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Village Condominium Association At Bolton Valley, Inc. |
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Village Condominium Association Annual Report
2004 Annual Meeting Minutes
Table
of Contents................................................................................................................................................ 1
Attendance................................................................................................................................................................ 3
Village Association Business....................................................................................................................... 4
Approved the
acceptance of 2003 Village Annual Meeting Minutes.................................. 4
Village 2005
Annual Meeting........................................................................................................................ 4
Elected Three
Directors to the board:................................................................................................. 4
Property Agent
Contract Renewed :...................................................................................................... 4
Before We Address
Concerns And Issues Lets Talk Successes:.............................................. 4
The Numbers:.......................................................................................................................................................... 5
As of September 30, 2003...................................................................................................................................... 5
As of October 23, 2004.......................................................................................................................................... 5
How We Turn the
Assoc. Around:............................................................................................................. 6
Village decision making process........................................................................................................................ 6
The board of directors:.......................................................................................................................................... 6
Special Form
Property Insurance Coverage:..................................................................................... 7
Village Treasure Update.................................................................................................................................. 8
Dana Clark
Reviewed the YTD Financial Statements................................................................ 8
2004 Village
Budget............................................................................................................................................. 8
Contingence Plan:............................................................................................................................................... 8
Vinyl Siding
Financing:..................................................................................................................................... 8
Bank Loan
Resolution:.................................................................................................................................... 9
Vinyl Siding
Contractor, All Season Siding Loan Agreement............................................... 9
Village Billing
Cycle and Delinquency Policy:............................................................................... 10
Village Revised Bylaws, Declaration Amendments................................................................... 11
Why:........................................................................................................................................................................... 11
Summary of
Changes:..................................................................................................................................... 11
Village Maintenance Updates..................................................................................................................... 13
David Parot Review
Unit Low Temperature Sensors................................................................. 13
Snow Removal:................................................................................................................................................... 13
Village
Maintenance Task List............................................................................................................... 13
Village Owners
Forum List......................................................................................................................... 13
Bolton Valley Updates................................................................................................................................... 14
Bolton Valley
Water and Sewer Update:......................................................................................... 14
Bolton Valley
Resort.................................................................................................................................... 15
Appendix A – Village Financial Statements...................................................................................... 16
2003 / 2004 Profit
& Loss and 2004/2005 Budget - does not include 10/2004 data................ 16
Village 2004
Balance Sheet.......................................................................................................................... 17
Village A/R Aging
Summary........................................................................................................................ 18
Village
Condominium Unit Assessment Information............................................................... 18
Addendum B – Bank Loan Resolution..................................................................................................... 19
Village Association Annual Meeting Minutes
Date:
Time:
Location:
Chair Persons: Joseph Kareivis, Village Director
David Parot, Village Director
Dana Clark, Village Director
Kurt Ries, Village Director
Please note the following information is presented by subject matter and not in chronological order.
|
Unit# |
Owner |
% of Vote |
Status |
|
123 |
Steven McLeod |
5.94 |
Present |
|
124 |
David Parot, Alicia Apgar |
4.01 |
Present |
|
125 |
William Burnett |
4.01 |
Proxy |
|
126 |
Dana R. Clark |
5.94 |
Present |
|
127 |
James Thornton |
3.3 |
Proxy |
|
221 |
Terese Ayers |
6.83 |
No |
|
222 |
Daniel Plimpton, Amy Ligay-Plimpton |
6.83 |
Present |
|
223 |
Joann Schleman Susie Dodge |
5.94 |
Proxy |
|
224 |
Lilian Healy |
4.01 |
Present |
|
225 |
Michael & Noranne Nielsen |
4.01 |
Present |
|
226 |
William Donahue |
5.94 |
Present |
|
227 |
Kurt Ries |
3.3 |
Present |
|
228 |
Mike McKenna |
6.83 |
Proxy |
|
321 |
Charles McManus |
3.3 |
Proxy |
|
322 |
Mary Francis Arnold |
3.3 |
Proxy |
|
323 |
John & Emily Johl |
5.94 |
Present |
|
324 |
Robert Segersten |
4.01 |
Not Present |
|
325 |
Joseph Kareivis |
4.01 |
Present |
|
326 |
Michael Plentus |
5.94 |
Not Present |
|
327 |
Michael Rosenfield |
3.3 |
Present |
|
328 |
Mina Isham |
3.3 |
Proxy |
Per by-laws, a quorum is established by the “majority of owners” present, defined by fifty-one percent (51%) of the votes present or represented by proxy in accordance with the percentages assigned in the Village declaration.
