas for the pool? Jim Simmons would look into permanent fixtures to reduce liability issue. Barry Brodsky What was the process of removing and replacing covers Internet connection and shower valve? Roger Stephens would elaborate further. o Removal of old wireless access box it was confusing to guests with the new wireless Internet upgrade. Removal would be done at cost in next month or so. o Moen cartilages inside the shower fixtures handle came off in one unit recently. To replace the entire cartridge, Ron had to shut off water of the entire building. It would continue to be problematic. The board encouraged owners to replace them. ASRL would distribute a notice. Some units might have replaced the cartridges during RC Willey Refurbishment - please confirm with the management company. Individual water shut off valves started to fail due to their age. Ron Brenner would find out which units had the broken valves staring next week, expected to complete by ski seasons. Fitness room relocation The board discussed the topic during the board meeting. Moving the fitness room to 3 rd floor in B building. The space was currently being used as storage. One owner has proposed to move the fitness room to this area. The board indicated that there is no plan of moving the fitness room. Some owners were concerned with the disturbance and noise. Insurance update New insurance policy (Note: these corrected figures are added to the minutes in final editing - $51,350,000 building and contents coverage, with $100,000,000 umbrella policy coverage). Utah state law had changed state bill SB 167, effective as of July 1, It was a fundamental change on how insurance claims were handled. HOA master policy was the primary policy of the buildings. Extended boundary into individual unit as permanent fixtures, $5,000 deductible in the master policy. Deductible was paid by percentage of damage received of the HOA deductible. Richard Schwartz encouraged homeowners to ensure individual policy has sufficient coverage to cover the HOA master deductible. Master policy renewed on May 1, Jim Simmons would send notice of insurance policy to owners. Jim added that Sundial HOA Website is set up under the owner tab. ***Username: sundial. Password: skiinatcanyons. Communication would be elevated with increased HOA communication and transparency. Randy Cassidy Randy was happy with Jim Simmons communication effort and Ron Brenner s assistance thus far.

6 Resort Update PowerPoint presentation was given by Commercial Representative, Katy Syko- Kramp and V.P. of Mountain Services, Jenna Prescott. Full championship length golf course completion was expected to be the Fall of Scott Qirkby, who had over sight on Tuhaye s golf course, was managing the construction. RVMA owns the golf course a combination of various companies. Elections Ballots were collected and recorded for the Board Election. Ballots were distributed prior to the meeting for nominees: Richard Schwartz, LJ Corby, David Scher and Rob Langenstein. HOA Secretary Roger Stephens announced the results of the election that had Richard Schwartz and LJ Corby reelected to remain in their Board positions. Richard Schwartz thanked the owners for their support and added that Katy Syko-Kramp was very knowledgeable and thanked Katy for all her efforts. Katy was available for any questions and encouraged owners to let her know of issues so she could address them. ASRL Rental and Marketing presentation followed after conclusion of the annual meeting. Adjournment Richard Schwartz motioned to adjourn 2012 Sundial Homeowners Association Annual Meeting. LJ Corby seconded. The Annual meeting adjourned at 4:21 P.M. MST. ***As of December 1, 2012, username and password are no longer required to access Sundial HOA information. Sundial HOA Website Resolution of the Sundial Lodge Homeowners Association RE: EXCESS INCOME APPLIED TO THE FOLLOWING YEAR S ASSESSMENTS REVENUE RULING WHEREAS, the Sundial Lodge Homeowners Association is a not-for profit corporation duly organized and existing under the laws of the State of Utah; and WHEREAS, the members desire that the corporation shall act in full accordance with the rulings and regulations of the Internal Revenue Service; NOW, THEREFORE, the members hereby adopt the following resolution by and on behalf of the Sundial Lodge Homeowners Association: RESOLVED, that any excess of membership income over membership expenses for the year ended April 30, 2012, shall be applied against the subsequent tax year member assessments as provided by IRS Revenue Ruling

7 This resolution is adopted and made a part of the minutes of the meeting of September 8, By: President Attested: Secretary