Four Lakes Condominium Association B
Minutes of the Board of Director’s Meeting
March 18, 2013
C. Entwhistle called the Four Lakes Condominium Association B Regular Meeting to order on Monday, March 18, 2013 at 7:05 p.m. in the Annex -West of the Lodge.
In Attendance –
C. Entwhistle – President
J. Ciaffara – Director
E. Kelly – Secretary
R. Topps – Treasurer
S. Elmore – EPI Management Representative
A. Parks – Director
Guests:
No guests.
Approval of the Monthly Meeting Minutes for February 18, 2013 Meeting:
· Page 1 – Rule Violation Appeals – Change the address from 5913, Unit #5F to 5950, Unit #5F.
Motion by R. Topps to approve the minutes of February 18, 2013 as presented; second by A. Parks. Motion approved unanimously.
Open Forum:
a) Unit Owner – 6010 – 4B - (Fee) requested a status report on her request to install hardwood flooring. The unit owner was informed that this issue was on the agenda for that evening’s Board meeting and she will be informed when the decision is made.
Treasurer’s Report
Balance Sheet
R. Topps reported the Association’s total checking/savings account was approximately $423,000. Liabilities were $77,000 with a net cash position of $347,000. He reported that he had the statements from Lincolnway and the amounts were different from what they were showing because checks were recorded by EPI when issued and not when cashed. R. Topps recommended that the Association find another bank in which to invest surplus funds, i.e. a money market account. The Board discussed the possibility of transferring $75,000 to $100,000 from its current bank to be deposited into a CD or money market account at another bank in or around the Lisle area at the discretion of the treasurer, based on his research. The purpose was that the Association current account balances exceed the FDIC insurance amounts. R. Topps reported on moneys that will be transferred over the next few weeks from the relief money market to the operating account.
Profit and Loss Statement
T. Topps reviewed the Profit and Loss Statement for One Month (February 2013)..
· Total Income: $163,000 which was very close to budget
· Administrative: about $4,000 over budget due to insurance expense and bad debt write-offs
· Common Area: expense was under budget
· Repairs & Maintenance: budgeted about $36,000 and spent about $49,000, over budget due to general repairs. Utilities: spent $27,000, budgeted $20,000 due to gas and electric expenses
· Reserve Funding: no transfer was made – should have made transfers of close to $30,000
· Net Income: $4,800 – ahead of budget
· Bad Debt Write-offs was discussed.
Delinquency Report
R. Topps reported the total due from Unit Owners is $159,000:
· 8 units are 61-90 days past due (5%)
· 28 units are over 90 days past due (68%)
· 36 units that owe (73%) are in collection
· 6 of the units owe under $500.
· 86% of total amount owed is owed by accounts in collection = $137,000 of which $104,000 is owed by 18 foreclosure units.
· Foreclosed Units: 5950, #4L was discussed.
MHOA Report:
· R. Topps advised the Board that E. Kelly was selected by the MHOA Board of Directors to be the “Homeowner at Large” of the MHOA.
· The rate for renting the volley ball court was increased for nonresidents to $75.00 a day/per court and stipulated that no nonresident and rent more than three courts at any time, residents always take presidents.
· Paving – the bridge on Four Lakes Ave. will be done next Spring in 2014. The paving for this year will concentrate on the drive off of Maple Avenue.
· R. Topps reported that the Du Page Sheriff headed up the “Offender Watch” to keep track of criminals in the area online. Service calls received in February included reports of animal sightings (possibly coyotes) in the area. Three fights were reported at the lodge. No auto thefts or burglaries were reported in the area.
· R. Topps handed out a form (“Trespassing Enforcement Agreement”) and reported that the MHOA, as well as some of the individual condo associations, want to make sure that, if there are troublemakers on the property, the Sheriff of Lisle and police departments can enforce a no-trespass notice if the form is given to the offender. A copy of the form goes to the Sheriff, the police department and MHOA and the offender will be arrested for trespassing. The Board decided that the form should be given to the association’s attorneys for their review and opinion before the Board decides whether or not to sign it.
Parking:
There were no parking issues for the Board to review.
Management Report:
· S. Elmore reported on 5950, 4L – This unit sold but did not get an assessment letter from the Association. The new owner (Rienstra) took possession in December 2012 and has paid all assessments but there is still a balance due from the Bank that purchased the unit. The Owner and the bank are being held responsible for the balance since he didn’t get an assessment letter and that is what is holding up the transfer of the name.
· S. Elmore reported that he would like approval to change the company that is replacing the carpets for the Association because it would be less expensive.
Motion by A. Parks for carpet purchased from Prosource of Elk Grove and installed by Albres for a total dollar amount not to exceed $14,620, plus any additional leveling materials and labor. Seconded by J. Ciaffara. Motion carried unanimously.
· Waste Services -
Motion by J. Ciaffara to approve the quote for waste removal services from Republic Services not to exceed $1,265 per month. Seconded by A. Parks. Motion carries unanimously.
· Rules Amendment – The Board decided to schedule a special meeting sometime over then next few weeks to discuss any changes in the Association rules.
· Travelers Insurance – S. Elmore reported that there has been no response.
· Rule Violations – S. Elmore reported on the appeals
· S. Elmore asked for direction from the Board on how to handle the rule violation for 5900, #1J regarding dogs barking in the unit. Board sustained the fines to the unit owner dogs barking and non-registration for the dogs.
· S. Elmore asked for direction from the Board on unit owner’s request that the Association pay for a plumbing bill that was charged to him in 2010. The Board stated that the charge to the unit owner should not be reversed as they had the opportunity to stop the plumber before the work was started.
· 6010, #1B – S. Elmore asked Board of Direction on how to handle issue that unit owner has with his sink lines. The Board stated that the unit owner should be responsible for his sink lines that exclusively serve his unit only.
Inspection Report
· S. Elmore reviewed the inspection report with the Board.
Motion by J. Ciaffara to have Village Services install steel planter bed borders at the front entry of each of the buildings at a cost not to exceed $2,854.74, labor and material. Seconded by A. Parks. Motion carries unanimously.
Motion by J. Ciaffara to adjourn to executive session at 8:27 PM. Seconded by A. Parks. Motion carries unanimously.
Meeting adjourned at 8:27 P.M.
Respectfully Submitted,
EPI Management Company, LLC
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