Management Minutes April 1, 2025

Management Meeting, April 1, 2025
In attendance: Ben, Michael, Kerry, Cheryl, Jorge

Agenda 

Reserve analysis discussion scheduled for 4/9 ACM
-    Confusion about reserve analysis recently has spurred the idea to go over reserve analysis, the reasons for reserves, the amount we have versus what we are predicted to need for major repairs, planned maintenance and replacement 

-    Ben will plan to lead this discussion with PPT slides 

-    Cheryl recalls a meeting a couple of years ago on this topic that was critiqued due to “scaring the community” with the numbers 

-    Ben is not concerned with this, and prefers to be fully transparent about the amounts even if this results in some 

-    Kerry wonders if there is something concrete to refer to in terms of numbers, or examples from other communities 

-    Ben emphasizes that this is the purpose of the reserve analysis, and the numbers for our community will differ greatly from other communities due to various factors

-    Reserve analysis is required by Utah Condo Law—new analysis every 6 years, “reviewed” every 3 years—and CC&Rs fill in from there to determine what is in the reserve analysis and what isn’t—it’s a budget 

-    It should be emphasized that reserves are the way to avoid “special assessments” for large, unexpected repairs or expenses

-    Cheryl asks if the analysis involves us, or if it is a purely outside opinion, suggests that next time an analysis happens how do we make sure it’s as accurate as possible

-    Ben answers that yes, we will have questions to answer during their time visiting the community, then they give a range of estimates projected out 30 years 

-    Kerry suggests it would be worth doing an ACM reviewing HO6 insurance again 

-    On the master insurance policy issue, Ben says that he is still trying to negotiate a policy with Traveler’s Insurance through Beehive Insurance to no avail—current policy expires in November

General Contractor and Engineer Visit (Assess units 1&2, Give stucco recommendations)
-    Cheryl has been referred to another general contractor who is going to loop in an engineer to come and assess the water issue—no rough estimate on cost yet

ACTION: Management in agreement that trying to identify a third contractor to provide a third estimate on unit 1&2 is a necessity 

-    Cheryl would like a general contractor to provide consultation on the stucco repair and resurfacing

-    Michael agrees that a relatively neutral opinion without “sales” suggestions by stucco vendors 

-    Ben suggests that there is a concern that there is no “right answer” to this problem 

-    Ben points out that inflation might effect stucco materials soon, and that this means there is some 

-    Cheryl would like to reach out to other condo buildings that have stucco locally 

-    Ben suggests that this general contractor could interface with stucco vendors on our behalf as we obtain quotes 

-    Corkshield™ option is appealing for various reasons, and Ben would like to continue to consider it—would like contractors’ opinions on it, and so would Cheryl, who wants “longitudinal evidence” of performance

-    Management unanimously agrees to general contractor providing opinion on stucco repair/replacement/resurfacing project 

Unit 11 deck completion
-    Roof Doctor has said that having the deck over the membrane will prolong the life of the membrane, there are also concerns about the composite deck boards sitting unassembled on the 

-    Ben reminds that the reason Management needs to get involved is because Roof Doctor raised the concern of the lifespan of the roof membrane without the deck reassembled

-    Handyman Brooks could be hired to do the reassembly, and Management will make this a priority in order to accord with Roof Doctor’s recommendation

Financials / Bookkeeping Report
-    Reserve account currently has $178,000, Operating account has $50,300

-    Cheryl asks for an update on Maintenance budget remaining, Jorge needs until next week to have first quarter numbers on that

-    Interest update on recent years
o    Operating account interest: $577 in 2023, $960 in 2024
o    Reserves account interest: $2900 in 2023, $6760 in 2024 (tax rate 30%)

-    Venmo had initially been on instant transfers, which costs a certain fee amount per transaction—we could move to standard transfers and avoid fees if Venmo was set up with the bank account rather than the current use of debit card

-    Jorge has concerns about making this change because of security of account

-    Kerry suggests that we could create another account only for Venmo, with small amount only held in it

-    Jorge suggests that we already have a primary savings account at Mountain America that could be used for this, with a minimum that has to be kept in it 

ACTION: Management in agreement to make this change from Venmo account connected to debit card to connecting the Venmo account to Mountain America primary savings account already maintained by Wasatch Commons

On-site trailer storage for WaCoHo hauling
-    Cheryl in concerned that she will be the “only truck” in the community once Vinnie moves, and wonders about wear and tear, suggests that adding a trailer owned by Wasatch Commons tool collection 

-    Ben is concerned that a lock would be necessary to prevent theft if a trailer were purchased for the community

-    Jorge suggests that the west lot could be non-disruptive place to park a trailer, if necessary

-    Kerry asks if this would need to be a new trailer (answer is no), and if the frequency of use would be worth just renting when needed

-    Cheryl feels that having a trailer around would mean that we have the opportunity to find more uses for it, and we would

-    Michael asks if this could be towed by smaller vehicles as well (answer is potentially, depending upon the load)

-    Ben points out that renting would only be about $30 per day

-    Cheryl says the annoyance of arranging for rental would be an impediment to folks contributing to necessary work around the community

-    Ben suggests this as an ACM topic to “get a feel” for the community perspective