Snake River Village HOA
February 1^st, 2004
 Annual Meeting Minutes

I.                   Open, Call to Order

 The meeting was called to order by President, Richard Grant, at 9:00 A.M. at the Keystone Center.  The following twenty-nine owners were present or represented by proxy:

Also attending were Mike Magliocchetti and Andrea Sonderfan from Key to the Rockies, the Snake River Village Management Company.

II.                Review and Approve Previous Meeting Minutes

 The meeting minutes were reviewed and approved by unanimous consent with the following revision to the 2003 President’s Report:

 “It is my intention at this time to not seek reelection at the end of my term in February 2005.”

 III.             President’s Report

 See Attached Report on page two:

February 1, 2004

 President’s Annual Report

Happy New Year to all and a special welcome to our six new Snake River Village owners!! 

 Property values at Snake River Village have stayed ahead of the general market.  Local realtors tell me that they have seen a significant turnaround that started last summer and they feel very strongly that it will continue through 2004.

For the sixth straight year, your board and management company have controlled spending within our annual budget and continue to build a strong reserve fund for emergencies and capital improvements.  These positive results have been accomplished in the face of strong upward pressures in the cost of living and service sectors. 

Major projects completed in 2003 were as follows:

1.      Enhancement of the cul-de-sac landscaping with various plantings of trees, shrubs and flowers.

2.      Complete resurfacing of our roads and driveways.

3.      Completion of the carriage light project on all decks.

4.      Evaluation and solutions to potential roofing problems due to some visible shingle buckling on three buildings.

5.      Restaining the spa, repairs and replacement parts.

6.      Ongoing inspections of freeze alarms, door locks and boilers.

At this 2004 HOA Meeting, we are once again faced with a decision to participate in the Keystone Transportation Service.  Campfire and now Frostfire have advised us that they are not willing to share their portion of the cost even though some of their owners and renters do utilize the service.  The last time we surveyed our owners, 70% of the replies indicated they did not use the bus.  We continued the service to support the 30% of the owners who rent their unit as long as our neighbors would pay their pro-rata share.  (We will discuss this in detail later in the agenda.)

Once again in 2003, my wife Jo Anne (broken leg and all) and I were on site over six months and worked closely with Key to the Rockies and subcontractors to get the best results for our expense dollar.

This year will be the last year of my second three-year term as a board member and your president.  It is my intention to hand down the gavel and I highly encourage new participation in the coming years.

Thanks a million to those owners who were so gracious in their praise in 2003!!  We promise to continue to do our very best for all owners in 2004!!  Please call me or stop by #2845 if you have any observations or suggestions.

G. Richard Grant

P.S. A special thank you to board member, Charlie Papp, for his full time involvement in every project and his unselfish giving of his time to keep Snake River Village the prestige property that is it!!!!

IV.              Manager’s Report

a)      Review 2003 Year End Statement of Operation

Mike Magliocchetti of Key to the Rockies briefly reviewed the 2003 financial statements.  There were a few accounts that were over budget by 2003 year end and are as follows:

·        Repairs & Maintenance – Some of this overage was due to two roof leaks in building 5.  Heavy snow and ice loads caused water leaks inside the units and caused unexpected expenses.

·        Insurance - An increase to insurance caused an overage to the insurance account.

·        Cable Television - Cable Services experienced an unannounced increase for their service.

·        Pool Supplies – Spa supplies were more expensive than budgeted for and were over budget for the 2003 fiscal year.

There were no significant problems with the account’s receivable. 

The following adjustments were made in 2003 to the reserve fund:

·        $35,100.00 was transferred to the reserve fund from the monthly reserve contributions.

·        $7,410.61 was transferred to operating to pay for 2002 capital projects including exterior lighting; fence addition; and kick plates.

·        $6,983.05 was transferred to operating to complete the light project in 2003.

·        $8,439.00 was transferred to operating to reseal the drives in Snake River Village.

