View the official pdf version of the minutes
Board members in person: Clyde Horn, David Igl, Jesse Fitipaldi, Hal Dillon,
Board members via Zoom: Alex Howe
BMC Personnel: Diane Sollinger, Dave Saraceno
Owners (in person): Bill Bomball, Richard Bomball
Owners (via Zoom): Giny Landgreen
“We must confirm that all residential units that claim to have “non-Zinsco” electrical panels do, in fact, have “non-Zinsco” electrical panels.”
Motion to approve modified agenda: Clyde; 2nd: Hal - Unanimous
Motion to approve minutes from 03-14-2024: Alex; 2nd: Clyde - Unanimous
Operating Account Summary (aka Trust or Checking account)
Beginning Cash Balance [03/01/2024]: $29,567 prev: $9,813
Ending Cash Balance [03/31/2024]: $3,938 prev: $29,567
BUDGETED Total Operating Income: $22,793 - prev: $22,793
ACTUAL Total Operating Income: $22,340 - prev: $22,888
ACTUAL Total Operating Expense: ($97,783) - prev: ($17,196)
BUDGETED Total Operating Expense:($22,793) - prev: ($22,793)
BUDGETED Total Operating Income: $68,380 - prev: $45,587
ACTUAL Total Operating Income: $68,176 - prev: $45,836
ACTUAL Total Operating Expense: ($138,092) - prev: ($40,310)
BUDGETED Total Operating Expense: ($68,380) - prev: ($45,587)
$75,439 insurance premium
$5,650 federal and state taxes
Opening Balance [03/01/2024]: $432,480 - prev: $493,332
Credits this Period: $0 - prev: $0
Debits this Period: ($34,792) - prev: $(60,030)
Change in Value this Period: $1,194 - prev: $1,179
Closing Balance [03/31/2024]: $398,882 - prev: $432,480
Primary Reserve balance: $140,039 - prev: $143,091
Plumbing Reserve balance: $57,029 - prev: $47,486
Revised goal of $200,000 in rotating CD funds:
o CD #9 matured on 3/5/2024 and no new CD was purchased
o CD #10 purchased, matures 04/22/2024
o CD #11 purchased, matures 05/20/2024
We have a $100,000 CD maturing soon. We will not roll this $100k into another CD.
We will put this into a money market fund (MMF) and earmark it for the plumbing project.
The difference in return at this time is “CD vs MMF” is 5.2% vs 4.3%.
Our thinking is that we need liquidity more than the slightly higher interest rate.
End of Treasurer’s Report
Motion to approve treasurer’s report: Clyde; 2nd: David - Unanimous
There was a question about the calendar deadline for a unit-owner’s replacement of their Zinsco Electrical Panel. This information is in the original letter sent to all unit-owners.
One resident stated that there is slow flow at his shower. He states this problem was successfully dealt with this several years ago.
The thinking is that the showerhead is once again being restricted by the rusty buildup from the interior of the water supply pipe.
The correction of this problem is the second objective of the BPP (Big Plumbing Project).
The first objective is replacing the water supply pipes before they start to leak.
The exhaust fan on the roof of the building was replaced. This fan ventilates the Janitors Closet on all floors. Dave will adjust the fan-flow setting to “high” to see if that is best.
The MMRC is considering the installation of the riser pipes to all the remaining floors without installing the pipes from the risers to the fixtures in the units.
With this “plumbing infrastructure” in place we could postpone the completion of the plumbing installation until a problem occurs at a particular unit(s). The hope is that this will decrease the cost of the project.
It was suggested that the plumbing contractor take photos of the conditions as they deal with them. These photos may be helpful as we move forward.
They hope to encourage LTD bus ridership by hosting “Bus Events”. One idea is a group bus ride to the Creswell Bakery for fun and treats!
There is information on the bulletin board in the mail room about the existence of tax credits for the replacement of electrical panels and other energy-saving upgrades. These tax credits may help with the cost of the replacement of existing Zinsco electrical Panel.
Anderson Plumbing invoices: Jesse and Alex will “pre-approve” all plumbing invoices before submitting them to the HOA board for payment. Diane will forward all invoices to Jesse and Alex upon receipt.
At the time of this meeting, 48 unit-owners had decided to have Bear Mountain Electric replace their panel.
6 are getting other bids and 8 are undecided. We will remind the 8 that they need to decide soon.
We will request that all unit-owners with updated panels send Dave a photo that shows the brand of their panel.
We will ask our attorney to re-write our Insurance Requirements document. The current document is somewhat restrictive; it is difficult to meet the requirements.
We want requirements that are adequate but easier to meet.
Motion: Hal; 2nd: Clyde - Unanimous
05/21/2024 @ 5PM (In-Person and via Zoom)