View the official pdf version of the minutes
Board members in person: Clyde Horn, David Igl, Hal Dillon
Board members via Zoom: Alex Howe, Jesse Fittipaldi
BMC Personnel in person: Diane Sollinger, Dave Saraceno
Owners (in person): Bill Bomball, Richard Bomball, Rick Lowen
Owners (via Zoom): Tom Ferrer
Motion to approve agenda: Hal; 2nd: Clyde - Unanimous
Motion to approve minutes from 04-14-2024: Clyde; 2nd: Alex - Unanimous
Month ending April 30, 2024
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
It was suggested that Willamette Towers HOA install an emergency “Narcan-Dispense box”. We are told that this box is available at low or no cost through White Bird Medical Clinic. Hal will contact White Bird and get more information.
An owner asked if it is permitted for them to cover the interior of their windows with cardboard during the summer. The idea is to reduce Heat-Gain through the glass. We will put this on the agenda for the next board meeting.
No report
Hal was recently contacted by Mike of Anderson Plumbing. Mike’s communication with Hal indicated that he felt that his invoices were not being paid quickly enough. Our procedure is that Jesse and Alex review Anderson’s invoices and when one is approved, it goes to BMC for payment. Alex stated that Mike should have contacted BMC with questions.
One of our HOA resident members, via Action Gram, stated that the MMRC has technically not been a “committee” lately. Jesse stated that the MMRC, as currently functioning, is a sub-committee of the WT HOA board and the MMRC’s reports are submitted monthly at the WT HOA board meetings.
As per New Wave Electric’s report, all Zinsco panels, with one exception, need to be replaced to satisfy the insurance industry’s requirements. The lone exception is the largest of our Zinsco panels. It is on the ground floor. We will contact Tracy Baier, our insurance agent, for her input.
None
See the MMRC report.
We voted to authorize our attorney to send a cover letter and a ballot to unit owners.
Motion to authorize this mailing: Hal; 2nd: Clyde - Unanimous
David Igl will research to see if there is a cost-effective and legal basis for compelling the owner whose vehicle hit the association’s gate to reimburse the association for the resulting damages by adding the damage total to the association dues unit account.”
06/18/2024 @ 5PM