Meeting minutes for July 2009 board meeting
Ambassador II Condominium Board Minutes
Monday, July 13th, 2009
Jack Taylor – Association Manager
Dale Hitsman – President
Shaun Ross – Vice President
Jay Heath – Treasurer
Greg Mitchell – Member-At-Large
Sparky – Secretary (Not Present)
Homeowners Forum
No homeowners were present at the July meeting.
Meeting was called to order at 6:33pm. June’s minutes were approved as written.
Treasurer’s Report
For period ending June 30th, 2009:
Bank, Savings and Investment Accounts
Checking $40,637.03
Insurance Reserve $4,758.62
Replacement/Special Assessment CD $321,896.06
Other Assets
Petty Cash $100.00
Total Assets $368,362.20
In order to stay under the FDIC insurance limits of $250.000 per account the Board withdrew $150,000 from our reserve account and transferred it to another institution. Establishing a separate CD account also allows us to get a slightly better interest rate on funds for repairs or replacements not needed for several years.
Treasurer’s budget summary for the fiscal year ending June 30th, 2009: The Association was able to end the year with a small surplus despite the financial setbacks that occurred after three instances of water damage in the East Building. We submitted one very large claim to our insurance company, and we paid two others out of Association funds. Our losses were offset by payment of delinquent assessments, including all fees, by two homeowners. The Board remains concerned that our insurance premiums could be significantly increased if the 3rd amendment to the declaration is not passed.
Committee Reports
The Board has received bids for our hardscaping project. The residents voted and selected a color for our chosen style of stone work. The Board has selected Queen Anne Gardens to perform the work. The project should begin in a few days. In preparation, our landscapers have moved the plants to other planting areas. We are hopeful that at least some of the plants will survive the move. The landscapers also mulched the planting beds.
Good news! The Special Assessment that was approved at the last Annual Meeting to pay for this project has been canceled! We have found the funds elsewhere.
Security
No security violations were reported
Rules
No rule violation were reported.
Old Business
The Board has received 34 approvals for the amendment to transfer primary insurance liability to the individual homeowner. 44 are required. Board members will be going door to door seeking a response from those homeowners who have not yet responded.
The Board will contact management of the Ambassador I condominiums for their consent in reducing garbage pickups to two days per week from three.
New Business
The Board has received the results of the state mandated Reserve Study. This study is performed by a third party for the purpose of determining the health of our building and the condition of our reserve funds. This report found that we are at 81.2% of our long-term funding needs which is considered a very good financial position. The report recommends that our current level of funding is adequate and suggests only inflation adjustments. The entire study is available on our web site (www.ambassador2.com). Our next major repairs will be repairing the rotted wood on the balconies of the -03 stack and resurfacing the west building walkways. This last project will happen in 2010 and will likely involve significant inconvenience to West Building residents. More information will be forthcoming in 2010.
Pressure washing the courtyard, walls, and walkways was done in July. We uncovered a couple of areas of wood rot that are currently in the process of being repaired. These are not significant areas of trouble; the most serious is a beam at the main gate pergola and is a visual nuisance only.
Window washing and dryer vent cleaning has been scheduled for July 23 and 24.
The annual meeting of homeowners is scheduled for the evening of Wednesday, August 12th, 2009. Please keep an eye out for more details which will be mailed soon. The Board will need two new members. Please consider joining the Board. We meet every second Monday at 6:30 PM for an hour or two, and conduct other business via email as needed. You get to know what is going on and it looks good on a resume!
Meeting Adjourned: 7:25 PM
Next Meeting is August 10th, 2009 at 6:30pm in Unit E406
Ambassador II Condominium Homeowners Association
506 E Howell Street
Seattle, WA 98122