Ambassador II Condominiums

Meeting was called to order at 7:00pm on Wednesday, August 14, 2013.

Introduction and Sign­In:

● Counting the number of persons present and the number of proxies, a total 25 persons attended, such number constitutes a quorum.
● The proof of meeting notice was provided to all attendees.
● The IRS form 70­604 was read aloud by the Treasurer as per federal law.
● The 2012 annual meeting minutes were approved as written by the membership.

Financial Report:

● The Treasurer presented budget highlights from the previous fiscal year. He also presented the 2013­/2014 annual budget for approval by the membership. Dues were increased by 3.5% over the previous year due mainly to insurance and utility increases.
● The annual budget was approved by the membership as presented.
● Significant repairs and upgrades funded by our Reserves for the 2012­/2013 year included re­-shingling the east building’s peaked roof and a couple 5th floor deck 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 Bradford­White on the side, it’s likely the original equipment. If the water valves and supply lines to your sinks, toilet(s), and dishwasher are gray plastic, they are most likely original too. We also urge everyone to check and change washing machine hoses every 5 years; braided hoses can last a decade. The Board strongly urges residents to pay close attention to toilets. Several instances of spontaneous tank cracks over the years have been reported. If your toilet says “CRANE”, it’s also likely original equipment. Aged equipment may fail without warning causing significant water damage to your unit as well as to the units around and below yours.
● A water damaged suspended ceiling tile was replaced in the exercise/bike storage room after repairs were completed to the x04 stack of units, however. A new leak appeared in this stack to where another ceiling tile needs to be replaced. The Board will work on replacing this tile as well.

New Business:

● Nomination and election of Board members. Three positions were open due to term expiration. The membership placed three (3) names for nomination and re­elected Shaun Ross and Karen Henley to the Board. Venus Chan was elected to her first term.
● Our annual Reserve Study is scheduled for completion around the end of August for the 2013­2014 fiscal year. We anticipate the study to increase our very good standing above 84% funding of our total reserve needs. This is well above the average for comparable associations.
● A member voiced his concern about the increase in HOA dues. The President and other members provided reasons for the increase and why we keep adding to our reserves.
● Homeowners and tenants need to pay better attention to what can be recycled. There are notices posted near the dumpsters for reference and on City of Seattle’s website. If we lose our recycling containers, our garbage bill will rise dramatically.

Meeting was adjourned at 8:05pm.