November Minutes 2007 >

Taberna Homeowners Association Board of Directors Meeting Minutes 11-16-07

Bob Costanzo                 President                                      Representatives:

Bernadette McNulty     Vice President                                Terry Smith

Suzanne Forsythe          Treasurer                                       Jim Krise

Alva Windham              Acting Secretary (not present)       Martha Daniels

Guest:  Gene Peel

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The meeting was called to order at 5:30 PM.

 

The minutes from the meeting of October 17, 2007 were accepted as presented.

 

Treasurer’s Report

 

The Treasurer, Suzanne Forsythe, had previously distributed the 3rd quarter financials to the Board Members.  The Board had no questions, nor comments, and the reports were accepted unanimously by the Board as presented.

 

Suzanne suggested the following motion for consideration.

 

"To have any monies remaining at the end of the year in Taberna Master HOA accounts and the accounts of the Abbington Woods, Boleyn Creek, One Taberna Way, and Taberna Landing Sub-Association accounts be used for forward operating expenses and deficits of these accounts."

 

The motion was made by Bernadette McNulty and seconded by Jim Krise.  The motion passed unanimously.

 

Suzanne requested the Board’s authorization to make the following deposits into the Reserve accounts as per the 2007 Budget.  Authorization was given. 

 

Taberna Master:  Replacement Reserve            $14,000

                           Operations Contingency:       $  5,500 balance of the annual budget of    $11,000.

 

Abbington Woods:  Replacement Reserve     $3,100.  This will not be done until Dec. due to cash availability.  Any shortage in cash will reduce the amount of the reserve transfer.

 

Boleyn Creek Replacement Reserve              $ 250

 

One Taberna Way Replacement Reserve       $ 1,440 regular quarterly deposit. 

Total for the year is $5,760.

 

Taberna Landings Replacement Reserve       $ 2,190. 

 

On-Line Banking

 

To clarify how the use of any On-Line-Banking systems can be used the Board approved the following motion that was sponsored by Jim Krise and seconded by Terry Smith.

 

“The Treasurer shall have the sole capability to look at all banking accounts via the on-line banking option. This access shall not be shared with any Non-Board member or organization without the Board’s prior approval. The Treasurer shall have the capability to only transfer funds between various accounts via this process.

 

The Board unanimously approved the motion.

 

Investment of HOA Funds

 

The President recommended the following motion. Suzanne Forsythe sponsored it and Terry Smith seconded it. The motion was unanimously approved by the Board.

 

“A modest amount of monies will be retained, sufficient to pay the anticipated monthly expenses in the HOA Master Checking accounts. All other Master Association Funds will be invested in a secured interest bearing account. 

  

Finance Committee – Vacancy

 

Suzanne Forsythe advised us of the resignation of Wayne Maruna (Chairman) from the Finance Comm. effective 12/31/07.  It was agreed that this opening needed to be filled and that a new Chairman be elected by the Committee for 2008.

 

Annual Meeting

 

The Board discussed the status of the preparations for the Annual Meting. The printing of the material was completed on schedule and the Taberna Country Club agreed to allow us to use their postage machine to add the required postage to the envelopes. The envelopes were mailed on November 6, 2007.

 

Terry Smith agreed to collect the ballots from the mailbox and review them prior to the next meeting.

 

The meeting was adjourned at 6:45 PM.

 

Respectfully submitted by:

 

Robert Costanzo

 

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