Board Meeting Minutes
Holiday Beech Villas Homeowners Association

Meeting Date: March 15, 2008 Meeting Place: Holiday Beech Clubhouse
Beginning Time: 9:10 Ending Time: 1:30

Special Financial Meeting Conducted Before Board Meeting

1. Call to Order
Karen called the meeting to order. Board members present: Yvonne Clay, Tom Mauldin Jesus Hernandez, Saul Moore, Karen Alexander and Charlie Robinson by speaker phone.

2. Recognition of Homeowners
Frank and Patti Jenkins E319, Sonia Prosperi arrived at 10 a.m.

3. Comments from the President: Karen welcomed everyone and explained that a special newsletter will be coming out after the meeting that will explain the budget for the new year for the homeowner. In the past monies have been taken from the maintenance budget to balance the budget which led to disrepair of the property. The last 3 years have led to many improvements but there is still work to be done as well as preventative maintenance. Minutes of 1.19/08 were approved as written.

4. Special meeting was called to discuss the finances of the association. The association asked for attendance or letters from homeowners stating their concerns about finances and any special assessments. Margaret Jenkins suggested discontinuing the cable (attachment 1 for all letters) to save the association money. After discussion it was a unanimous vote not to pursue this idea at this time. Bill Gruman wrote a letter in support of a master plan and support of paving driveways and special assessments, if needed. After discussion it was a unanimous vote not to pursue paving at this time. Raquel Cobb wrote opposing any assessment at this time and asked for a reprieve. Jack Wilson suggested giving the owners a break for 2 years without increasing any fees. Sonya and Ben Gradus asked for a year’s rest from any further assessment. Frank Jenkins stated that they would like a reprieve from any increases. Jesus Hernandez as homeowner also supported a reprieve from any increases for a minimum of one year. Patti Jenkins spoke opposing any assessments or increases at this time.

5. Moe reported on engineering report (attachment 2) that identified 57 repairs that needed to be made. Monies from a CD, a $45,000 bank loan and the special assessment were used to complete 46 of these repairs. The other repairs are in progress or have not been started. These need to be addressed.

6. Yvonne reported that the special assessment ended 3/31/08 and has been closed and it is in balance. Yvonne completed a special audit (attachment 3--All Financial Information is not available online. Please call the office for this information.) that specifies how the monies were spent.

7. Jesus reported that Larry Parrish has signed a new contract as an independent contractor with the association to provide maintenance and improvement services. He will work 12 days a month for the 6 month work period from April to September as opposed to the 20 days/month that he worked last year. He will still be available for emergencies. He will also provide a separate contract for our winterization and snow removal program for the rest of the season. Additionally, materials have been listed separately for the budget based on expenditures from last year. There are also some materials on site that have already been paid for.

8. Moe reported on proposed budget (attachment 4). He went over each line item. There is a slight increase in the overall budget from the last year. Several items were discussed in length. Moe will make corrections to the budget and resubmit to the board electronically for final approval. Jesus suggested some adjustments to prevent the need for any increases in dues or special assessments for this year. This will require adjusting to a lower level of services and maintenance than HBV has become accustomed to over the last three years since we had the benefits of the special assessment. Jesus suggested that we evaluate the effects of a lower maintenance budget and make changes in the future if the needs of the association exceed the available resources. The board has the ability to assess at any time in case there are unforeseen emergencies such as a weather related emergency. We also have the ability to draw from our new credit line so that the association will not be in a bind financially if our needs exceed our budgeted resources.

9. Charlie felt that a small assessment would be better than any increase in dues. That small assessment could take care of the one month short-fall from July 2007. This received support and a motion was made and seconded to have a “one-time recoup assessment” of dues for July 2007, since only eleven months were covered by the previous dues increase (while the budget was based on twelve months income.) This would amount to $30 for each one bedroom unit and $45 for each two bedroom unit. The vote was unanimous to do this.

It was proposed that a letter be sent to property owners ASAP advising of this
one-time recoup assessment. Method of payment would be one payment to be paid in full by June 10, 2008.

Meeting was adjourned at 11:30. Board meeting immediately to follow.

Jesus A. Hernandez
Board Secretary

Board Meeting called to Order
Present were Karen Alexander, Moe Moore, Yvonne Clay, Tom Mauldin and Charlie Robinson via phone.

Committee Reports:
No further report from Treasurer
No further reports from Maintenance Coordinator
No further reports from Long-Term Planning Committee
No report from Archives
No report from By-Law
No report from Legal

New Business:
Signatures were to be obtained for the Line of Credit with High Country Bank with documents to be delivered the week of 3/24/08.

Slopeside and Upper Holiday Lane signs to be checked and properly placed. The town is to be contacted regarding where each road begins.

The meeting was adjourned at 12 noon. Next meeting to be Saturday, May 17, 2008 at 10 am.

Respectfully Submitted
Thomas M. Mauldin