The meeting was called to order at 1:05 p.m. Julia Lee introduced the directors, Richard Hartman, Phillip Barfield, Alexander Csicseri, Jr. and Bob Lane, the Property Manager and herself. Angela Leary was not in attendance.
The first order of business was to determine if there was a quorum present. Representatives of 357 weeks were required to be present or to have submitted a proxy. Sixteen weeks were represented in person, Barrier Island Station represented thirty-six units, and three hundred twenty two valid proxies were submitted to the secretary for a total of three hundred seventy-four weeks represented, which constituted a quorum.
Julia Lee requested a review of the minutes from the last meeting. A motion was made to approve the minutes as written and seconded. All were in favor, none opposed.
The meeting continued with a review of the audited financial information and proposed budget. An owner questioned the financial statement having a $148,599 deficit in the operating fund. Julia stated that it is misclassified. All agreed that Julia Lee will get together with the CPA and Sandra Fortier to address and correct the misclassified information. A motion was made and seconded to have the financial report available at least one month prior to the annual meeting. All were in favor, none opposed.
It was explained that the proposed $30 increase this year is primarily due to the recent steep rise in furniture prices and credit card discounts. It is no longer viable to keep the reserve at $30,000. The association needs to maintain $50,000 in the reserves for the upkeep of the roofing alone. It was noted that this year is the highest cost of living increase looking back as far as the year, 1913.
Discussion was held about items included in rehab. Currently, a rehab includes furniture, carpet, vinyl, drywall repair and painting. Appliances are replaced as needed, when they break. At some point the association will have to decided if rehab is going to include cabinets, counter tops, fixtures and appliances, which about doubles the cost of rehab. People are not feeling the units are being rehabbed. A motion was made and seconded to explore alternatives for extensive rehabbing for next year. Look at each piece and the cost and decide what the association wants, item by item. More than one budget will be done for next year. All were in favor, none opposed. Returning to the budget, a motion was made and seconded to approve the budget, as written.
After some discussion a motion was made and seconded to vote on no smoking in the units. A vote was taken and passed to make inside the units non-smoking.
An owner inquired when the duct work had been cleaned. Bob Lane responded that it is unknown if the ducts have ever been cleaned. An owner, in the duct work field, recommended that the ducts be cleaned every five years. All agreed it was a health hazard. A motion was made and seconded to price out duct work cleaning and include it in rehab. All were in favor, none opposed.
Julia Lee announced that three director’s seats (hers, Alexander Csicseri, Jr.’s, and Angela Leary’s) were open for a three-year term and requested nominations from the floor. Nominations were taken for Julia Lee, Alexander Csicseri, Jr., Angela Leary, and Sandra Fortier. After consultation, Julia Lee announced that Mr. Csicseri and she were willing to serve again. A motion was made and seconded to accept the nominees and close the floor. A motion was made to re-elect Julia Lee, Alexander Csicseri, Jr., and elect Sandra Fortier. All were in favor, none opposed. The motion was passed unanimously.
With no additional business to conduct, a motion was made to adjourn and seconded. All were in favor, none opposed. The meeting adjourned at 2:36 p.m.
Respectfully Submitted,
Julia P. Lee
