August MInutes 2010 >

Minutes of Board of Directors Meeting

Taberna Homeowners’ Association

August 4, 2010

 

 

Board Members Attending:

Rick Layton                     President

Linda Pickens                 Secretary

James Dugan                 Treasurer

Willis Vincent                  Member at Large

Russell Packard             Member at Large

John Serumgard             Member at Large

 

Absent:  George McNulty, Vice President

 

Also Present:  Bob Costanzo, Finance Committee Chairman

 

 

 

Rick Layton called the meeting to order at 5:30pm, there being a quorum present. 

 

Rick reported on several open items: 

• An article regarding the Board approved improvements to Todd Denson Park appeared in the last issue of the Taberna Tribune. 

• The HOA attorney is preparing new Rules regarding rental properties. 

• It was noted that there may be some confusion regarding dogs in Todd Denson Park.  Dogs must be on a leash in the Park, unless confined within the dog play area.  Dogs are permitted in the dog play area regardless of any other groups or individuals using the Park, and the dogs and their owners should not be harassed. 

• It was noted that a portion of the wooden bridge into Todd Denson Park from the Taberna Circle entrance is sinking and will need to be reinforced.  Rick will talk with B&G about this issue and get a timeline for repairs. 

 

Minutes:

 

Jim Dugan made a Motion to approve the Minutes of the July 7, 2010 Meeting, which was seconded by John Serumgard.  The Minutes were unanimously approved and accepted.

 

 

Treasurer's Report:

 

Jim Dugan provided his report which is attached. 

 

Summary of Covenants and Rules

 

Linda Pickens advised the Board on the completion of the Summary of Covenants and Rules.  The Satellite Dish policy was revised to bring it into compliance with Federal law.  John Serumgard made a Motion to approve the revised Satellite Dish Policy, which was seconded by Willis Vincent.  The Motion was unanimously approved.  Willis Vincent made a Motion to accept the Summary of Covenants and Rules (with the revised Satellite Dish policy), with a disclaimer to be added to the introduction, which was seconded by John Serumgard.  The Motion was unanimously passed.  John Serumgard will provide the Disclaimer language.  Once the disclaimer is added to the Summary, the Summary will be posted on the HOA Website.  The revised Satellite Dish policy will be posted immediately to replace the existing Policy on the HOA Website.

  

HOA Accounting Contracts:

 

Jim Dugan reported on the 2011 contracts with the HOA Accountant for the Master Association and the Sub-Associations.  In 2011, there will be two additional reports the Accountant will prepare monthly.  The Accountant's fee will increase by $1,100 in 2011, for a total annual fee of $8,600.  The Board requested that a due date for the reports be inserted in the contract so that reports are timely received.  The 15th day of the month was suggested as the due date for these reports  The revised contracts will be finalized at the September meeting. 

 

2011 Budget:

 

Jim Dugan presented a draft of the 2011 Master Budget.  The Board discussed the amounts funded for Miscellaneous Landscape Maintenance, and Projects/Beautification.  Jim said that additional landscaping needed to be done at the Taberna Townes project, which is why he included $10,000 in the 2011 Budget for beautification.  The Board reiterated that the 2009 Board and the current Board decided against installing additional landscaping at the townhouses until the final configuration of the Townes was decided upon and construction is resumed.  Delaying landscaping until we know how the townhomes will be redesigned and construction is underway, will allow for landscape screening to be thoughtfully planned and installed and avoid the potential of damage to the landscaping.  The Board discussed the possibility of putting $5,000 in a reserve account in 2011, which would be added to additional funds in the 2012 Budget, so that sufficient funds are available to install landscaping at the Townes once construction is underway.  Russ Packard noted that, per the budget planning process adopted by the 2009 Board, requests for funding must be received by July 1 to be considered for inclusion in the Budget.  The Board noted that of the $4,000 for beautification budgeted for 2010, only approximately $500 has been spent.  The Board also discussed the Landscape Maintenance funds and how those funds are used.  Rick will talk with B&G to obtain clarification on expenditures of Landscape Maintenance funds.  It is anticipated that the 2011 Master Dues will remain the same ($220).  Jim also presented the proposed 2011 Budgets for the Sub-Associations. 

 

Finance Committee:

 

Bob Costanzo reported on the Finance Committee.  The Committee reviewed a sampling of the Fourth Quarter financials.  He noted that the HOA Accountant writes checks payable to her as payment for her services, which is something the Committee wants to look at and, possibly, implement guidelines.  The Committee, in looking at the First Quarter 2010 financials, noted a discrepancy between the entity on the contract and the entity being paid for the landscape maintenance contract for One Taberna Way, as well as a discrepancy in entity covered by the insurance policy.  Bob requested that the Board address these discrepancies.  Rick agreed to talk with the contractor to clear up the discrepancies.

  

Board Goals and Objectives:

 

Willis Vincent reviewed the revised Goals and Objectives as of mid-year.  After a few minor revisions, Linda Pickens made a Motion to approve the revised Goals and Objections, which was seconded by Russ Packard.  The Motion was unanimously approved.  Willis will have the revised Goals and Objectives posted on the website.

  

Covenant Violations:

 

Willis Vincent reported there were 4 Covenant violations cited in July:  one for a violation of the sign policy, and 3 for trash receptacles.

