QVLOA Minutes 20061009

Quail Valley Lot Owners Association, Inc. Board of Directors Meeting Monday, October 9, 2006 Minneola City Hall, Minneola, FL Minutes
Note: This meeting was recorded in its entirety. Homeowners may apply to listen to the recording by contacting the Board President, Matt Earnest, at 352-394-0842, or by e-mail: m44c39@earthlink.net.
The meeting was called to order at 7:00 p.m. Quorum was met, all board members being present: Matt Earnest, David Yeager, Ricardo Burke, Amy Deering, and Nancy Jackson. Also present was Gary House, of Premier Community Managers. Minutes of the previous meeting were approved unanimously. First item of business was the financial report. Matt Earnest announced that the financials would be on the website the next day, and urged attendees to see Bob Dempsey to sign up for a website password. Gary House, Premier Community Managers, presented the financial report. As of the end of September 2006, the Association had $153,080.00 in assets. The net income, or surplus, was $39,000.00. Under the accrual system of accounting, the net income includes dues not yet paid. When the Association assumed control from the developer's management company in June 2006, approximately $150,000.00-$160,000.00 in dues were still owed. That figure has fallen to $24,456.00 as of end of September. About $7,000.00 in unpaid dues are in the hands of attorneys for property leins; another $2,000.00 is in estoppal form from title companies as the result of recent home sales. It is projected that at the end of October 2006 $16,000.00 in dues will remain owed. The $39,000.00 surplus is a paper surplus, and includes the amounts owed. The surplus could also be reduced by unforeseen expenses, such as for the wastewater treatment plant. The financial report was unanimously accepted by the Board. Next item of business was the President's Report. Mr. Earnest reported that action was being taken on homeowners who are not following the rules of the Association, for instance, letting lawns go uncut, and parking on lawns. Reports of problems go to PCM, and PCM then starts sending letters. Getting homeowners to comply is not a quick process. The Association is also pursuing homeowners who have not paid annual dues. Mr. Earnest then called for volunteers to assist in various Association projects, including the playground committee, the Architectural Review Committee, and the newsletter. The playground committee was slated to meet on October 21st at 10 a.m., and had made suggestions for major improvements to the playground in 2007. Mr. Earnest mentioned that a University of Central Florida professor in horticulture might take on the park as a class design project. Regarding the newsletter, Mr. Earnest called for a show of hands from people receiving or not receiving the newsletter. Next on the agenda was old business. Old business was limited to the 2007 budget. Copies of the budget were distributed to attendees. Mr. House explained the budget categories and amounts allocated, which are projections based on current outlays. He covered Grounds Maintenance, Management & Administration expenses, a Contingency amount, and Reserves. The importance of developing a reserve fund to cover unforeseen expenses was emphasized, and it was announced that bids were being solicited for conducting a reserve fund study. A few items elicited animated discussion from the audience and the Board, especially grounds maintenance for the entryway, the future of the dock, liability for events at the park and pond, the retention pond and stormwater system, and the wastewater treatment plant removal. The Board emphasized that line items in the budget were not fixed, but that money could be moved around as needed. On the subject of money, Mr. Earnest also mentioned that it was possible that a $36,000 discrepancy existed in the amount of money Banyan turned over to the Association, but that this was only hearsay. The Budget discussion was closed. The Board unanimously accepted the Budget. Mr. Earnest mentioned that the budget would be presented to the Association at the Annual Meeting on Oct. 30, but just for information, not for vote, there being no provision in the charter for direct homeowner vote on the budget. Discussion then turned to new business. Ricardo Burke stated that the invested money was not generating much interest. Mr. Earnest stated that originally the money was drawing a higher interest rate, but that that rate period had expired, and the money now needed to be reinvested. There was discussion between the Board and Mr. House on available interest rates and other investment options, as well as on considerations of fund liquidity versus penalties for withdrawal. Mr. House offered to shop money market accounts. There was a motion & second to move money into more lucrative investment avenues. Mr. Burke suggested having the accounts audited for the new board to be elected on October 30. Mr. House & Mr. Earnest indicated that such an audit was not necessary, that the Association was legally required to conduct an annual review at the end of the year in any case. In a brief report on the Neighborhood Watch Program, Jennifer Bode informed attendees that she had ordered crime prevention decals, and invited all present to sign up for them. Regarding neighborhood, crime, Mr. Earnest detailed recent vandalism at the lift stations, with all locks cut, and pampers thrown into the pump systems; the Association had to spend $1,200 to clean the pumps. New locks were on order. He stressed that if homeowners see liftstation gates open they should notify the Association officers immediately. Mr. House temporarily returned to New Business, and reviewed the upcoming Board elections scheduled at the Oct. 30, 2006 annual meeting. He urged homeowners to fill out voter certificates and proxy forms in case they could not attend the annual meeting in person. He announced that 25% of the community (127 homeowners) must be at the annual meeting, or have submitted a proxy, for quorum. Without a quorum, no elections can be held, and mailing the election materials is an expensive process -- $624 to mail out, and that the process would have to be repeated for notice of another meeting. Mr. Earnest reminded attendees that the current board retires on Oct. 30, and that there is no provision in the by-laws for the board to continue to sit. He stressed the importance of getting enough votes for a new board, and urged attendees to See Jeff Luck for proxy forms just in case they couldn't show up at the annual meeting. He noted that only 22 proxies had been filled out at the moment. He also reminded attendees of a by-law amendment to be voted on at the annual meeting. With this amendment, only 10% of homeowners would need be present or have submitted proxies in order to vote for board members. Mr. House stated that if there is no Board of Directors, the state assigns a trustee, whose fees to run the Association would soon exhaust the Association's finances. Homowners present were urged to knock on doors to urge voting at annual meeting. Mr. Earnest expressed thanks to the homeowners for help in starting association, and thanked the board for their time & dedication. The meeting was adjourned at 8:15.