· Quorum established at 83.21%
Minutes were unanimously approved
Next year's meeting
was set for
The following directors were unanimous
approved to the board.
· Dave Parot, Village Director 2 years term
· Daniel Plimpton, Village Director 2 year term
· Joseph Kareivis, Village Director 2 year term
Kurt Ries, Village Director has 2 years left of his 3 year term.
Boylan
Property Management contract renewal for
-Controlled cost on a budget that was -$14k
-Bills are getting paid and on time, no more delinquent fees
-All delinquent Assoc. fee owners are on payment plan
-Property Agent has keys for all units
-Fire Sprinkler alarm and low temp monitoring installed
-Water/Sewer removed for Village Owner fees
-All units have at least two mandatory windows replaced
-Laundry room ceiling / door repaired
-New door leaking issues repaired
-Updated Bylaws and declarations
-Aged rental Hot Water heaters replacement completed
-Propane fixed pricing
-Corrected trash bin costs
-Filed for three years back taxes
-Competitive bid on insurance
-Fireplace/Stove ash disposal
can in place
-07/26/04 annually maintenance tasks completed:
-Waste drain lines snaked
-Fire extinguisher
-Chimney cleaning complete
In reference to the financial
reports handed out at the
Profit and Loss Net Income = -$5,780.89
A/R indicating Delinquent Assoc. Fees = $31,316.35
Balance Sheet indicating Checking Account = $12,571.68
Proposed 2003/2004 Budget Net Income = -$14,739.00
Budget included a minimal set of the major repairs needed:
-Retaining wall estimate - $10,000
-Ramp 4 work estimate - $2,000
-Regravel and grade parking lot
estimate - $2,000
-Change light fixtures - $1,000
-Contingency for additional rot
- $5,000
Bank account transferred from Bolton Valley Management to Boylan
Property Management on
In reference to the financial
reports prepared for
End 2004 4th quarter, not including October numbers
Profit and Loss Net Income = $33,697
-Artificially inflated from door
assessments actually about $16,000
A/R Indicating Delinquent Assoc. Fees = $9,860.48
Balance Sheet indicating Checking Account = about $24,000
These actuals include a complete set of major repairs completed, along
with our insurance cost tripling
-see maintenance task list for
details
Proposed 2004/2005 Budget Net Income = $14,630.00
http://users.adelphia.net/~kries/
Password is ‘garth’
Complete clean sweep, property agent, contractors, insurance; all new
-All Cycle trash removal is the
only one left
-Plenty of growing pains
-Keeping the Owners informed
-Newsletters mailed on 09/03, 01/04, 09/04
-Address owners’ wishes and concerns
The
Village Owners Forum, maintains two lists, included in the newsletters you
receive regularly and posted to our Village web site, if your
concerns/suggestions are not on these lists it is not being addressed and you
need to notify us.