Thanks to Charlie Papp, the reserve funds have been held in higher interest bearing accounts that have added $2,257.63 in interest throughout 2003.  He has suggested that the funds be moved in the following manner:

·        $80,000.00 be put into a 3 year CD

·        $50,000.00 be put into a 2 year CD

·        The remainder will be held in an accessible money market/savings account.

This suggestion received unanimous approval and C. Papp will continue to work closely with Key to the Rockies to determine the best accounts to place the reserve funds with.

b)      Review and Approve Proposed 2004 Operating Budget

A 3.07% increase was proposed to the operating portion of the 2004 dues.  This increase was mainly due to expected increases in Repair and Maintenance, Insurance, Transportation, Snow Plowing, and Utilities.  The board and Key to the Rockies are still pursuing lower insurance bids and well as negotiating with Keystone regarding the transportation costs (more discussion found in old business).  The 2004 proposed budget was voted upon and approved unanimously.  The increase to the dues will be prorated for January and it was understood that if there were significant reductions in insurance or transportation, that a refund might be possible in the future.

Per the Gillan’s Reserve Study conducted six years prior, the monthly reserve collection should have been raised in 2004.  Because of frugal money management on the part of your board and Key to the Rockies and the lack of some expected repairs, the board decided not to increase the reserve portion of the monthly dues.  The Gillan’s report stated by the 2004, there should be $116,000.00 in the reserve.  As of December 31^st, 2003, there was $164,397.98!

V.                 Old Business

a)      Review Projects completed in 2003

The following projects were completed in 2003:

·        The exterior deck lights were replaced and the front porch lights were hard wired on.

·        The road was sealed to prevent buckling and early deterioration.

·        The spa covers were replaced

·        The question of the buckling shingles on the roof was resolved. 

b)      Transportation Costs

 For the last few years, the cost of Keystone Transportation has been shared among Campfire, Frost Fire, Cinnamon Ridge and Snake River Village.  Recently, only Cinnamon Ridge has expressed a willingness to share in the transportation expense.  With more and more of the financial burden falling on Snake River Village, the question of continuing to provide free bus service was posed.  An informative letter was read by R. Grant regarding transportation and a discussion ensued.  Some homeowners expressed the belief that the transportation system was a benefit to the community and should be kept.  Others believed that it was possible to walk to other free bus locations.  There were many solutions posed but until the board was able to meet with Keystone representatives, it was difficult to present an idea that was sure to be accepted by all parties.  Since negotiations were still in progress with Keystone, it was decided by unanimous decision that the homeowners would put their trust in the decision of the board.  It was agreed that Snake River Village would continue with the bus service through the end of the ski season in order to accommodate short-term rentals that were promised bus service at the time the reservation was made.

 c)      Roof Repair

 It was noted that the shingles were buckling in some areas on the roofs.  The fear was that the roofs were not properly vented and that moisture was causing the roofs to buckle from the inside out.  A roofing company, Turner Morris, was contracted to investigate the problem and found that the shingles had been overlapped which was causing them to buckle.  This does not pose a problem to the integrity of the roof and the roofs will not need to be replaced at this time.  

 VI.       Election of Officers 

There was one position open on the board this year.  Charlie Papp expressed his interest in rerunning for the board and was re-elected by acclamation of all members.  The Board of Directors for 2004 is as follows:

President	Charlie Papp
Vice-President	John Gardner
Treasurer	Richard Grant
Secretary	Jeff Zalkind
Member	Karen Lausa

VII.           New Business

a)      Discuss Projects for 2004.

1)      Stair Treads

In shaded areas (mainly buildings 1, 2 and 6), the use of aluminum non-slip stair treads may reduce exposure to slip and fall accidents.  Key to the Rockies has investigated the expense of stair treads for any owner interested in installing them.  The board will choose a style and color so that the treads will be uniform throughout the property.