Quail Valley Lot Owners Association, Inc.

Board of Directors Meeting
Monday, October 9, 2006
Minneola City Hall, Minneola, FL
Minutes

Note: This meeting was recorded in its entirety.
Homeowners may apply to listen to the recording by contacting the Board President, Matt Earnest, at 352-394-0842, or by e-mail: m44c39@earthlink.net.

The meeting was called to order at 7:00 p.m. Quorum was met, all board members being present: Matt Earnest, David Yeager, Ricardo Burke, Amy Deering, and Nancy Jackson. Also present was Gary House, of Premier Community Managers.

Minutes of the previous meeting were approved unanimously.

First item of business was the financial report. Matt Earnest announced that the financials would be on the website the next day, and urged attendees to see Bob Dempsey to sign up for a website password.

Gary House, Premier Community Managers, presented the financial report. As of the end of September 2006, the Association had $153,080.00 in assets. The net income, or surplus, was $39,000.00. Under the accrual system of accounting, the net income includes dues not yet paid. When the Association assumed control from the developer's management company in June 2006, approximately $150,000.00-$160,000.00 in dues were still owed. That figure has fallen to $24,456.00 as of end of September. About $7,000.00 in unpaid dues are in the hands of attorneys for property leins; another $2,000.00 is in estoppal form from title companies as the result of recent home sales. It is projected that at the end of October 2006 $16,000.00 in dues will remain owed. The $39,000.00 surplus is a paper surplus, and includes the amounts owed. The surplus could also be reduced by unforeseen expenses, such as for the wastewater treatment plant.

The financial report was unanimously accepted by the Board.

Next item of business was the President's Report. Mr. Earnest reported that action was being taken on homeowners who are not following the rules of the Association, for instance, letting lawns go uncut, and parking on lawns. Reports of problems go to PCM, and PCM then starts sending letters. Getting homeowners to comply is not a quick process. The Association is also pursuing homeowners who have not paid annual dues.