Committee Action Items/Owners Forum Open Issues:
A
list of concerns, suggestions and solutions from the unit owners
Maintenance Task List:
A
list of building maintenance task needs for our complexes
On
a weekly bases the Village Directors discuss these tasks with our Property
Agent, Joe Boylan and because of the quantity, available recourses and costs of
the tasks we:
-Prioritize the tasks
-Balance the action with the finances
available at the moment
-Assign actions to board/committee members
and/or property agent
At no cost to the Association has taken on much more responsibility than
in the past, including:
Dana Clark – Village Treasurer
-03/02/04 successfully pursued
-Picked up the daunting task of acquiring
the vinyl siding bank loan
-Misc. Assoc. maintains tasks
-Keeps a very close eye on Village budget
Dave Parot --- Village Director
-Bolton Fire District
-Building/Unit Surveillance
-Misc. Maintenance Task items
-Lawn maintenance point person
-Snow removal point person
-Renters Code of Conduct action
-Propane Fixed Pricing
-Soliciting vinyl siding contractors
Joe Kareivis – Village Director
-Single
handedly kept the Assoc. alive for last 3yrs.
-History of Assoc. and prior maintenance
tasks
-Provided past minutes and budgets
-What’s worked and what has not
-Kept us from repeating our past mistakes
-While insure we continue the success
Kurt Ries – Village Director
-10/03/03 Created Property agent RFP and
solicited 12 potential agents
-02/01/04 solicited five local insurance
agencies in the area for quotes
-03/01/04 Worked with legal resources to
revise bylaws/declarations
-Managed the Aged Hot Water Heater
replacement
-Removed Water/Sewer for Assoc. assessment
-Soliciting vinyl siding contractors
-Maintains Maintenance Task List
-Maintains Owners forum action items
-Maintains owners forum website
-Publishes newsletters
Joe
Boylan – Village Property Agent
-Delinquent Assoc. fee success
story, right balance of compassion and forcefulness
-No more late fees like prior management
-Using competent and owner respected contractors
-Very receptive to working closely with the board
-Assoc. management experience has proven invaluable
-Corrected Trash collection costs
The Village Directors took the
initiative to solicit five insurance agencies in the area for quotes on
"Special Form Property Coverage" (risk) insurance. Village is being
required to hold this type of policy, at an increased premium rate, because of
the magnitude of the insurance claim on
-About triple the cost of last fiscal year
To
get off this high-risk insurance and lower our premiums, Village will need to
be claim free for 3-4 years. We as an Association need to demonstrate due
diligence in eliminating as much risk as possible; therefore, the following
action plans are in progress:
-Installation of temperature and alarm
monitoring equipment in the fire sprinkler room
-Insulating of building, water supply and
drainage pipes to prevent freezing
-Replacement of old hot water heaters
-Proposing 'Code of Conduct' contract
addendum for renters to abide by
-Continue to enforce no heating exclusively
with firewood
-Addition of an outside ash disposal can for
unit fireplace ash
-Proposing mandatory unit owners Insurance
policy clause addition to our by-laws
-Unit Low temperature monitoring
-Owners check plumbing; including washing
machine and dishwasher supply/waste lines
Frozen Pipe Memo:
Memo to go out to unit owners, next
heating season, in regards to heating units during extreme cold snaps
-Mail in November 2004
· Village Fiscal year is October 1st through September 30th
· See Appendix A – Village Financial statements
It was discussed the Assoc. is cutting the
budget very close with the vinyl siding payments, however barring any
unanticipated major expenses the board believes the vinyl siding loan payments
can be funded without the need to raise owner Assoc. fees or an owners special
assessment.
As a contingence plan
to insure the Assoc. does not default on the vinyl siding loan a pre-approval
for up to a $20k owner special assessment to cover any Assoc. unforeseen major
expense was sought. It was discussed that the pre-approval would be in place
for duration of the vinyl loan payments and the board would not feel
comfortable moving forward with the loan without this contingence plan in place.
Note, the board would
not assess owners the $20k unless there was an unforeseen major expense the
Assoc. could not cover. The thinking is $20k assessment + $20k in cash reserves
would about pay off the $43,438 bank loan.
