Currier Ridge Condominium Association, Inc

Currier Ridge Condominium Association, Inc

900 Mix Avenue, Hamden, CT

c/o Three Ridges LLC-315 Peck Street-New Haven, CT06513

203-785-1956

Minutes; ANNUAL MEETING 18 November 2010

Meeting was called to order at 7:00 pm at MillerLibrarySeniorCenter

Present: Arnold Margolis- President; Martha Guarino – VP; Carol Gianotti- Secretary; Lori Mazur-Hedman-Treasurer; Judy Koret-Member at Large& Kathleen Telman – Property Manager

Roll Call was verified by a sign in sheet supervised by the BOD.
The mailing of the annual meeting notice is considered to be “Notice of Meeting”.
As there was a quorum, the meeting was officially called to order.
The minutes from the 2009 Annual Meeting were read and accepted.

Old Business

Dana Harvey from the accounting firm of SM Esposito addressed financial questions.

Betsy Mossberg U34 asked why there had been no spring audit meeting as was discussed at 2009 meeting. Arnie explained that due to the complexity and delay of audit, the time frame was close to annual meeting and issues would be addressed at that time. Betsy followed up with a suggestion that quarterly meetings be held in the short term to keep community apprised of progress. Arnie asked that those interested sign up at end of meeting so a proper venue could be determined (residence or larger space).
A question as to the number of BOD meetings per year was asked. Response was on average 9 and that general CR BOD meetings have always been open to owners. Executive sessions in which any confidential matters are discussed are closed.
Beginning with fiscal 2011, BOD meetings will be available on the website.
Sue Rosen U32 asked about 2008 financials being combined with 2009 and Dana explained that they reviewed all years as part of their efforts.
Paul Gordon U67 asked about reserves balance ($50,500) as well as receivables balance. He was informed that there are owners in arrears so that receivables balance is not currently available. Paul was also advised that more aggressive collections efforts have been undertaken as a result.
Robin Gordon U67 asked about responsibility for flood in January 2008 and was informed that So. CT Gas turned gas off for non payment.
Skip Short U29 asked about further audits. Arnie advised that 2010 will be audited and that the ambiguity in by laws should be addressed ASAP.
CR is largest condominium serviced by our accounting firm.
Betsy Mossberg U34/ Sue Rosen U32 asked about “rule of thumb” for reserves. Dana answered $2000.00 per unit could be used. He did point out that CR pays for many reserve items out of the operating fund so the $50,500 in reserves is not as low as it appears. The BOD and owners would like it to be closer to the $252,000.00 “rule of thumb”.
Arnie asked if Skip U29 would chair along term / reserve committee to address these issues. Skip accepted.
Dana also reminded those in attendance that a financial committee is still without volunteers.
Lynn Pensky U124 said there are firms that specialize in these long term studies.
Moise Ginsburg U111 stressed that CR should hire the best possible people to perform this study and said there should be a BOD mission statement.
The Coopers U15 suggested CR look at Green alternatives for power and discussed solar options. CR would be willing to entertain a proposal that would not be costly nor have a substantial long term payback.
Robin Gordon asked if the $1500.00 for Accounting went to the accountants or the management company. She was told that all accounting fees go to SM Esposito and that general bookkeeping is done by the management company as part of their duties.
M. Ginsburg suggested that the BOD should be composed of professionals…ie; accountants, lawyers & engineers.
Lynn P U124 asked why there was $800.00 for workers compensation. Martha explained that although CR has NO employees there as a loophole that allows injured contracted workers to go after the location where they were injured. There was a consensus that $800.00 was reasonable for that protection. Martha and Kathi advised that ALL contractors are required to submit license and proof of insurance before work begins.
Steve Stein U73 asked about the status of mailbox securitization. Arnie informed all that the locking mailbox inserts were being installed on a section by section basis and that only about 10% of those offered were requested by the owners. Paul Smith U112 asked why pedestal stand alone mailboxes were not being installed. Arnie explained that the cost for the mailboxes would be about $12,000 and the installation could be as high as an additional $10-12,000. In an effort to be as economical as possible the BOD felt the locking mailboxes were a reasonable solution. Many owners DO NOT want the institutional look of the “apartment” style mailboxes and some do not want locking mailboxes at all.
The BOD will send a ballot to all owners with pictures of both types and then revisit the decision on mailboxes.
Betsy Mossberg asked about the relationship between Three Ridges and the BOD. Arnie informed her that TR was formed 3 years ago by Arnie, Lori and Kathi Telman who had resigned from the board. The decision was made within the rules of the bylaws. Lori left the company in 2008 and Arnie is no longer active and his interest is in the process of being acquired.
At the 2009 meeting a chimney cleaner was to be recommended to owners but this was not done. U40 will provide the BOD with the company they used and this will be shared with the community.

New / Additional Business

Lynn P asked about major changes to CT Condo Laws… Arnie explained that the 2 major changes were; BOD meetings were to be open to all owners. Our meetings were always open. The BOD will begin posting meeting dates on the website. The second and more significant change was that condominiums may have “betterments and improvements” covered on the master policy. Currently CR’s policy does not cover “betterments and improvements”. The BOD will look into the option when the policy renews as there is a significant premium increase for the additional coverage.
Robin G asked where in the by laws it stated that betterments were not covered. Arnie informed her it was; Article X, Section 2, Paragraph (c) definition.
The 2011 painting schedule was asked about. Arnie responded that the schedule will be sent out shortly.
A question as to the number of rental units was asked. Owners were informed that as per the by laws there is no limit to the % of rentals. As of 10/31 approximately 12% of units were rentals.
U71 asked for an update on deck repairs and was informed they are ongoing.
U109 asked when her walkway will be repaired. Informed that it will be repaired in the spring unless it can be done sooner…weather permitting.
An update on pending lawsuits was requested. All were informed that there has been no change in the Ballantyne action. All has been provided to the attorneys. Country Landscaping is suing for additional payments. Copies of all canceled checks have been requested and will be submitted to their attorney.
A motion to move to the elections due to time was made, seconded and approved.

ELECTIONS

The floor was opened to nominations for the expiring terms of Judy Koret and Carol Gianotti. Sue Rosen said that Arnie Margolis’ term was also expiring. Arnie then stated that “he was done” and would not seek reelection.
Lori Mazur-Hedman resigned.
Alan Pensky was nominated by Sue Rosen and the nomination was seconded.
Betsy Mossberg was nominated and seconded by Paul Smith.
Larry Ballantyne moved that the slate of Carol Gianotti, Judy Koret, Betsy Mossberg & Alan Pensky be put to a vote. This was seconded by Lynn Pensky and several others.
The ballots were turned in to Martha Guarino & Carol Gianotti.
All four were elected by a clear majority of ballots cast. Some ballots were not turned as people left due to length of meeting.

2011 Board of Directors;

Martha Guarino, Carol Gianotti, Judy Koret, Betsy Mossberg & Alan Pensky

The meeting was suspended at 9:00 PM

Respectfully Submitted;

Carol Gianotti – Secretary