Mr. Earnest then called for volunteers to assist in various Association projects, including the playground committee, the Architectural Review Committee, and the newsletter. The playground committee was slated to meet on October 21st at 10 a.m., and had made suggestions for major improvements to the playground in 2007. Mr. Earnest mentioned that a University of Central Florida professor in horticulture might take on the park as a class design project. Regarding the newsletter, Mr. Earnest called for a show of hands from people receiving or not receiving the newsletter.

Next on the agenda was old business. Old business was limited to the 2007 budget. Copies of the budget were distributed to attendees. Mr. House explained the budget categories and amounts allocated, which are projections based on current outlays. He covered Grounds Maintenance, Management & Administration expenses, a Contingency amount, and Reserves. The importance of developing a reserve fund to cover unforeseen expenses was emphasized, and it was announced that bids were being solicited for conducting a reserve fund study. A few items elicited animated discussion from the audience and the Board, especially grounds maintenance for the entryway, the future of the dock, liability for events at the park and pond, the retention pond and stormwater system, and the wastewater treatment plant removal. The Board emphasized that line items in the budget were not fixed, but that money could be moved around as needed. On the subject of money, Mr. Earnest also mentioned that it was possible that a $36,000 discrepancy existed in the amount of money Banyan turned over to the Association, but that this was only hearsay.

The Budget discussion was closed. The Board unanimously accepted the Budget. Mr. Earnest mentioned that the budget would be presented to the Association at the Annual Meeting on Oct. 30, but just for information, not for vote, there being no provision in the charter for direct homeowner vote on the budget.

Discussion then turned to new business. Ricardo Burke stated that the invested money was not generating much interest. Mr. Earnest stated that originally the money was drawing a higher interest rate, but that that rate period had expired, and the money now needed to be reinvested. There was discussion between the Board and Mr. House on available interest rates and other investment options, as well as on considerations of fund liquidity versus penalties for withdrawal. Mr. House offered to shop money market accounts. There was a motion & second to move money into more lucrative investment avenues.

Mr. Burke suggested having the accounts audited for the new board to be elected on October 30. Mr. House & Mr. Earnest indicated that such an audit was not necessary, that the Association was legally required to conduct an annual review at the end of the year in any case.

In a brief report on the Neighborhood Watch Program, Jennifer Bode informed attendees that she had ordered crime prevention decals, and invited all present to sign up for them. Regarding neighborhood, crime, Mr. Earnest detailed recent vandalism at the lift stations, with all locks cut, and pampers thrown into the pump systems; the Association had to spend $1,200 to clean the pumps. New locks were on order. He stressed that if homeowners see liftstation gates open they should notify the Association officers immediately.

Mr. House temporarily returned to New Business, and reviewed the upcoming Board elections scheduled at the Oct. 30, 2006 annual meeting. He urged homeowners to fill out voter certificates and proxy forms in case they could not attend the annual meeting in person. He announced that 25% of the community (127 homeowners) must be at the annual meeting, or have submitted a proxy, for quorum. Without a quorum, no elections can be held, and mailing the election materials is an expensive process -- $624 to mail out, and that the process would have to be repeated for notice of another meeting.

Mr. Earnest reminded attendees that the current board retires on Oct. 30, and that there is no provision in the by-laws for the board to continue to sit. He stressed the importance of getting enough votes for a new board, and urged attendees to See Jeff Luck for proxy forms just in case they couldn't show up at the annual meeting. He noted that only 22 proxies had been filled out at the moment. He also reminded attendees of a by-law amendment to be voted on at the annual meeting. With this amendment, only 10% of homeowners would need be present or have submitted proxies in order to vote for board members. Mr. House stated that if there is no Board of Directors, the state assigns a trustee, whose fees to run the Association would soon exhaust the Association's finances. Homowners present were urged to knock on doors to urge voting at annual meeting.

Mr. Earnest expressed thanks to the homeowners for help in starting association, and thanked the board for their time & dedication.

The meeting was adjourned at 8:15.

Return to Site Index. Return to Meetings Index Return to Home Page. Posted Nov. 11, 2006. Contact Web Manager for corrections or to suggest improvements.