March Minutes 2010>

Minutes of Board of Directors Meeting

Taberna Homeowners’ Association

March 3, 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: Sue McCarthy and Tom Tucker, Crime Watch Committee Co-Chairmen and Bob Costanzo, Finance Committee Chairman

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

Crime Watch Committee:

Rick introduced Sue McCarthy and Tom Tucker, Co-Chairs of the Taberna Crime Watch Committee. Sue reported that the Crime Watch Committee held their first meeting and Area Captains have been assigned. The Crime Watch Area Captains will keep a record of all residents within their assigned areas in case of emergencies. Sue will provide Rick with a list of the Area Captains and their assigned areas which will be posted on the website. The only neighborhood not presently represented on the Crime Watch Committee is One Taberna Way. Sue is looking for a volunteer for that neighborhood. Sue advised that residents should first call the Police in the event of an emergency. There is a monthly Crime Watch Newsletter prepared by the individual responsible for overseeing all the neighborhood crime watch committees in New Bern. It was agreed that a copy of the monthly newsletter would be posted on the website.

Finance Committee:

Bob provided an update on the meetings of the Finance Committee. The Committee was asked to provide recommendations to the Board for improved transmittal of information from the HOA Accountant and to review the HOA's current financial procedures and make recommendations for improvements. The Committee reviewed the financial "Best Practices" published by the Community Associations Institute and agreed that the Report offered sound policies which can be implemented by the HOA. The Committee is now working on prioritizing implementation of the policies and will make its recommendations to the Board. The Committee also recommended that whenever money is moved from one line item to another in the Budget, that action should be clearly reflected in amended Budgets to facilitate reconciling the Budget.

Minutes:

Willis Vincent made a Motion to approve the Minutes of the February 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.

One of the properties which had liens filed against it has gone into foreclosure sales. There were no excess funds from the proceeds of the sales to clear the liens on the properties for delinquent Dues. The Treasurer recommended that the delinquent Dues be written off. Jim Dugan made a Motion to write off the delinquent Dues and late fees in the total amount of $931.17, which was seconded by John Serumgard. The Motion was unanimously passed. The new owner of the foreclosed property will be billed for the prorated 2010 Dues.

Russ Packard requested that the Treasurer provide more detail on some of the line items in the year-end 2009 report which would help the Board prepare the budget for 2011.

Jim Dugan made a Motion to approve the bottom line numbers of the 2009 year-end report, with adjustments made to reflect monies transferred between line items to reflect actual expenditures, which was seconded by George McNulty. The Motion was unanimously passed.

Rules and Covenants:

Linda Pickens provided an update on the a compilation of Rules and Covenants for posting on the website. She reported on the difficulty of locating supporting documentation in the Association's records on actions taken by previous Boards with respect to yard sales. It was decided she will contact the HOA attorney and request copies of any legal advice rendered on this issue. Linda, Willis Vincent and John Serumgard will continue to further track down documentation on actions taken by prior Boards.

Covenant Violations:

Willis Vincent reported there were four violations in the previous month, two for property maintenance, one home business and one trash receptacle.

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 7:55 pm. The next meeting of the Board of Directors will be April 7, 2010.

Approved by the Board of Directors:

By: Rick Layton, President Date:

Treasurer’s Report

James Dugan, Treasurer

Wednesday, March 3, 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.

We had liens on the three properties that went into foreclosure and the foreclosure sales did not have excess proceeds. The board approved writing off these three receivables at the February 2010 meeting. They were Lot 303, $435; Lot 441, $ 415; and Lot 618, $435.

The foreclosing bank has paid the 2010 dues for Lots 303 and 618.

Another foreclosing bank paid a prorated share of the 2009 dues for Lot 441. The 2010 dues are supposedly being processed by the bank, but have not yet been received. They have recently sold the property.

The remaining 2009 Taberna Master dues assessments have been paid.

Boleyn Creek Sub-Assn is ok for now as all of last year’s sub-assn dues have been paid.

Abbington Woods Assn: We had two liens on Lot 423. The bank foreclosed on the property on February 17, 2010. Although the final report has not been filed, the attorney’s office said there were no excess funds. The lien of June 2009 covers the first $196.50 owed. The lien of Nov 2009 covers an additional $393.00.

I make a motion that we write-off the two liens of $589.50 plus $180 in late fees owed to the master HOA for a total of $769.50 plus 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) for a total of $931.17

We will invoice the 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).

Taberna Landing Sub-Assn is ok for now as all of last year’s sub-assn dues have been paid.

One Taberna Way Sub-Assn has all except one of last year’s sub-assn dues paid and that one has a payment plan that is being met.

The 2010 master dues are 94% collected as of March 1st.

The remaining 6% consist of 12 pages of dues that are in the aged receivables category of 61-90 days. Late fees will be assessed on accounts not paid by February 28th.

The BB&T deposit accounts have continued to increase due to the deposits from the receipt of dues. The discrepancy of amounts between the aged receivables and bank account totals is the result of a lag between the posting of dues in the books and the actual deposit into the bank accounts.

Scott & Stringfellow accounts show an increase of $3632.86 from the first of the year due to interest payments, changes in CDs being listed at market value, and a $1664.00 deposit into the OTW reserves. As CDs mature, 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.