The board was congratulated by
thankful owners that a viable $85,655 vinyl siding construction project plan
was presented without the Association raising or assessing the owners for additional
funds.
Bank Loan
Union Bank
Park & Pond Streets,
Phillip L. Martin,
Vice President
Loan amount: $43,438
Purpose: To finance 50% of
purchase and installation of vinyl siding on two condominiums
buildings.
Term: Five (5) years, plus up to six (6) month
period for renovation.
Payment: Up to six (6)
monthly interest payments during the period of renovation. Then, upon completion
of the renovation period, a principal and interest payment shall be due monthly
for sixty ( 60) months.
Interest Rate 7.75% fixed for the
five (5) years.
Union Bank Loan Details:
UB
&
Contractor
Association Fees 69,750 includes $5,950 from cash reserves
Total Expenses 51,296
Operating Profit
18,454
Laundry Income 2,100
Net Income 20,554
Debt Service
UB 10,512
Contractor 6,000
Total Debt
Service 16,512
Cash Flow Excess
(Deficit) 4,042
Debt Service
Coverage Ratio 1.25
The bank loan
resolution was prepared by Village’s legal resource Brice Simon, that basically
states the bank has access to any assets the Association currently has access
to in the event the Assoc. defaults on the bank loan. See appendix B for
details.
Discussions Topics
Included:
All Season the contractor
on the vinyl siding project mentioned
-All Season stated that they will require
the 1/2 down payment ($42,832.50) 30 days before
construction begins
The following information
was transcribed from a fax sent by Donna Hatin of "All Season Siding, Windows
and Doors", Dated
All Season Siding
will remove and dispose of 1" plaster covered Styrofoamed areas of bldgs,
Sheath with 3/8"
plywood & cover with 3/8" insulation,
Cover with Voxahdex
Breat Barrier solid vinyl siding .044 thick (Color Ivy)
Cover all soffit
& fascia
Wrap all wood windows
& door trim,
Remaining portions of
bldgs with T-111 exterior sheathing not to be removed but covered with
3/8" Insulation, siding & trim,
@ a cost of
$84,275.00 -- Siding
& Trim
$ 2,500.00 -- Removal & Disposal
-----------------------------------------------------
$86,875.00 -- Total
- $3,300 -- Work completed **KWR Note All Season changing to $3,900
---------------------------------------------------
$83,575
+ 2,090 -- 5% increase after Jan 05
---------------------------------------------------
$85,665 -- Grand Total
Note: Above price
does not include, walk ramps, or stairway enclosures.
-Rot repair with owner supplied mat. $40.00
pr man/hr.
Finance option as
follows:
Project Cost
$85,665.00 1/2 down of $42,832.50.
Balance of $42,832.50
+ ( one time loan fee of $4,750)
Total financed
$47,582.50 To be paid by monthly payments of $500.00;
after bank loan is
paid off ( 4 years) Payments will be $1,000.00 monthly till balance is 0
Ries notes:
-10/20/04 Gable invoice actually $3,900,
Donna will correct
-10/20/04 bid does not include chimneys, wing
walls and stair towers
-10/24/04 Construction cannot begin before
Jan 05
-All Season did not recommend insulation
thicker than the 3/8 proposed in bid, because of
window, doors, ect...sill offsets
See Rules and
Regulation document for the policy
Village Bylaw, Declaration and Rules and Regulation Revisions were reviewed and discussed. The board is currently collecting signatures of at least 80% of the aggregate owners to adopt the revised bylaws and amend the declarations.
There were no major concerns, however it was discussed, there is not a concern with the current board but, in the hands of an over zealous board a strict interpretation of the Rules and Regulations code of conduct could be problematic. It was mentioned it is a risk, however the board is elected by the owners and many of the statements are to cover Assoc. legal liabilities and others to address specific concerns of the Owners Forum list.
