April Minutes 2010>
Minutes of Board of Directors Meeting
Taberna Homeowners’ Association
April 7, 2010
Board Members Attending:
Rick Layton President
George McNulty Vice President
Linda Pickens Secretary
James Dugan Treasurer
Willis Vincent Member at Large
Russell Packard Member at Large
John Serumgard Member at Large
Also Present: Bob Costanzo, Finance Committee Chairman; Bo Wernersbach and David Pickens, Todd Denson Park Proposal Committee
Rick Layton called the meeting to order at 5:30pm, there being a quorum present.
Todd Denson Park Proposal:
Bo Wernersbach, Committee Chairman, reported to the Board on the Committee's recommendations for improvements to Todd Denson Park. The Committee was guided by the improvements preferred by residents in the 2009 Survey. The Committee recommended a portion of the open space be fenced off for dogs to prevent them from roaming the entire Park, that a bocce court and horseshoe pit be installed, as well as additional benches and picnic tables. The Committee also endorsed the suggestion by many residents in the survey that some of the brush on the edge of the Park facing Taberna Circle be cleared to enhance the safety of the Park. The recommended improvements are within the amount budgeted for Park improvements. Willis Vincent requested that the Committee submit an article for publication in the Taberna Tribune, which Bo agreed to do. Residents will be asked for feedback on the proposed improvements to the Park.
Finance Committee
Bob Costanzo reported on the recommendations of the Finance Committee as to the financial reports and procedures it feels are critical to properly monitor the finances of the Association. The Committee's recommendations are attached. In connection with the Finance Committee's Recommendation No. 1, the Board discussed at length the discrepancy between the due date for the annual Dues (January 31) and the date when a late fee is incurred for delinquent payments (March 1). The Board determined that payment of annual Due should be January 31, with late fees being assessed if not paid by that date. It was decided that the January 31 due date will be highlighted at the annual meeting. Linda Pickens made a Motion to accept Recommendation Nos. 1 and 2, which was seconded by Willis Vincent. The Motion passed unanimously.
Minutes:
Jim Dugan made a Motion to approve the Minutes of the March 3, 2009 Meeting, which was seconded by George McNulty. The Minutes were unanimously approved and accepted.
Treasurer's Report:
The Treasurer provided his report which is attached.
Taberna Landings Maintenance Contract:
MES Services, Inc. gave notice that it was terminating its maintenance contract for Taberna Landings. MES is located out of Swansboro. The President of MES indicated that his business had grown in that area to the point where it was no longer economically feasible to continue with his contract in Taberna. George McNulty made a Motion to approach the three companies currently providing maintenance services in Taberna to see if one of them would be willing to take on the Taberna Landings contract for the same price, which was seconded by John Serumgard. The Motion passed unanimously.
Taberna Townes:
Jim Dugan informed the Board that two of the townhouses at Taberna Townes appear to be leased. Jim stated that, under the "Amendment to Protective Covenants, Taberna, Taberna Townes" the HOA could begin collecting annual Dues from the two townhouses. The Board reviewed the Amendment and had questions concerning the ability to collect Dues at this time, as well as the obligations the Association might incur if it began collecting Dues. The Board decided to table this matter until we had the opportunity to have the HOA attorney review the Amendment.
Covenant Violations:
Willis Vincent reported there were four violations in the previous month, two for trash receptacles, one for a propane tank and one for a non-conforming vehicle.
There being no further business before the Board, George McNulty made a Motion to adjourn, which was seconded by Linda Pickens. The Motion passed and the meeting was adjourned at 8:20 pm. The next meeting of the Board of Directors will be May 5, 2010.
Approved by the Board of Directors:
By: Rick Layton, President Date:
Treasurer’s Report
James Dugan, Treasurer
Wednesday, April 7, 2010
The status of last year’s aged receivables is as follows:
Taberna Master HOA had three court cases in the fall of 2009:
- The first payment plan is with an owner who agreed to the plan before the court date. The owner is paying in accordance with the plan.
- The second payment plan is for one of the two judgments. The owner is paying in accordance with the plan.
- The other judgment is probably not collectable until the house sells and the judgment gets paid at closing. If it goes to bank foreclosure, we will probably not receive anything.
Note: Late fees “accrue” during the payment plans in the event of a default, but are “forgiven” if the payment plan is completed.
The remaining 2009 Taberna Master dues assessments have been paid or otherwise resolved.
Abbington Woods Assn: We had two liens on Lot XXX. The bank foreclosed on the property on February 17, 2010. Last month, since there were no excess funds from the foreclosure sale, we wrote-off the two liens of $589.50 plus $180 in late fees owed to the master HOA for a total of $769.50 for last year. That resolved the outstanding Abbington Woods sub-assn dues for last year.
