Ambassador II Condominiums

Meeting was called to order at 7:00pm on Wednesday, August 15, 2012.

Introduction and Sign-In:
● Counting the number of persons present and the number of proxies, a total 22 persons were present, such number constitutes a quorum. Proof of notice of meeting was provided to all attendees. The IRS form 70-604 was read aloud by the Treasurer as per federal law.
● The 2011 annual meeting minutes were approved by the membership as written.

Financial Reports:
● The Treasurer presented budget highlights from the previous fiscal year and presented the 2012-2013 annual budget for approval by the membership. Dues were increased by 3.5% over last year due to utility and insurance increases.
● The annual budget was approved by the membership as presented by the Treasurer.
● Significant repairs and upgrades funded by Reserves for the 2011-2012 year include reconstruction of the decks on the x01 and x06 stacks, tree trimming and completion of the Summit Ave and Howell St sidewalk repairs.

Old Business:
● The Board would like to remind all homeowners to replace all original water heaters, water supply valves and toilets. As a general rule if your water heater says Bradford-White on the side, it’s likely the original equipment. If the water valves and supply lines to your sinks, toilet(s), dishwasher and clothes washer are gray plastic, they are most likely original too. The Board strongly urges residents to pay close attention to toilets, as many of these units are at the end of their useful life. Several instances of spontaneous tank cracks over the years have been reported. If your toilet says “CRANE” anywhere on it, it’s also likely original equipment. Aged equipment may fail without warning causing significant water damage to your unit and to the units around and below your unit.
● The elevator maintenance and repair contract has not come up for renewal as of yet. When it does, the Board will review the contract and consider other vendors before assigning a new contract. At this time, the maintenance person has been replaced and the elevator is working properly once again.

New Business:
● Nomination and election of Board members. Two positions were open due to term expiration. The membership placed two (2) names for nomination and re-elected Jay Heath and Brien Sherman to the Board.
● A water damaged suspended ceiling tile will be replaced in the exercise/bike storage room once repairs have been complete to the x04 stack of units.
● The shingled roof on the east building will be replaced later this summer.
● Our most recent Reserve Study is scheduled to be completed around the end of August or early September for the 2012-2013 fiscal year. We anticipate the study to increase our very good standing above 82% funding of our total reserve needs. This is still well above average for
comparable associations.
● A member brought up their concern about the repair of water damage to the x04 stack. Repairs will soon be completed to all affected units.
● Another member voiced his concern about the increase of the move-in/move-out fee. This increase from $250 to $325 took effect on July 1, 2012. This fee is to cover the Associations costs when residents move in and move out of the building. There has been an increase of abandoned furniture, which the Association has to haul away. We’ve also noticed an increase in garbage when residents move out of the building.

Meeting was adjourned at 7:44pm.