The Village board of directors
worked closely with our legal resource Brice Simon of Olson & Simon law
firm out of
-Cost to date $1,537.26
These revised bylaws are based on a
very contemporary, standard set of bylaws that would be used with any new
condominium association in the state of
-To conform to VT statures something can change, others cannot
Changed our Assoc. Corporate name to what is filed with VT Secretary of State:
-From,
-To, Village Condominium Association at Bolton Valley, Inc.
-Dana and Joe B filed for corporate non-profit status in March 2004
Start and end of Villages’ fiscal year is changing
-From November 1st to October 31st
-To July 1st through June 30th
-Aligns with the town of
-Annual meeting more convenient in June that October for many folks
-Make sense to have annual meeting at end of fiscal year for preparing budgets
-Upon approval of the bylaws, new fiscal year will start
-Billing next quarter will be short, only 2 months Nov and Dec.
Fiscal Year Quarterly Breakdown:
-Q1 July/Aug/Sept
-Q2 Oct/Nov/Dec
-Q3 Jan/Feb/March
-Q4 April/May/June
These revised Bylaws are not to nit pick owners, but to assist in providing legal leverage to timely enforce gross offenders.
Revised Bylaws call out the Rules and Regulations document making it legally binding.
-The Rules and Regulation document is not filed with the town as the bylaws are
-Board is in control of the Rules and Regulation document and can modify to timely
deal with a situation short or long term. Changes to Rules and Regulation document
are posted to the Village Web site and to Laundry Room bulletin board.
-Alicia has volunteered to maintain the bulletin board
Revised bylaws greatly assist in the Assoc. enforcing owners/renters heating primarily with fire wood and other renter concerns. In addition the Assoc. is encouraging owners to do the right thing by:
-Provided Blue Flame propane heater installation cost, see memo in agenda packet
-Blue Flame fixed pricing at $1.499 a gallon, see memo in agenda packet
-Efficiency Vermont Propane Heater Cost Assistance, Dave has details
However, this can also get us in the situation “When bad things happen to good people”:
-If my hot water heater ruptures and damages my unit and the unit below
-I would be responsible for repairing my unit and probably the units below depending
on what owner’s insurance companies decide.
The Assoc. is minimizing risk to owners by:
-Providing a Nationwide home owners/tenants Insurance quote, see agenda packet
-07/06/04 completed replacement of aged rental hot water heater
-04/06/04 Temperature and alarm monitor installed in the fire sprinkler room
-Unit Low temperature sensors, approved at this meeting
-November cold weather memo mailing to all owners
-Continue to enforce no heating exclusively w/ firewood
-Fireplace/Stove Ash disposal can by trash shed
Proposing memo to owners to check their unit’s:
-Water/drain fixtures
-Laundry machine supply lines
-Dishwasher supply lines
-Garbage disposal
-Hot water heaters age
-If necessary Property agent to assist in effort
Reducing the percentage needed to qualify for a quorum and percentage needed modify bylaws. Based on owners actions/response the majority of the owners would like their elected board to run the Assoc. keeping them informed, but limiting their time needed to support the board actions.
Without these types of revisions the boards’ hands would continue to be tied as to governing the Assoc. Given we have a high percentage of the owners not local; it would be difficult / inconvenient for them to attend at short notice a special meeting. The quorum percentages being used are not uncommon for an association who have non-resident owners.
Discussion Topics
Included:
Owners
are pleased with Todd Fourier’s Quality Touch Landscaping snow removal
services.
Discussed
the current Village snow plowing agreement of one swipe by
Current versions of the Village Maintenance tasks list were provided, but not reviewed in detail.
Current versions of the Village Owner Forum lists were provided, but not reviewed in detail.
David Parot is a on the Bolton Valley
Fire District Board and provided the following update:
The
The Water and Sewer district is concerned
with the need for good drinking water and responsible disposal of our waste. We
as property owners on the mountain are well aware that the
We are not turning back on this and we
gave Redstone the current owners every opportunity to do the right thing and
they balked at us for their own gain.
