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Willamette Towers Board Meeting

July 29, 2025 @ 5:03 PM

Abbreviations: IP=In Person VZ= Via Zoom MM= Made Motion 2nd=Seconded motion UN= Unanimous vote

ATTENDEES:

Board members (IP): Clyde, Jesse, Hal, David
Board members (VZ): Alex

BMC Personnel (IP): Diane S
BMC Personnel (VZ): Dave S.

Owners (IP): Ken G, Richard B
Owners (VZ): La Donna, Tom Ferrer

Others: Gloria and Maxwell Foxman, prospective buyers; Mark Harvey, realtor; Deniz Dunson, buyer’s agent; Justin St. Clair, buyers’ lender

Call to order: 5:03 PM

Motion to approve today’s agenda: Clyde MM Hal 2nd UN

Motion to approve minutes: The board will review and approve April and June minutes via email.

Treasurer’s Report(s):

Month ending May 31, 2025

Operating Account Summary (aka Trust or Checking account)

Beginning Cash Balance [05/01/2025] $34,899 prev: $23,211
Ending Cash Balance [05/30/2025] $36,843 prev: $34,899

Budget–Comparative

1. Month-to-Date Details

BUDGETED Total Operating Income: $24,603 prev: $24,603
ACTUAL Total Operating Income: $23,866 prev: $23,837

ACTUAL Total Operating Expense: ($17,113) prev: ($21,816)
BUDGETED Total Operating Expense: ($20,437) prev: ($20,437)

2. Year-to-Date Details

BUDGETED Total Operating Income: $123,017 prev: $98,414
ACTUAL Total Operating Income: $123,484 prev: $99,618

ACTUAL Total Operating Expense: ($176,809) prev: ($159,696)
BUDGETED Total Operating Expense: ($142,184) prev: ($121,747)3.

3. Notable Expenditures: $715 to Overhead Door Co. for replacing clutch shaft, bearings, chain

Reserve Account Summary

Opening Balance [05/01/2025] $282,031 prev: $265,121

Credits this Period $16,348 prev: $16,348
Debits this Period ($0) prev: ($0)
Change in Value this Period $618 prev: $562

Closing Balance [05/30/2025] $298,997 prev: $282,031

Notes about Reserves:

Primary Reserve balance: $235,867 prev: $230,624
Plumbing Reserve balance: $62,512 prev: $50,845

Month ending June 30, 2025

Operating Account Summary (aka Trust or Checking account)

Beginning Cash Balance [06/01/2025] $36,843 prev: $34,899
Ending Cash Balance [06/30/2025] $30,954 prev: $36,843

Budget–Comparative

4. Month-to-Date Details

BUDGETED Total Operating Income: $24,603 prev: $24,603
ACTUAL Total Operating Income: $23,994 prev: $23,866

ACTUAL Total Operating Expense: ($22,109) prev: ($17,113)
BUDGETED Total Operating Expense: ($20,437) prev: ($20,437)
5. Year-to-Date Details

BUDGETED Total Operating Income: $147,621 prev: $123,017
ACTUAL Total Operating Income: $147,478 prev: $123,484

ACTUAL Total Operating Expense: ($198,918) prev: ($176,809)
BUDGETED Total Operating Expense: ($162,621) prev: ($142,184)
6. Notable Expenditures:

• $380 to FPConstruction for lead paint test
• $210 to Chase Ink for Access to Unit 906 for emergency plumbing
• $200 to Jesse Fittipaldi for office computer (reimbursement)
• $140 to Overhead Door Co for fix loose jump & limit module

  Reserve Account Summary

Opening Balance [06/01/2025] $298,997 prev: $282,031

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

Change in Value this Period $619 prev: $618

Closing Balance [06/30/2025] $315,964 prev: $298,997

Notes about Reserves:

• Primary Reserve balance: $241,167 prev: $235,867
  -Plumbing Reserve balance: $74,179 prev: $62,512Motion to approve treasurer’s reports: Clyde MM Hal 2nd UN

  Owner’s Forum:

La Donna cannot sell her unit because of insurance/mortgage problems. She wants the board to meet again soon.

We decided to meet again on 8/11/2025 at 5:00 PM

Committee Reports:

None

Unfinished:

We voted to shop for roof repair bids. Clyde MM Jesse 2nd UN

The meeting adjourned at 5:57 PM.

Next board meeting: 8/26, 2025 @ 5:00PM