2)      Boiler Problems

A boiler inspection was performed on all individual boilers and a report was provided as part of the annual meeting packet.  Six properties were not inspected due to lack of access and will be inspected at a later date.  The finding of the report will be sent to all homeowners with the next dues statement and the owners that are in need of repair work will be informed at that time.  Six of these vents have rusted through and are in need of immediate replacement as they pose a possible health hazard.  It was decided that annual boiler checks will be performed at the expense of the association as the venting material will continue deteriorate until all have been replaced.

C. Papp suggested that all homeowners invest in carbon monoxide sensors and radon sensors in order to protect themselves and their guests.  If any one is interested, he can provide further information.

3)      Street Designation

Recently, there has been a lot of confusion regarding the official street names of Snake River Village.  Key to the Rockies has investigated with the county regarding the recorded street names and street signs will be placed in the Snake River Village in order to minimize confusion.

4)      Concrete Pads

 Certain concrete pads will be replaced this summer as test subjects to see how they weather the winter season.  Once their adequacy has been determined, any concrete walkway that is in need of replacement will be replaced or repaired.

 5)      Painting/Staining

 This year, Snake River Village is scheduled to stain buildings one, two, three, the spa building, and the dumpster enclosure.  At least two bids will be obtained for this work and will include quotes on window and door caulking and driving in loose nails in the siding.

 6)      Door Locks

 A new model of card key lock is available called the MT Lock.  Keystone Resort has already updated all of their locks to this new system as the new design contains less movable parts and is less likely to malfunction.  The front door locks at Snake River Village are becoming outdated and may be expected to start malfunctioning within the next two years. C. Papp suggested that we begin to change out the older version of lock as they breakdown and replace them with the new lock instead of replacing all the locks regardless of their current functionality.  It was decided to wait until the locks started presenting problems before upgrading/replacing the locks with the new MT Locks.  Two MT locks will be purchased as replacements for future faulty locks and the issue will be readdressed at the next annual meeting if there is a need.

 7)      High Speed Internet Service

 Comcast is wiring Summit County for high speed internet access.  C. Papp has investigated the cost of bringing this service to Snake River Village.  It has been estimated to cost approximately $322 to $400 per unit to bring the service from Snake River’s central drop to the individual units.  After the equipment was installed, there would be a discount on the monthly expense for service if groups of people (minimum of 16) signed up for the service.  A motion was made to hard wire high speed internet access from the central drop to the individual units at the associations expense after due diligence.  This motion was passed unanimously.  It was further decided that the board would determine interest in the service so that discounted access (bulk accounts similar to the cable account) could be set up.

 b)      Set Meeting Dates for Board

·        Board Meeting:  July 10^th, 2004 9:00 A.M. at the Key to the Rockies Board Room
·        Board Meeting:  December 1^st, 2004 7:00 P.M. Teleconference
·        Annual Meeting:  January 30^th, 2005 9:00 A.M. at the Keystone Center

VIII.    Open Discussion

 ·        A homeowner questioned whether both spas were open this winter, as one seemed to be perpetually covered.  M. Magliocchetti responded that both spas were indeed operational but it had been a board decision to keep one spa covered.  This decision was made in order to save on utility costs.  It was then pointed out that the uncovered spa was kept at an uncomfortably high temperature.  C. Papp has been monitoring the spa temperature and has arranged with the Management Company to keep the spa’s at different temperatures in order to accommodate everyone’s taste.

·        J. Gardner suggested that passing information via the internet to homeowners would be more efficient.  The board will make an attempt to collect all homeowners’ e-mail contact information.

·        Recycling was cancelled at Snake River Village due to the expense.  Some homeowner requested that the board research the costs of maintaining recycling as it is part of being a good citizen.  The board will further research this item and act as they see fit.

IX.       Adjourn

            The meeting was adjourned at 12:00 P.M.

            Respectfully Submitted,

Andrea Sonderfan
HOA Bookkeeper
Key to the Rockies

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