Willamette Towers

View the printable and official published version of these board minutes.

Willamette Towers HOA Board of Directors Annual Meeting

Thursday, 25 February, 2016- 7:00 PM Willamette Towers Office

Board Members Present: Jeff Ryder, Chair; Jean Kern, Secretary; Rick Lowen, Treasurer; Paula Rogers; Luther Greullch

BMC: Diane Sollinger; Tom Weaverling

Present: Jeanne-marie Moore; Dan Solitz; Giny Landgreen; Clyde Horn; OliverThornton; Marta Garcia

Annual Meeting

Calling of the roll and certifying of proxies: 22 certified proxies and 28 owners present.

Proof of notice of meeting or waiver of notice: met

Reading of minutes of preceding 2015 annual meeting: JeffRyder’s motion to approve the 2015 Annual Meeting Minutes was made by Luther Greulich and approved by the Board.

President’s Report:

Finishing a reserve study highlighting maintenance, cosmetic improvements and infrastructure under John Rose’s supervision with assistance from the MMRC and Douglas Beauchamp, Rick Lowen and Tom Weaverling.

Plumbing upgrade will begin to occur this coming year for this 50 year old building.

Stacks with operable values which don’t work currently. On-going through 2025 which will implement the last phase.

No big emergencies foreseen.

Dan Solitz: The invoice review file is now in place.

Benefitted: new energy system is saving WT dollars including the phone, new LED light in the parking areas.

The rear stairway door has been replaced with plans for two more stairway door replacements planned in October, 2016.

Willamette Towers 2015 Financial Report:

I’m pleased to report that the Association financial situation as of 12/31/15 was good. The financial report includes three charts: 1. 2015 Budget Comparison to actuals, 2. Cash Flow Analysis and 3. Reserve Summary.

View the 2015 Budget

I will briefly review each of these charts.

Budget Comparison

The actual total income received exceeded our budget projections by approx $4000. Assessments were above budget due to several owners makng pre-payments and there are no significant late assessments a/o 12-31-15.

Please note that the Utility Reimbursement line appears to reflect a shortfall for the year. However, the $3300 budgeted figure is erroneous. The actual budget figure should be $2700 (we collect $175 monthly from Mia Bella and $50 monthly from Satori Spa, in addition to their monthly rent, to cover utility usage).

Total 2015 operating expenses were significantly lower than anticipated (approx $12000). The lower expenses are due to savings in utility costs as a result of switching from electricity to natural gas for heating water for the building and controls over general maintenance costs. Property insurance costs were higher than anticipated due to major increases in our casualty and liability premiums and an increase in flood insurance.

The resulting Net Operating Income was $ 106,000 vs $90,000 anticipated in the budget. $48,000 was transferred to our reserves. The balance was used to cover expenses for projects to be funded by our reserves, leaving a total net deficit of $124,422.04.

The Cash Flow chart indicates the operating deficit covered by a $15,926.28 opening cash balance (BMC Trust account) and $106,315.00 transfers from our reserve funds to cover the balance of the reserve expenses, leaving a closing cash balance of $1, 568. 93.

The 2015 Reserve Summary reflects a closing balance of $97,577.11 which is approx $7,000 more than what was anticipated.

5. Committee Reports

Willamette Towers Architecture/Design Committee Report 2016 Annual Meeting

The Committee’s major focus in 2015 was improving the exterior appearance of our building. The Committee recommended to the board projects including work on the north planting area and cleaning and weeding of other plantings and re-seeding of grass in the northeast yard. Committee members Ken Guzowski, Giny Landgreen, Tina Behnke and Rick Lowen volunteered time to work on the north planting area and clean up other plantings over a few weeks in the Spring and early Summer. Other volunteers, Jeff Ryder and Dave Lottier, also assisted with spreading new mulch in the planting areas in both the front and back of the building. The committee also recommended the purchase of a new bench for the lobby.

MMRC:

Current focus is on the defunct ventilation system on the 1 floor, storm water drainage flowing to southwest drains.

6. Election of Directors:

3) 2-year positions: candidates gave platforms and balloting took place.

Elected were:

Giny Landgreen, Rick Lowen, Clyde Horn.

7. New Business:

An organizational meeting set for Wednesday, 09 March at 3:30; with a Planning Meeting immediately follow Wednesday 09, March at 4:PM.

Next Board Meeting set for Thursday 24 March, at 4:PM.

9. Adjourn:

JeffRyder seconding Rick Lowen motion to adjourn at 8:06 with Board approval.