Annual Meeting Part 1 minutes, Wasatch Commons Condominium Association, 2024 01 10
Topics: Election, budget discussion
Wednesday, 7:00-9:45 p.m.
Decisions: Elected Ben Trueman and Kerry Terrazas to Management.
Note: The ACM is switched to February 7 to avoid Valentines Day.
Present
Mike Wason, Vicky Wason, Jorge San Pedro, Robin San Pedro, Emily Buckner & Michael Abrahamson, Joe Sweeney, Gheybin Xenith(?),Gheybin, 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 |
22 Coleman Riedesel |
|
2 |
9 Hannah Kumlin & Stephen Smart |
16 Lynda Angelastro |
23 Cyd Golden |
|
3 online, Amy May & Chelsea, |
10 not present |
17 Vinnie Mazzone (Eliza Perkins online) |
24 Gheybin |
|
4 not present |
11 Kay Argyle & Mary English |
18 Lynda Angelastro |
25 Emily Buckner & Michael |
|
5 (online, Natalia Pond & Heather Durrant) |
12 |
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
AEveryone please sign the signature page willas beit passedgoes around. Everyone please sign. If you have someone's proxy, please note thisit at the bottom of the sheetpage and turn in a written signed copy of the proxy to the note-taker (the Association Secretary's designee)Secretary). People attending electronicallyremotely don't count towards the quorum and cannotcan vote unlessonly they have sent aby proxy. The remote person may consult with the personproxy holding their proxyholder by phone.
Elections
There are two positions to be filled. A management term is two years. Scott and Vinnie (the position Coleen was elected to) are finishing their terms. Kay, Cheryl, and Jorge were elected last year and have another year on Management. Scott and Vinnie (Coleen's position) are finishing their terms.
People may run for re-election. 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 either 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 fourthfinal round to accept or decline. Agreement maybemay be over zoom.
Nominations Declined: (),Vicky, VickyVinnie, (), (), Vinnie (), Coleman (),Coleman, Scott, Jordan
Nominations Accepted: Alex, Ben, Kerry
Responsibilities of Management
Management is the legal governing body of the association and made up of five unit owners. Legal,Their financial,duties insurance,are the association's insurance and its legal and financial business. They are responsible to ensure the association's capital reserve is adequate. If/when we don't have active Management and Landscaping Committees, Management is also responsible for those duties. Management can delegate powers as they see fit.
Management has access to a lockbox of unit keys. In the event of emergency Management has authority to enter a unit without asking. Management has access to a lockbox of keys residentsResidents may borrow their unit key 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. The Secretary keeps records.
Terms are for two years. If Meeta Management member steps down for any reason, Management selects someone to fill the remainder of their term.
Management meets twice a month generally for two hours plus works on 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. Worked this year on getting a better return on the Association's funds. 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 $3,670.670 in interest.
Book Club. Tomorrow at Emily's 6:00 to 8:00
Maintenance meeting tomorrow Thursday at 7:00 p.m.
Insurance & ACM
The deductible of the master insurance policy is being increased to $30K. [Added a policy this year which covers code upgrades, not just replacement costs, for rebuilding; required to qualify for FHA. -- notetaker]
February 7. Management is planning to have our insurance agent attend a meeting, tentatively scheduled for February 7.7. The ACM is switched to February 7 to avoid Valentines Day.
Budget
Handout: Proposed 2024 budget, historical fees and proposed monthly unit fees, schedule of capital reserve maintenance until 2032
29.53% increase in Association fees. Copies of the budget proposal are in the coat room and emailed. Without new revenue the increase will be ~45%.
ManagementProposing wantsa to29.53% increase in Association fees. The budget proposal increases the the deposits 27% into the capital reserve.reserve by 27%, to $72K, and funds all committee requests. We are only at ~45% of the recommended total in the reserve. We have someSome major maintenance expenses that have had to be moved ahead of their original schedule. Doing Nextthe gutters all in one year will save $6K, out of $50K (paid from capital reserve, not operating budget) materials & labor, not including taxes and fees, and will make it easier to know which gutters' warranties end when..
The next reserve analysis will be due in 2027.
TheWithout budgetnew proposalrevenue increasesas proposed the amountincrease goingwill intobe the~45%. reserves ($72K) and funds all committee requests.
Additional revenue items include (1) ReinvestmentA reinvestment fee, paid upon sale of a unit, (2) an increase in pay or play to 4 hours or $40/hr, (3) a charge for guest room use after one week per unit, (4) a fee to store personal property in the workshop/garage, (5) a $15/month fee for secondary vehicle(s). The alternative income items will be part of the budget proposal, with a provision that they apply indefinitely not just for 2024.
NextThe 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.listserv.
If the association does not pass a budget, the previous year's budget plus 5% is implemented until a budget is passed.
ProposalThe 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.
The budget will be voted on at the next ACM (Annual Meeting Part 2).