We have spent countless hours on this
project and the time for talk is over.
Question was raised in regard to the current quality of our drinking water.
Bob Fries, Owner of Bolton Valley
Resort provide the following updates:
To: Kurt Ries
From: Bob Fries
Subject:
Date:
Hi Kurt and Village Condo Owners.
I am sorry I am not able to be there
today. I am in
Mountain Operations and Development LLC, our company, continues to make gains. Each month of 2004 was better than the same month in 2003. Bookings for next year are already happening with bus tours and weddings.
Specific improvements this year have been:
Renovation of Bailey’s Restaurant
New Carpet in cafeteria
New cafeteria check out computers for speedier service
Miscellaneous other cafeteria improvements
Deck on Timberline Lodge
Improved landscaping around facilities in Summer
Two
new short trails from
Improvements to Enchanted Forest Trail
Adventure Ropes Course (Off Broadway Nordic trail)
Climbing Wall in sports Center
New
Pool Room walls and windows in
New
New
Single Parent’s
Total refurbishment of our grooming equipment at manufacturer.
The lifts are all almost ready to go. Snowmaking will begin in early November. Opening day is Friday, November 26th.
The Summit Timeshare operation seems to be doing very well.
Our company and Redstone Development Company are putting the finishing touches on a long term vision plan for the resort land and their land. There are no specific plans in the works for either of us at this time. We are looking at mountain improvements, other recreational improvements, as well as some real estate development in the future.
At the same time both us and Redstone have been in meetings for months with the town as they go through a rezoning effort aimed at improving the zoning in the whole town (not just the resort).
We have observed real estate values increasing in the last two years – which we take as a good sign.
The resort appreciates the continued support from owners at the Village.
|
Ordinary
Income/Expense |
|
P&L
YTD |
Proposed/month |
Budget Year |
|||
|
Income |
|
|
|
|
|
|
|
|
|
4100 ·
Association fees |
|
$82,401 |
$5,318.76 |
$63,825 |
||
|
|
4120 · Laundry
income |
|
$2,184 |
$175.00 |
$2,100 |
||
|
|
4999 · Finance
charges assessed |
$0 |
$0.00 |
$0 |
|||
|
Total Income |
|
|
$84,585 |
$5,493.76 |
$65,925 |
||
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
6120 · Bank
Service Charges |
$146 |
$0.00 |
$0 |
|||
|
|
6180 ·
Insurance |
|
$11,938 |
$1,135.46 |
$13,626 |
||
|
|
6190 ·
Insurance Deductible |
$0 |
$41.67 |
$500 |
|||
|
|
6250 · Postage
and Delivery |
$45 |
$16.67 |
$200 |
|||
|
|
6280 · Legal
Fees |
|
$1,075 |
$83.33 |
$1,000 |
||
|
|
6290 ·
Accounting |
|
$1,710 |
$41.67 |
$500 |
||
|
|
6295 ·
Association management |
$6,698 |
$550.00 |
$6,600 |
|||
|
|
6306 ·
Sprinkler System Repair |
$934 |
$329.17 |
$3,950 |
|||
|
|
6306 · Sprinkler/Unit
Monitoring |
$1,145 |
$41.67 |
$500 |
|||
|
|
6307 · Ext
Painting |
|
$0 |
$83.33 |
$1,000 |
||
|
|
6310 · Exterior
repairs |
|
$988 |
$83.33 |
$1,000 |
||
|
|
6315 · Interior