Boleyn Creek Sub-Assn: all of last year’s sub-assn dues have been paid.
One Taberna Way Sub-Assn: all of last year’s sub-assn dues have been paid.
Taberna Landing Sub-Assn: all of last year’s sub-assn dues have been paid.
The 2010 Taberna Master HOA dues are 96.8% collected as of April 1st.
The remaining 3.2% consist of 7 pages of dues that are in the aged receivables category of over 90 days. Late fees have been assessed on accounts not paid by February 28th.
22 accounts are being assessed late fees on accounts not paid by March 31st.
2 others are on payment plans (as lots as above).
6 more sent their dues and the late fee invoices crossed in the mail.
First Quarter Sub-Association dues status:
Abbington Woods Assn:
2 accounts are being accessed late fees on accounts not paid by March 31st.
Lot XXX (same lot as above) was foreclosed in February. Last month, since there were no excess funds from the foreclosure sale, we wrote-off two months prorated portion of the 2010 master dues of $36.67 (2/12 x $220) and first quarter sub-assn dues of $125 (2/3 x $187.50). We invoiced the foreclosing bank for their prorated share of the 2010 master dues of $183.33 (10/12 x $220) and sub-association first quarter dues of $62.50 (1/3 x$187.50). The first bank transferred the account to the Secretary of Veterans Affairs and they in turn transferred it to a real estate agent. I recently faxed copies of the invoices to the real estate agent for payment. Collection is still in progress.
Boleyn Creek Sub-Assn: 1 account is being accessed late fees on 1st quarter dues not paid by March 31st.
One Taberna Way Sub-Assn: 2 accounts are being accessed late fees on 1st quarter dues not paid by March 31st.
Taberna Landing Sub-Assn: all of the first quarter sub-assn dues have been paid.
Sub-Association Second Quarter Invoices have been mailed.
All invoices received by March 31st have been paid or otherwise resolved.
Branch Banking and Trust as of March 30th:
Taberna Master Deposit Account (IDA) ................. $133,329.67
Taberna Master Operating Account ........................... 21,946.26
Abbington Woods Operating Account .......................... 6,165.58
Boleyn Creek Villas Operating Account ....................... 1,968.85
One Taberna Way Operating Account ....................... 16,394.85
One Taberna CD ......................................................... 8,616.30
Taberna Landings Operating Account ......................... 2,355.72
Taberna Landings CD .................................................. 5,034.67
Scott & Stringfellow: as of March 30th:
Taberna Master Reserve .......................................... $98,121.09
Taberna Emergency Reserve .................................... 51,118.12
Abbington Woods ........................................................ 12,693.49
Boleyn Creek Villas ...................................................... 4,022.51
One Taberna Way ...................................................... 40,731.10
Taberna Landings ....................................................... 12,633.37
All of Taberna’s investments with Scott & Stringfellow are in FDIC insured CDs or money market accounts. As CDs mature and as cash accounts reach over $1,000, they are being reinvested in new CDs in $1000 increments except in the case of Taberna Landing. Taberna Landing has cash-on-hand of $4599 to cover the projected 2009 expenditure for roadwork that has not yet taken place.
2009 Federal and State Taxes were filed on time. Taxes paid:
Federal: ......................................................................... $954.00
State: .............................................................................. $477.00
THOA Finance Committee
March 31, 2010
Recommendation 1
It is the recommendation of the Finance Committee that the Treasurer prepare drafts of all letters that are to be sent to any THOA member if they fail to timely pay their annual dues. Due to the nature and importance of this type of correspondence the THOA Board of Directors shall review the appropriateness of the letters and approve the final documents prior to their use.
As respects the timing of the various letters the Committee feels that the Board should formalize those dates.
Recommendation 2
The Committee proposes that the following procedures be implemented as of April 15, 2010
At the monthly meeting of the Committee the Treasurer provides to the committee:
A copy of the online checking statement for the prior 60 days.
A copy of the most recent statement(s) from Scott & Stringfellow.
An updated copy of our expenses and revenues vs. the budget.
At the January, April, July and October meetings:
Copies of all bills received by the Treasurer and or the Bookkeeper whether paid or not yet paid by the Bookkeeper.
An updated spreadsheet reflecting the income and expenses for that preceding quarter.
If deemed important by the Treasurer an explanation of any unanticipated changes in income or expenses.
In an effort to understand the status of each of the Maintenance Contracts, which are the major expenditures for the THOA, a report should be included showing the annual contract cost and the quarterly and YTD expenses that have been paid.
If during the Bank Reconciliations the Treasurer has questioned an item and a change was required to be made that / those items are to be identified for the Committees review.
