Board Minutes 2007-09-20 Ed

DRAFT

WEST CAMPUS POINT HOMEOWNERS ASSOCIATION MEETING OF DIRECTORS THURSDAY, SEPTEMBER 20, 2007 MINUTES CALL TO ORDER The meeting was called to order at 7:15 by President Eric Dahl. ATTENDANCE: Directors Eric Dahl, Audrey Nelson, Steve Gaulin. Gail Humphreys. Property Manager Connie Burns ABSENT DIRECTORS: Laura Kalman and Jon Cruz

Owners Jane Rudolph and John Wooley,

MINUTES – It was moved, seconded and carried to approve the minutes of the Meeting of Directors held on August 23, 2007, with the addition of an itemization of the maintenance projects to be accomplished in the next 2 months. RESERVE STUDY REVIEW Chris Andrews, with Stone Mountain Corporation, reviewed the Reserve Study that he prepared for the Association based on , from input provided by the Association. The financial projections in this Reserve Study version study are based on the assumption that assumes the Association will pays for all the renovations that will be made as part of the leak remediation project and defines a series of special assessments that would be required to fund them. It also takes into consideration that after all the renovations are completed, many new items will be in place, such as roofs, paint, stucco and the like, thus lowering the rate needed for future funding of the reserves. The Board questioned whether the anticipated expenses of the leak remediation project should be included in the study, since the University has represented that it is seeking to fund the project in a manner that will obviate the necessity of special homeowner assessments. Andrews pointed out that these expenses are accounted for in the study in a manner that clearly distinguishes them from the other anticipated reserve expenses. The Board concluded that it was in the Association’s best interest to document the anticipated leak remediation expenses in the study. Once the scope of the leak remediation repairs has been determined, another version of the reserve study , with special assessments, and/or with funding provided by the University. The Reserve Study takes into consideration that after all the repairs are done, all new items will be in place, such as roofs, paint, stucco and the like, thus lowering the rate needed for future funding of the reservescan be .commissioned that will accurately represent the actual anticipated reserve funding requirements. It was therefore moved, seconded and carried to accept the Reserve Study as presented. The Board will agreed to work together to prepare the Disclosure statement based on the reserve study that has to go out to owners at year-end. It was also moved, seconded, and carried to fund the reserves in 2008 based on the current rate of monthly contributions by members. Once the funding of the leak remediation project has been determined, the Board will make aAdjustments as needed to the reserve funding and to any and to special assessments that may be required. will be made as the numbers are firmed up. COMMITTEE REPORTS Liaison to the University - The first meeting with the Architects will take place October 13th. Financial - The Report for August 2007 was reviewed. The draft budget for 2008 was reviewed and will be finalized at the next Board meeting on October 25th. MEMBERS’ FORUM Gail Humphreys expressed her concern over the makeup of the Architectural Liaison Committee.

OLD BUSINESS Annual meeting and mailing - The Annual Meeting will be on Sunday, December 10th, and the approved Election Rules with Nomination Forms for Board members will be mailed to owners soon. ADJOURNMENT There being no further business before the Board, the meeting was adjourned at 9:45. The next meeting of the Board of Directors will be October 25, 2007, location to be determined. Respectfully submitted, Connie Burns, Acting Secretary These minutes are presented in draft until approved by the Board of Directors.