  

2011 Board Positions:

 

The Board noted there will be four positions open on the 2011 Board, and discussed ways to recruit volunteers.  It is crucial for the proper management of Taberna that residents volunteer to serve.  Absent sufficient volunteers coming forward, the Board discussed the possibility of having professional management, which will raise the annual Dues.  Rick will request volunteers in his next Presidents Message in the Taberna Tribune. 

 

There being no further business before the Board, John Serumgard made a Motion to adjourn, which was seconded by George McNulty.  The Motion passed and the meeting was adjourned at 6:50 pm.  The next meeting of the Board of Directors will be September 1, 2010.

  

Approved by the Board of Directors:

 

 

 

                            /s/                                                                  9/1/10   

By:   Rick Layton, President                                               Date:

 

Treasurer’s Report
James Dugan, Treasurer
Wednesday, August 4, 2010

 

The status of 2009 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. Balance owed is now $170.00.
• The second payment plan is for one of the two judgments. The owner is paying in accordance with the plan. Balance owed is now $461.00.
• The second judgment property owner contacted me after we placed the lien for 2010 dues. He said it has been a rough two or three years and that he will pay the lien first and then the judgment. Balance owed is now $1,485.50, of which $320 is for 2010.

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 and Sub-Association dues assessments have been paid or otherwise resolved.

 

The 2010 Taberna Master HOA dues were 98.7% collected as of July 31st.

Total Aged Receivables were $5,863.83 as of July 31st. Of these, $4,109.83 are over 90 days due. Liens were placed on 12 properties. Two have since paid their balance due. Late fees are being assessed to the remaining 10 properties for dues not paid by July 31st.

 

2010 Sub-Association dues status:

Abbington Woods:      8 accounts are being assessed late fees for quarterly dues not paid by July 31st. A lien was placed on the one that owes for all three quarters. One owes for two quarters. The remaining six owe for the 3rd quarter.

Boleyn Creek Villas:   2 accounts are being assessed late fees for 3rd quarter dues not paid by July 31st.

One Taberna Way:     3 accounts are being assessed late fees for quarterly dues not paid by July 31st. A lien was placed on the one that owes for all three quarters. The remaining two owe for the 3rd quarter.

Taberna Landing:       All of the sub-assn dues have been paid.

 

HOA Invoices: All invoices received by July 31st   have been forwarded to the Accountant for payment.

 

Placement of Liens: Fourteen liens were placed on twelve properties of July 13th. Two have since paid their balance in full. Monetary expense of placing liens totaled $217.38 ($15.53 per lien). John Serumgard has reviewed the documents and procedures. John, Linda Pickens, and I have made several trips each to the Craven County Court House. Placement and management of liens is a very labor intensive process.

 

Accountant: Our Accountant, Mona Sadler, has purchased Peachtree 2011 and all new computers. Installation is still in progress. She has sent proposed contracts for the year 2011. These were emailed to all board members

Branch Banking and Trust Accounts:	Beginning of Year	March 31st	July 27th
	End of Year	End of Quarter	(Online)
Taberna Master Deposit Account (IDA)	$15,805.08	$134,478.49	$102,240.64
Taberna Master Operating Account	15,540.49	20,880.38	16,898.98
Abbington Woods Operating Account	1,990.14	8,040.58	12,429.48
Boleyn Creek Villas Operating Account	1,543.43	1,969.04	4,158.37
One Taberna Way Operating Account	15,858.85	16,394.85	17,591.89
One Taberna CD	8,616.30	8,616.30	8,616.30
Taberna Landings Operating Account	1,510.72	2,355.72	3,565.76
Taberna Landings CD	5,034.67	5,034.67	5,034.67
Scott & Stringfellow:	Beginning of Year	March 31st	July 27th
	End of Year	End of Quarter	(Online)
Taberna Master Reserve	$96,453.69	$97,452.27	98,802.84
Taberna Emergency Reserve	50,693.54	50,990.86	51,629.18
Abbington Woods	12,529.11	12,662.01	12,768.05
Boleyn Creek Villas	3,994.58	4,021.87	4,033.45
One Taberna Way	38,316.52	40,448.14	44,277.45
Taberna Landings	12,598.88	12,599.46	12,644.37

“Online” bank balances do not reflect checks and deposits that have not cleared the bank.

“Online” S&S balances include unrealized gain/loss amounts.

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. Taberna Landing owners do not plan on utilizing the scheduled reserves for roadwork this year, so their excessive cash-on-hand was placed in CDs. Interest rates on CDs are minimal – under one percent for less than 24 months, slightly over one percent for 24 months. The advantage over every other type of investment is that the principal is guaranteed.

 

Second Quarter Financial Reports:

The Second Quarter Financial Reports were received August 2nd and are being reviewed before forwarding to the Financial Committee and HOA Board of Directors.

 

2011 Budgets:

The Reserve for Analyses for the HOA and sub-associations and Drafts of Proposed 2011 Budgets were sent last month to members of the Board of Directors and Finance Committee for review and comment. The revised Proposed 2011 Budgets show minor adjustments from review comments and from the 2010 budgets. Only Boleyn Creek and Taberna Landings have a proposed increase in dues. A revised set of Proposed 2011 Budgets was emailed to board members this week.

Landscape contracts for 2011 were made last year and the 2011 contract figures were used for the budget. The accounting contract for 2011 has been proposed by the accountant. The proposed contract figures have been used for the budget. Other budget figures have been revised/estimated as accurately as possible.

To date, the Finance, Building & Grounds, and Denson Park Committees have commented on the budgets.

To date, the One Taberna Way and Taberna Landings sub-associations have commented on the sub-association reserves and budgets.