repairs and painting |
$0 |
$8.33 |
$100 |
|||
|
|
6330 · Roof |
|
|
$0 |
$83.33 |
$1,000 |
|
|
|
6340 · Fire
extinguishers |
$130 |
$12.50 |
$150 |
|||
|
|
6340 · Chimneys |
|
$700 |
$83.33 |
$1,000 |
||
|
|
6340 · Sewer |
|
$930 |
$83.33 |
$1,000 |
||
|
|
6340 · Laundry
Maint |
|
$119 |
$16.67 |
$200 |
||
|
|
6345 ·
Maintenance – Other |
$360 |
$83.33 |
$1,000 |
|||
|
|
6346 · Supplies |
|
$87 |
$20.83 |
$250 |
||
|
|
6350 · Grounds
R&M |
|
$1,275 |
$208.33 |
$2,500 |
||
|
|
6360 · Snow
removal |
|
$4,475 |
$375.00 |
$4,500 |
||
|
|
6370 · Rubbish
removal |
|
$3,138 |
$310.00 |
$3,720 |
||
|
|
6300 · Repair
and maintenance – Other |
$3,997 |
$166.67 |
$2,000 |
|||
|
|
6305 · Major
Repairs |
|
$3,745 |
$166.67 |
$2,000 |
||
|
|
4900 · Special
Assessments |
$0 |
$0.00 |
$0 |
|||
|
|
6400 · Propane |
|
$375 |
$41.67 |
$500 |
||
|
|
6410 · Water
and sewer |
|
$4,909 |
$0.00 |
$0 |
||
|
|
6420 ·
Electricity |
|
$2,218 |
$208.33 |
$2,500 |
||
|
|
6900 ·
Miscellaneous expenses |
$0 |
$0.00 |
$0 |
|||
|
Total Expense |
|
|
$51,138 |
$4,274.63 |
$51,296 |
||
|
|
|
Net Ordinary
Income |
33,447 |
$1,219.13 |
$14,630 |
||
|
|
|
Net Other
Income / Expense |
250 |
$0.00 |
$0 |
||
|
Net Income |
|
|
|
33,697 |
$1,219.13 |
$14,630 |
|
Village 2004 Balance Sheet
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Checking/Savings |
|
|
|
|
|
|
|
1100 · Cash -
Checking |
23,911.17 |
|
|
|
|
Total
Checking/Savings |
23,911.17 |
||
|
|
|
Accounts
Receivable |
|
|
|
|
|
|
|
1200 · Accounts
Receivable |
84,584.93 |
|
|
|
|
Total Accounts
Receivable |
84,584.93 |
||
|
|
|
Other Current
Assets |
|
|
|
|
|
|
|
Other
Income/Expense |
250.00 |
|
|
|
|
|
1499 · Undeposited Funds |
300.00 |
|
|
|
|
Total Other
Current Assets |
550.00 |
||
|
|
Total Current
Assets |
|
|
109,046.10 |
|
|
|
|
|
|
|
|
|
|
Fixed Assets |
|
|
|
|
|
|
|
1510 · Building
improvements |
0.00 |
||
|
|
Total Fixed Assets |
|
|
0.00 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
109,046.10 |
|
|
|
|
|
|
|
|
|
LIABILITIES &
EQUITY |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
Accounts Payable |
|
|
|
|
|
|
|
2100 · Accounts
payable |
51,137.79 |
|
|
|
|
Total Accounts
Payable |
51,137.79 |
|
|
|
|
Total Current
Liabilities |
51,137.79 |
||
|
|
Total Liabilities |
|
|
51,137.79 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
3100 · Retained
Earnings |
|
0.00 |
|
|
|
|
Income |
|
|
109,046.10 |
|
|
Total Equity |
|
|
109,046.10 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
& EQUITY |
|
|
57,908.31 |
||
Village A/R Aging Summary
|
|
|
|
|
|
|
||
|
As of |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUGUST
'04 |
SPEC. |
LATE |
TOTAL |
PYMNT |
END
BAL |
|
UNIT |
OWNER
NAME |
BAL
DUE |
QRTLY
DUES |
ASSESSMNT |
FEES |
DUE |
|
|
|
222 |
Plimpton |
$2,996.08 |
$1,090.33 |
|
|
$4,086.41 |
|
$4,086.41 |
|
226 |
Donahue |
$4,469.12 |
$947.87 |
|
$100.00 |
$5,516.99 |
$1,000.00 |
$4,516.99 |
|
228 |
McKenna |
$966.75 |
$1,090.33 |
|
|
$2,057.08 |
$800.00 |
$1,257.08 |
|
|
TOTAL |
$8,431.95 |
$3,128.53 |
$0.00 |
$100.00 |
$11,660.48 |
$1,800.00 |
$9,860.48 |
Village
