Can someone please post the minutes or a summary of Sunday's meeting for those of us who couldn't be there.
Thanks,
Greg
July 6th Meeting
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GregZerphy
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Re: July 6th Meeting
What I got out of the meeting was:
1. They are revisiting the Trash removal. People were upset that a service was removed without association fees lowered.
2. Our association monies have never been invested. (This is a very serious problem.) A member of our community made these suggestions for investments.
1st option-ING DIRECT savings acct earns 3.15% APY. accrues daily, compounds monthly
no fees or charges. links to business checking acct-transactions are electronic-drawback is withdraws take 2-3 business days. Variable rate
2nd option-HSBC Bank-savings acct promotion until Aug 8-3.50% APY-similar to ING, but you can access funds immediately if needed for a fee
3rd option-Commerce Bank savings acct earns 1.75% APY, 18 mo CD earns 3.75 APY, but compounds annually, so interest earned at end of 18 mos on $75K is only $2,812. Pro is that it is a fixed rate.
All are FDIC insured up to $100K and there is no risk to the principal.
I believe we are waiting on the board/Bill's response.
3. A couple in the development had a small kitchen fire. The problem was more water damage occurred because the fire company couldn't turn the water off for 45 minutes. Dave Baldo, of Excel was going to look into installing a knox box so the fire company would have immediate access if ever anything like this occurs in the future. Other members don't want sprinkler system because of the cost to the association. Dave was going to look into that as well.
4. Members of the community are concerned with how the prices of the monthly fees went from $100, $150, $200, $219. plus a $605. for the reserve.
5. It looks as though the $605./home unit still is needed for the reserve. We currently have $97,000 in the reserve but a lot more is needed for the future. I think most members are concerned still about where the monies are going. Someone mentioned their is an identical community to ours with a swimming pool and they pay less than $200. I believe we are suppose to have more breakdowns on everything.
6. This was not discussed at the meeting. However, remember October 26 is the next meeting. If we are not satisfied with the answers, we as a community can hire a new property management company.
We can also hire a forensic accounting. Nothing is going to happen yet until we hear back from the board and Excel.
I hope this helps.
1. They are revisiting the Trash removal. People were upset that a service was removed without association fees lowered.
2. Our association monies have never been invested. (This is a very serious problem.) A member of our community made these suggestions for investments.
1st option-ING DIRECT savings acct earns 3.15% APY. accrues daily, compounds monthly
no fees or charges. links to business checking acct-transactions are electronic-drawback is withdraws take 2-3 business days. Variable rate
2nd option-HSBC Bank-savings acct promotion until Aug 8-3.50% APY-similar to ING, but you can access funds immediately if needed for a fee
3rd option-Commerce Bank savings acct earns 1.75% APY, 18 mo CD earns 3.75 APY, but compounds annually, so interest earned at end of 18 mos on $75K is only $2,812. Pro is that it is a fixed rate.
All are FDIC insured up to $100K and there is no risk to the principal.
I believe we are waiting on the board/Bill's response.
3. A couple in the development had a small kitchen fire. The problem was more water damage occurred because the fire company couldn't turn the water off for 45 minutes. Dave Baldo, of Excel was going to look into installing a knox box so the fire company would have immediate access if ever anything like this occurs in the future. Other members don't want sprinkler system because of the cost to the association. Dave was going to look into that as well.
4. Members of the community are concerned with how the prices of the monthly fees went from $100, $150, $200, $219. plus a $605. for the reserve.
5. It looks as though the $605./home unit still is needed for the reserve. We currently have $97,000 in the reserve but a lot more is needed for the future. I think most members are concerned still about where the monies are going. Someone mentioned their is an identical community to ours with a swimming pool and they pay less than $200. I believe we are suppose to have more breakdowns on everything.
6. This was not discussed at the meeting. However, remember October 26 is the next meeting. If we are not satisfied with the answers, we as a community can hire a new property management company.
We can also hire a forensic accounting. Nothing is going to happen yet until we hear back from the board and Excel.
I hope this helps.
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