ACM Minutes Sunday August 2nd, 2026

ACM notes 8/3/26

*cheryl presents her amazing slideshow about the new regulation for condos*

https://docs.google.com/presentation/d/1c3IdPQsA74Reif0wMDsNIa6W2E0oogwFyMhSs-fKJBc/edit?usp=sharing

Looking at Wasatch Commons through an insurer’s eyes: https://docs.google.com/document/d/1h5dPgzsX0dnMQC0FYL8KXngIwNoN31O1RroHDEZS000/edit?tab=t.0

Discussion afterwards:

  When is the next reserve study, and does it account for inflation? 

     Reserve studies are done every 6 years.  The last reserve study was prepared in 2022 for 2023, next study will be done in 2028 for 2029. It does account for inflation.

Our current reserve study says our reserves will be fully funded by 2049, do we need to move up that timeline?

     Cheryl doesn’t think so, just take the current study and shoot for the top number. 

HOA state advisory Website:

  New website for the state HOA ombudsman (commerce.utah.gov/hoa) has opened up to be a liaison between HOAs and the state, advising them on HOA law requirements. Cheryl went to the office’s opening and learned about the information in this presentation. They will be a key resource to help us navigate this new world. Should we consider inviting them to do training for us? 

   This puts a extra burden on management. Small group of community members doing a lot of the work. Need for burden to be shared, increased participation.

 

   Request that requirements for individual’s HO6 policy be sent to the community. 

 Note that the landscaping committee puts a lot of emphasis on keeping things alive, but don’t overlook safety and security. Need to be explicit that looking out for hazards ( like branches  that could fall, etc)  is also part of landscaping

 Suggestion that a more formal sign up for tasks/committees would be helpful 

 Will the inspection in 2028 for the reserve analysis be in person? What does it entail? 

    Yes, will involve walking around the property and looking at our records. Our mistake in 2022 was letting reserve analysis guy kinda do his own thing, evaluate things based on what he saw instead of working with him and giving him detailed information on when things had been replaced, etc. 

 If only a portion of the property isn’t maintained, can that make the entire property uninsurable?

   Potentially. Example given that when we switched to a new master policy, we were given a week deadline to fix certain conditions on the property- trash, overgrown vines, etc- or else we would not be granted a policy. 

  
Could a 2029 reserve analysis inspection committee be formed, where preparation for the reserve analysis can be tackled a portion at a time.

  Fannie Mae doesn't really care if we do things ourselves, but insurers and lenders do care. Because there aren’t many Cohousing communities, there aren’t many data points and these entities see us as risky.  We need to be mindful of how we manage ourselves in the world, but can conduct ourselves socially how we want. If we present ourselves as Cohousing in insurance world and we can’t be insured, that hurts us as a community

    Our legal name is Wasatch commons inc, Cohousing is how we conduct ourselves. If we apply for insurance or someone applies for a loan, they can google us and that’s how they find out. 

 We’re not saying we don’t want to be Cohousing, but we need to be careful and decide how we move forward 

  Are other Cohousing communities going through the same thing?

    Cheryl has reached out to other communities, they basically said: if we’re handling the maintenance and management of community, it shouldn’t matter what we call ourselves. They have trained their cohousing community to talk to lenders, insurance about their residence as just a condo community and not mention cohousing. 

   
Is the reserve analysis assuming we are hiring out for everything, what about things we do in house?

 There is a  difference between operating and reserve budget. The things we do ourselves would fall under operating budget.  

  

  Because of a new rule, every time someone sells a unit or refinances, their lender asks management for a full review including finances and maintenance records. 

    Ben has been filling out the ones we’ve gotten, but they often ask vague or unclear questions and it can be difficult to find clarification.

  Utah HOA ombudsman strongly recommended we develop a relationship with an HOA attorney.

 Given all these changes and the need to bring an HOA attorney on board,  do we need to do a  full budget review?
  No,  there’s enough flexibility in 2026’s budget to find an attorney and start establishing a relationship, then move forward in 2027.

Given these new maintenance and record-keeping requirements, do we need a property management company?

  They would charge us to talk to vendors, to walk through the property, etc. Those costs would be considerable. It’s possible we could have property management take on a few aspects of property management, unclear. 

    Mary has suggested we find someone who does a walk through periodically and tells us to look at this, that, etc. but unknown if that service is available 

What do we do next? 

Does it need to be a standing/ad hoc committee? 

  Acm planning committee will publicize and get next meeting of people together to do next steps 

  This isn’t to change our culture, it's to keep it. If we don’t keep up with maintenance and then we get blacklisted, then we become a cash investor community and our culture goes away.

   

**

In attendance:
Christy

Brian

Cheryl

Ben

Kay

Kerry

Lila

Joe

Coleman

Alfred

Thomas B

Isabella 

Lynda

Kellie

Laraine

Gheybin

Starla

Sean

Becky

Emily

Michael

Everette

Thomas D

Alex