Annual Meeting Part 1 minutes, Wasatch Commons Condominium Association, 2024 01 10

Topics:  Election, budget discussion

Wednesday, 7:00-9:45 p.m.

Decisions: 

Present

Mike Wason, Vicky Wason, Jorge San Pedro, Robin San Pedro, Emily Buckner & Michael Abrahamson, Joe Sweeney, Gheybin Xenith(?), Jordan Smith, Chery Keil, Hannah Kumlin, Stephen Smart, Alex Parvaz, Lynda Angelastro, Coleman Riedesel, Scott Price, Laraine Miner, Ben Trueman, Laura deBacker, Kay Argyle, Mary English, Cyd Golden,  Online: Eliza Perkins, Vinnie Mazzone (8:15 in person), Amy May, Chelsea?, Natalia Pond, Heather Durrant, Kerry Terrazas.  Proxies: #2 & 3 represented by Cheryl Keil, #12 represented by Jorge San Pedro, #15 represented by Ben Trueman

1  Laura DeBacker	8  Joe Sweeney	15  Kerry Terrazas online & by proxy with Ben Trueman	22 Coleman Riedesel
2  by proxy with Cheryl Keil	9  Hannah Kumlin & Stephen Smart	16  Lynda Angelastro	23  Cyd Golden
3  online, Amy May & Chelsea, by proxy with Cheryl Keil	10  not present	17  Vinnie Mazzone (Eliza Perkins online)	24  Gheybin Xenith
4  not present	11  Kay Argyle & Mary English	18  Lynda Angelastro	25  Emily Buckner & Michael Abrhamson
5  (online, Natalia Pond & Heather Durrant)	12  by proxy with Jorge San Pedro	19  not present	26  Mike & Vicky Wason
6  not present	13  Ben Trueman	20  Alexandra Parvaz
7  Robin & Jose San Pedro	14 Laraine Miner	21  Scott Price	21 units represented

Attendance

A signature page will be passed around.  Everyone please sign.  If you have someone's proxy, please note this at the bottom of the sheet and turn in a written signed copy of the proxy to the note-taker (the Association Secretary's designee). People attending electronically don't count towards the quorum and cannot vote unless they have sent a proxy.  The person may consult with the person holding their proxy by phone. 

Elections

Kay, Cheryl, and Jorge were elected last year and have another year on Management.  Scott and Vinnie (Coleen's position) are finishing their terms.

Each unit gets one vote.  Multiple inhabitants may either agree on the same vote or split their vote.  People may run for re-election.

Two people from the same unit cannot be on Management at the same time.

We will have three rounds for nominations.  (1) Giving nominations and reasons. (2) Attributes. (3) Acceptance or decline. (Changed from Sociocracy, which has nominations and reasons in separate rounds.)

You may nominate more than one person. Nominees must be either present and able to agree or decline or have sent an agreement to be nominated. People online may nominate.  If you are nominated, please wait until the fourth round to accept or decline. Agreement maybe over zoom.

Nominations Declined: (), Vicky (), (), Vinnie (), Coleman (), Scott, Jordan

Nominations Accepted: Alex, Ben, Kerry

Responsibilities of Management

Management is the legal governing body of association made up of five unit owners.  Legal, financial, insurance, can delegate powers as they see fit.  In event of emergency Management has authority to enter without asking.  Management has access to a lockbox of keys residents may borrow if they lock themselves out. Responsible to see reserve is adequate. 

There are three officers, selected by Management.  The President is the only person who has authority to sign on behalf of the association. The Treasurer make sure our book-keeping is done. 

Terms are for two years.  Meet twice a month generally for two hours plus projects outside of meetings. If/when we don't have active Management and Landscaping Committees, Management is also responsible for those duties.

Elected:  Ben and Kerry

Committee Reports

Management. Moved part of the capital reserve to a high-yield money market fund and eleven CDs @ $5K each.  Put part of operating account into CDs. Earned $3,670.

Book Club.  Tomorrow at Emily's 6:00 to 8:00

Insurance & ACM

The deductible of the master insurance policy is being increased to $30K.

February 7.  Management is planning to have our insurance agent attend a meeting, tentatively scheduled for February 7. The ACM is switched to February 7 to avoid Valentines Day.

Budget

Handout:  Proposed 2024 budget, historical fees and proposed fees, schedule of capital reserve maintenance until 2032

29.53% increase in Association fees.  Copies of budget proposal in the coat room and emailed.  Without new revenue the increase will be ~45%.

Management wants to increase the deposits 27% into the capital reserve. We are only at ~45% of the recommended total in the reserve. We have some major maintenance expenses that have had to be moved ahead of their original schedule.  Next reserve analysis will be due in 2027.

The budget proposal increases the amount going into the reserves ($72K) and funds all committee requests.

Additional revenue items include (1) Reinvestment fee, (2) increase pay or play to 4 hours or $40/hr, (3) charge for guest room after one week per unit, (4) fee to store personal property in workshop/garage, (5) $15/month fee for secondary vehicle(s).

Next Management meeting is next Tuesday at 7:00 January 16.  If you have questions about the proposed budget, you are welcome to attend or send questions and feedback to the management listserv  management

Doing the gutters all in one year will save $6K (of $50K materials & labor, not taxes and fees) and will make it easier to know which gutters' warranties end when.

If the association does not pass a budget, the previous year's budget plus 5% is implemented until a budget is passed.

Proposal reflects $1800 savings in insurance premiums from increasing the deductible for the master insurance policy

Maintenance meeting tomorrow Thursday at 7:00 p.m.

The alternative income items will be part of the budget proposal, with a provision that they apply indefinitely not just for 2024.

Request: Prepare an alternative budget that does not include the alternative income sources and consider moving the alternative income sources into separate proposals.