View the official pdf version of the minutes

Willamette Towers Board Meeting

February 18, 2025 @ 5:00 PM

ATTENDEES:

Board members (in person): Clyde Horn, Jesse Fittipaldi, Hal Dillon
Board members (via Zoom): Alex Howe
BMC Personnel (in person): Diane Sollinger
BMC Personnel (via Zoom): Dave Saraceno

Owners (in person): Richard B.
Owners (via Zoom): Tom Ferrer, Giny Landgreen

Others: Tracy Baier: Our AmFam Insurance agent

Call to order: 5:08 PM

Motion to approve today’s agenda: Clyde; 2nd: Hal - Unanimous

Motion to approve minutes from 1-28-2025: Clyde; 2nd: Jesse - Unanimous

Motion: Accept 2025 Building Insurance: Clyde; 2nd: Hal - 3 aye’s and 1 nay

The building insurance will not cover the interior of a residential unit. That insurance is the responsibility of the owner.

Treasurer’s Report: Month ending January 31, 2025

Operating Account Summary (aka Trust or Checking account)

Beginning Cash Balance [1/31/2025] $36,296 prev: $30,832
Ending Cash Balance [01/31/2025] $45,151 prev: $36,296

Budget–Comparative

Month-to-Date Details
BUDGETED Total Operating Income: $24,603 prev: $22,793
ACTUAL Total Operating Income: $24,961 prev: $23,069

ACTUAL Total Operating Expense: ($16,735) prev: ($21,408)
BUDGETED Total Operating Expense: ($24,604) prev: ($22,143)
Year-to-Date Details
BUDGETED Total Operating Income: $24,603 prev: $273,519
ACTUAL Total Operating Income: $24,961 prev: $277,585

ACTUAL Total Operating Expense: ($16,735) prev: ($336,527)
BUDGETED Total Operating Expense: ($24,604) prev: ($273,519)
Notable Expenditures:

$370 to Anderson Plumbing for Unit 205 shower valve debris
$353 for monthly landscaping contract
$280 for hornbeam trees

Reserve Account Summary

Opening Balance [01/01/2025] $318,473 prev: $298,001

Credits this Period $16,348 prev: $19,743
Debits this Period ($0) prev: ($0)

Change in Value this Period $741 prev: $728

Closing Balance [01/31/2025] $335,562 prev: $318,423

Notes about Reserves:

Primary Reserve balance: $307,309 prev: $302,628

Plumbing Reserve balance: $27,512 prev: $15,845

End of Treasurer’s Report

Motion to approve treasurer’s report: Clyde; 2nd: Hal - Unanimous

Owner’s Forum:

Ken G. expressed appreciation for the work of the members of the WT Board of Directors.

Committee Reports:

MMRC:

All the Zinsco electrical panels have been replaced!!

Green Committee:

The IRS has a Residential Energy tax credit that may help pay for the replacement of electrical panels in the residential units.

New business:

Ken G. volunteered to work to preserve the original paper blueprints for Willamette Towers. The board allocated $200 to fund this project.

We voted to look into replacing the computer in the WT office.