Condominium Unit Assessment Information
Based on
Yr Insurance $13,625.56 Premium $13,023.17 Finance $602.39 Tax $0.00
Yr Water/Sewer
$0.00
Projected Assessment Break Down with Risk Insurance, and without Water/Sewer
Quarterly %
Quarterly Insurance Billing Total Undivided
Unit
Name Assessment Assessment Cycle Assessment Interest
123 McLeod $745.53 $202.34 QTR $947.87 5.94
124 Parot/Apgar $503.24 $136.60 MON $639.84 4.01
125 Burnett $503.24 $136.60 QTR $639.84 4.01
126
127
221 Ayers $857.67 $232.66 QTR $1,090.33 6.83
222 Plimpton $857.67 $232.66 MON $1,090.33 6.83
223 Schleman $745.53 $202.34 MON $947.87 5.94
224 Healy $503.24 $136.60 MON $639.84 4.01
225 Nielsen $503.24 $136.60 QTR $639.84 4.01
226 Donahue $745.53 $202.34 QTR $947.87 5.94
227 Ries $414.10 $112.41 QTR $526.51 3.3
228 McKenna $857.67 $232.66 MON $1,090.33 6.83
321 McManus $414.10 $112.41 QRT $526.51 3.3
322
323 Johl $745.53 $202.34 QTR $947.87 5.94
324 Segersten $503.24 $136.60 QTR $639.84 4.01
325 Kareivis $503.24 $136.60 QTR $639.84 4.01
326 Plentus $745.53 $202.34 QTR $947.87 5.94
327 Rosenfield $414.10 $112.41 QTR $526.51 3.3
328 Isham $414.10 $112.41 QTR $526.51 3.3
Qrt Totals $12,550 $3,406 7 $15,956 99.99
Year Totals $50,200 $13,624 $63,825
RESOLUTION OF THE
NOW COMES the Secretary of the Bolton Valley Condominium Association (“Association”), and hereby certifies that the following RESOLUTIONS were APPROVED by a majority of the members attending a duly noticed annual meeting of the membership, where a quorum was present:
1. RESOLVED that the Association shall enter a loan, financing agreement, and any necessary or advisable collateral assignments, assignments of assessments, liens, and net rental income. or other agreements or assignments to consummate the loan, financing and collateralization of assets or benefits as set forth in the financing commitment letter from the Union Bank Vice President Phillip L. Martin to Kurt Ries, President of the Association, dated October 18, 2004, or any addendum thereto or revision thereof. In addition, all terms and conditions of said loan, as identified in the referenced commitment letter, or any addendum thereto or revision thereof, are hereby APPROVED.
2. RESOLVED that the President and the Secretary are hereby authorized to execute any and all document(s) or take any an all action(s) on behalf of the Association that are necessary or advisable to consummate the transaction referenced in Resolution 1 above.
3. RESOLVED that in the absence of the Association President or Secretary, the Association’s Board of Directors is authorized to make any and all decisions, and appoint an officer to take any an all actions or execute any and all documents, necessary or advisable to consummate the transaction referenced in Resolution 1 above.
IN WITNESS WHEREOF, the Association has APPROVED the foregoing RESOLUTIONS on the ______ day of _____________, 2004, by an affirmative vote of a majority in interest of those Unit owners present at the annual meeting, with a quorum present.
By:_____________________________
Secretary of the Association