Management Minutes, 06-16-2026

Management Meeting, June 16, 2026
In attendance: Michael, Cheryl, Ben, Kerry

Stucco project

-    Based on positive outcome on Building J, Cheryl wonders if we are ready to go forward with further buildings this year 
-    Contractors found that improper installation necessitated replacement of full stucco surface in places on Building J 
-    Cost for Building J work came in lower than we expected (~$11,000) so more is possible within our budget for stucco work 
-    Plan is to continue budgeting an amount per year for stucco replacement on a piecemeal basis, section by section
-    By “doing it right” this time, members assume that any further stucco issues will be less severe in the long run 
-    Coleman and Kellie assessed all the buildings in the community and made a list of most severe issues in the community, and work will be coordinated according to their list of priority, with Buildings M and N (Common House) will be next
Management in consensus to move forward with further work, given that it remains within budgeted amount for 2026

Bookkeeping

-    We received reports from Steady Co, and Cheryl has found that some of the allocations do not seem to be correct to her eyes, suggests a review of categories/accounts in order to decide if we need to define new categories
-    Cheryl feels like messages are better received when sent by Ben, so she recommends he contact them

Ramp vs Canyon View Credit Union CDs

-    Members need to decide whether to move money currently in CDs to Ramp money market account
-    Cheryl feels that moving to Ramp is a heavy burden at this time, and recommends reinitiating the rotating CDs with CVCU in $10,000 increments 
Management in consensus to reinitiate CDs with CVCU

State Farm Ordinance and Law Coverage

-    Ordinance and Law Coverage Part A has supposedly been initiated but our premiums haven’t gone up; Cheryl is concerned about this 
-    Ben received a letter (dated June 2) stating that Ordinance and Law Part A coverage is in effect as of April 8, with an additional cost for premiums on the policy of $1964.98
-    Letter also states that earthquake coverage amount changed, but actual amount is not directly stated separate from Part A
-    Ben and Cheryl expect that the premium being drawn from account through autopay will be adjusted to account for the additional premium; Ben confirms this via State Farm account

Community Message about Refinancing or Sale of Units

-    Cheryl would like to send a message out to the community asking them to reach out to us privately via ticket if they intend to sell their place or refinance in the near future, after August, given the new Fannie Mae requirements being implemented 
-    Message would summarize quickly that requirements from Fannie Mae will become more onerous 

New renters coming in; what are implications? 

-    See Article VIII of CC&Rs cover “Leasing and Renting of Units”
-    Starting on page 19: https://drive.google.com/file/d/1y5Tx1MHFtzcuZ89A0lmH_B-folT0npq1/view?usp=sharing 
-    Management members will read this portion of the CC&Rs in preparation for discussion next meeting 
-    Ben has a document for his previous rental of rooms that includes language for lease agreements 
-    Unit owners will be held responsible for cost of Pay or Play non-participation by leases or renters 
-    Ben recommends a note be added clarifying that parking spaces are for the use of residents, and perhaps adopt a rule 
-    “Letter to Unit Owners Renting Units” could be written to clarify some of these things 

Show and tell of “treasurer tracker” 

-    Discussion suspended until full management membership in attendance
-    Ben asks that Cheryl check to assure that wasatchcommons@gmail.com is the owner of any Google Docs