Meadow Cove Condominium Association
Annual Membership Meeting
November 15, 2008

Meeting Minutes

I.                    The annual membership meeting of the Meadow Cove Condominium Association was held at 6:00PM on the 15^th day of November 2008 at the Keystone Center located on Sts. Johns Road.

Those members present were:

Others present were:

Mike Magliocchetti - Key To The Rockies

 51.06% of the membership were represented in person creating a quorum so the meeting proceeded as scheduled.

II.                 The meeting minutes of the previous annual meeting were submitted for review and approval. After a brief review a motion was made to accept the minutes into the official records of the association as submitted.

III.             Review the 2008 Year-to-Date Financials

Mike Magliocchetti gave an overview of the associations financial position through the 3^rd quarter ending September 30^th. The General Operating Fund for the year to date has a deficit of $487.45. This was primarily due to prepayment of the associations’ master insurance policy to avoid any finance charges. Most all account have a favorable variance to the budget with the exception of the Common Area maintenance account and this deficit was due to the cleaning of the common areas carpets in the spring. Snowplowing was slightly over budget due to the heavy snowfall last winter season.

Overall, the general fund is expected to be on budget or have a small surplus at the end of the year.

The dues receivables showed one owner in arrears however this account had been brought current by the time of the meeting.

A question was raised from one of the members concerning the associations’ policy on delinquent accounts and it was confirmed that accounts which are 30 to 90 days past due are being charged $35. After 90 days the charge increases to $50. This penalty is in addition to interest at the rate of 1.5% per month or 18% annually.

The Reserve account balance has total balance of $31,964.25. Projects completed this year and paid out of Reserves were carpet replacement in the C&D buildings for a total of  $4,253.13 and sealing of the asphalt totaling $2,918.00

IV.              Review and Approve the Proposed 2009 Operating Budget

Mr. Magliocchetti submitted the proposed operating budget for the upcoming year commencing January 1^st. In summary, the budget proposal represents an increase in dues by 1.55%. Only two accounts have been increased. They are the Utilities account (Natural Gas) by 10.07% and the Management Fee account by 2.9% The Insurance account will be decreased by 12.99% as the insurance premium with American Family went down. After some discussion and a question and answer period, the budget was unanimously approved.

V.                 Election of the Board of Directors

All three of the current board members expressed their willingness to serve another term. There were no other nominations from the floor. None were submitted by proxy. As a result the current board members were re-elected for another term by acclamation of the membership.

The board members for 2009 are: 

Richard Marron                  President
Lynn Tavery                       Vice President/Secretary
Jeremy Voge                      Treasurer

VI.              Old Business

Projects that need to be completed before the winter include sweeping the Chimneys in the A and B building. Mike will make arrangements with Karl Bierbaum of Chim Chiminey to have this completed sometime in November.

The hot water heater tanks in building B are nearing the end of their useful life. In fact, one of them leaked recently and was replaced. The board directed Mike to contact those owners in the B building and strongly encourage them to replace the tanks. When the hot water tank in unit B-4 was recently replaced, the attending plumber discovered that a third of the tank was filled with solid sedimentation that had precipitated out of the water. This also limits the amount of hot water the tank can hold resulting in another reason to have these units replaced. They are the original tanks and are estimated to be 24 years old. Not doing this could result in a leak in the tank which could cause damage to the other tanks in the crawl space.

The hot water tanks in buildings C and D will also be serviced.

VII.           New Business

The pathway lights are also at the end of their useful life and the board directed Mike to get estimates from an electrician to upgrade all the light posts. A short exists in the underground wiring preventing the lights from working. The homeowners would like to explore the possibility of replacing the pathway lights with taller post lights that would exceed the height of the winter snows. We will also explore the possibility of installing an electrical outlet on the posts as an added utility. This project will be coordinated through the winter with a completion date of next spring.

There being no further business to discuss, the meeting was adjourned at 7:30PM.

Respectfully submitted,

Michael J. Magliocchetti
Property Manager                    

Feel free to contact us with any questions or comments you may have!