Management Minutes, December 2, 2025

Management Meeting, December 2, 2025 
In attendance: Ben, Kerry, Michael, Cheryl, Eric Rich (of Granularity, LLC)

Unit 1&2 Repair Updates (closed topic)
-    Conversation on change order for this project began in a closed management meeting on Sunday, November 30, during which discussion was inconclusive due to lack of construction expertise, necessitating this follow-up including Eric Rich
-    Eric has concluded that threshold fastening is the origin of the problem – No sealant and there shouldn’t be any puncture of EPDM membrane into framing member, typically now there would be a butyl tape or just construction adhesive with no mechanical fasteners
-    Eric believes that earlier intervention with a longer eave overhang or a storm door would have eliminated the need for full door replacement 
-    Eric encourages community to look for other places where such intervention should happen now or soon, such as unit 15
-    Replacement doors for unit 1 will be same in appearance but will be fiberglass rather than wood to prevent any rot in presence of water
-    Eric will take out a screw in the threshold of unit 15 for initial inspection; same construction suggests that the same issue might be present

ACTION: CC&Rs say that unit owners are responsible for doors; Management in consensus to make an exception in the case of unit 1&2 repair because previous attempted repairs have not adequately addressed the problem, and because earlier intervention would have alleviated the necessity of replacing the door; cost of change order will be taken from reserve account because it is a structural repair

Questions for Steady Co

-    Which fees/donations are taxed, such as returned check fees, pay or play, car charging, CH bedrooms, CH facility usage by outside groups, yard sales, non-specific(and specific) donations
-    Confirmation of tax credit for heat pump installation (business version of the tax credit)

State Farm Master Insurance Policy 

-    There has been no response or feedback from them following the clean-up photos being sent, but this may be due to the holiday, will continue waiting
-    Second payment for master policy has gone through

2025 HOA fee backpayments

-    Contact has been made with homeowners whose ACH payments haven’t gone through; still some outstanding from among the several units affected
-    E-check authorization forms will need to be collected from units affected by this

Unit 23 Sale

-    Phone number is a Google Voice number, which will be transcribed and sent to wasatchcommons@gmail.com
-    Realtor has been in contact for information and latest financial statements; unit is under contract currently

Other bookkeeping topics?

-    We can have multiple operating accounts with Ramp, but we can have one investment account that pays more than current interest rates at our current banks 
-    Ben recommends that we close credit union accounts and move into Ramp accounts while keeping the minimum in a local credit union so that we can get cash if necessary
-    Cheryl reminds that we will also have to move all automatic deposits over to that account as well 
-    Hoops that we have to jump through to switch names on account with local credit unions may be alleviated with Ramp because it is all online
-    Ben suggests the second week of January as a moment to change over before management changes over again
-    FDIC insured except for the money market accounts at both current banks and Ramp accounts
-    Management will need to start using Ramp in order to get the community to eventually buy in for reimbursement purposes and other uses
-    Cheryl wonders if the Ramp app allows management to see balances in Ramp accounts; Ben says yes this will be possible

2026 budget /prep for next ACM

-    Common House committee request will be in by next week; faucet installation, painting downstairs bedroom, door repair, and new trash can will be included
-    Venmo transactions have been updated, and there is a balance on the account that will be about $1900 by end of year

Discuss bid for CH heat pump

-    One big differentiator between furnaces: Good is single stage, which means it's either on 100% or off 0%. Temp drops below thermostat setting? It turns on. Reaches setting? It turns off. "Better" is 2-stage, which means it runs at 50% when it drops slightly below thermostat, 100% when greatly below thermostat. I think this helps maintain a more consistent temperature. And then "Best" is Self-calibrating modulating (?) which he described as being in cruise control. Set the temperature you want and it will auto adjust up or down to keep as consistent of a temperature as possible. 
-    Warranties and rebates also differ for furnaces: No rebate for good; $300 rebate for better and best if we get it with A/C unit. -$1000 rebate for better and best if we get it with heat pump; Warranty for Good and Better are the same: 10 years parts warranty and 20 year heat exchanger; Best has "Lifetime unit replacement warranty if the heat exchanger fails."
-    Cheryl is not as clear about the differences on good vs better AC units - only thing i see in the quotes is 17 vs 17.40 SEER. Per Google, "A 17 SEER and a 17.40 SEER rating represent a negligible difference in energy efficiency alone. The most important distinction is that 17.40 SEER is often a SEER2 rating, which is the current, more stringent testing standard required since 2023." the cooling system in the "Best" quote is the heat pump, not AC.
-No rebate for the A/C units.
-$1450 Rocky Mt Power rebate for heat pump.
-25C tax credit ($2600?) for heat pump but only thru end of 2025.
-    Other info: The only thing required to make a furnace compatible with AC or heat pump is adding an evaporator coil to the furnace. I know our furnace downstairs/east is going to die any minute but we theoretically could add a coil to the upper level furnace and that makes it "heat pump ready". 
-    He bid this as "good/good", "better/better" and "best/best" just so we could see everything out there but we can get a "good" furnace with the "best" heat pump. Or "good" AC with "best" furnace. The world is our oyster... we can do what we want. He said it makes sense to gauge the greatest need for each area of the common house to determine which model we buy. E.g. add coil to existing furnace on upper level of CH + "best" heat pump would likely be just fine (?).
-    All of that being said, I sifted through the bids to try to break down individual costs of things so we can "build our own bid" based on whatever we think we want/need.
-    True Pros Bid Summary Fixed costs, regardless of models selected Electrical wiring/install: $350 / unit Parts/labor for furnace/AC/heat pump install: $1800 Wall mount or stand equipment: $250 Crane rental (only if AC/heat pump is mounted on CH roof): $800 Annual service plan (optional, but I think we should do it): $198 for first unit, less for each subsequent unit 
o    We get 5% off new install if we sign up for this
FIXED COST TOTAL: $3398 if roof mount, $2598 if not (per unit)
Things we might also need: Replace condensate pump: $299; surge protector: $280; Cost of evaporator coil (which attaches to the furnace) is dependent on whether we get AC vs heat pump AC: $1258 Heat pump: $1789 Notes: A. We can attach coils to our existing furnaces. B. He said we could even just buy/install coils now to prepare for future AC/heat pump installations. The main reason for suggesting this is the inevitability of price increases. 
Furnaces Good (Lennox Single-stage, 96% fuel-efficient gas furnace): $3,969 Better (Lennox ML296V Two-Stage, 96% Variable-Speed Gas Furnace): $5,608 Best (Amana AMVM970603BN 97-98% Super High Efficiency Modulating furnace): $6,498 
Cooling Good (Lennox 13 R454 AC 2 ton; up to 17 SEER): $4,311 Better (Lennox EL16KC1-024 AC, 17.40 SEER2. ENERGY STAR® qualified): $5,036 Best (Amana S-series Heat Pump with Inverter Technology): $7,076
-    None of the $ amts above include the 5% discount we get if we sign up for their annual service plan (which we should absolutely get IMO). Rebates and tax credits also are not accounted for in the amounts above.
-    If we think we want to move forward with heat pump or AC soon (esp if we want to take advantage of tax credit in 2025), we need to decide very quickly where we want to mount the heat pump. Roof is recommended (above furnace) but cement pad in SE corner of CH is also an option ... just far less efficient.
-    Ben has emailed our tax person at Steady Co about tax credits availability for our particular situation

Management in agreement to wait to hear back about the availability of tax credits, and if these aren’t available to only replace the downstairs furnace with “better” furnace in 2026