|
|
|
|
FIELDCREEK ESTATES HOMEOWNERS ASSOCIATION BOARD OF DIRECTORS MEETING April 2, 2008 – 10:00 A.M. Eugene Berger Management Corp (EBMC) 5011 Meadowood Mall Way, Ste. 200, Reno, Nevada MINUTES OF MEETING Present: Barry Ojers (President), Pablo Gomez, Nick Pappas, Lester Cohen, Mark Bacon, Gary Bria Absent: William Jastrow Also Present: B.J. Brown (EBMC), Malinda Baldridge (EBMC), Pamela Fox (to take Minutes) _____________________________________________________________________________ I. CALL MEETING TO ORDER President Barry Ojers called the meeting to order at 10:00 a.m., with a quorum present. II. MEMBERSHIP FORUM Lisa Skogerson announced that a benefit concert will be held on July 12, 2008 at the golf course. Five hundred to one thousand guests are expected, and there is an issue with parking. She stated that guests will need to park on Fieldcreek streets, and then shuttle transportation would be used to get people to the event. The concert will last until 9:00 or 10:00 p.m. Homeowners will be notified by the event organizers. Discussion followed. It was requested that concert attendees be reminded not to park in residents’driveway, and event organizers clean up the streets after the event, if needed. III. VENDOR REPORTS Malinda Baldridge stated that an invoice has been received for the new landscape plan. IV. MINUTES A. Review and Approve February 20, 2008 Minutes Mark Bacon moved to approve the minutes as presented. Gary Bria seconded the Motion. Motion carried unanimously. V. FINANCIAL REPORT A. Board To Review Financials Nick Pappas commented that the Heritage Bank of Nevada Construction Deposit account needs to be audited. Malinda Baldridge suggested that the audit be completed by the next meeting. The status of the reserve account was reviewed. Nick Pappas asked about the possibility of generating a report on a cash basis as a management guide. Malinda Baldridge will review this request with the accountant. Next, the Board reviewed the December, 2007, January, 2008 and February, 2008 financial statements. Pablo Gomez questioned the amount of net income at the 2007 year-end versus the minus figure of net income listed for February, 2008. Ms. Baldridge responded that the auditor can review this with Mr. Pappas and a report made at the next meeting. Mr. Gomez commented that his concern is because of the anticipated landscaping costs and the possibility of the need to use some of the reserves. Nick Pappas questioned the legislation requiring the full-blown audit and whether or not the beginning mandatory audit year is 2007 or 2010. He will bring further information to the next meeting. Malinda Baldridge read an excerpt from the Nevada Revised Statutes (NRS), Page 118: “Except as otherwise provided in Subsection 2, the Executive Board shall, if the annual budget of the Association is less than $75,000, cause the financial statement of the Association to be audited by an independent certified public accountant at least once every four fiscal years. If the budget of the Association is $75,000 or more, but less than $150,000, cause the financial statement of the Association to be audited by an independent certified public accountant at least once every four years, reviewed by a an independent certified public accountant every fiscal year for which an audit is not conducted. If your annual budget of the Association is more than $150,000, cause the financial statement of the Association to be audited by an independent certified public accountant every fiscal year.” She commented that it was her understanding from the accountant and attorney that every Association had to perform an audit for 2007. B.J. Brown, EBMC, stated that a letter had been received from the State of Nevada that 2007 was a mandatory audit year. B. Board To Discuss And Review CD Rates And Transferring Funds Into A CD Budget Nick Pappas reported that there is $50,519 in the contingency account as of February, 2008. He noted that CD interest rate is at 2.5%. Ms. Baldridge reviewed the process to be followed in opening a CD. Lester Cohen asked about the possibility of a one-time membership assessment of $50.00, which would be approved by the majority of the homeowners, to cover the landscaping costs. Discussion followed. Ms. Baldridge stated that she and Ms. Brown will research this suggestion. Mr. Cohen noted that a decision could be made regarding the CD after this question was researched. Pablo Gomez suggested putting one-half of the contingency account be put in a CD now as no decision regarding the landscaping will be reached at in the next couple of months. Mr. Gomez moved to transfer $25,000 from the contingency account into a CD. Mark Bacon seconded the motion. Discussion followed. Motion carried unanimously. VI. COMMITTEE REPORTS None at this time. VII. OLD BUSINESS A. Board To Discuss Recorded CC&R Amendment Mailing This issue was deferred for discussion at the Executive meeting. VIII. NEW BUSINESS A. Board To Review and Discuss Common Area Islands And Entrance Islands Landscaping Bids It was noted that only two bids have been received, Raindance and Signature. Ms. Baldridge reviewed the two bids. Discussion followed. Lester Cohen moved to table this matter until further research has been completed. It was suggested that Fairways and the golf course be approached to see if they would be interested in participating in this landscape redesign. Nick Pappas seconded the motion. Motion carried unanimously. IX. CORRESPONDENCE None at this time. X. SCHEDULE NEXT BOARD MEETING A. Board To Discuss Annual Meeting Date and Time Malinda Baldridge suggested the date of May 28, 2008 at 5:30 p.m. for the annual meeting. The golf course will be approached to ascertain if the meeting facility is available. XI. ADJOURNMENT There being no further business, the meeting was adjourned at 11:02 a.m.
|
|
Comments and suggestions please write to the webmaster Last updated on 09/03/2010
|