Board: Oct 4

John Ewseychik, president of the association, called the meeting to order at 3:00 p.m.  Also in attendance were John Carter, Greg Clifford and Steve Tretter.John Ewseychik reported regarding estoppel for 220 Albrighton, which has been sold.  John E. has informed title company of amounts owed and forwarded copies of correspondence between Association and Bank of America.  Also prior to closing informed title company necessary to convert garage back to its original function and pay all outstanding dues and late charges.  John E stated that we have received written assurances that the garage will be converted back to a functioning two car garage within 60 days.  Separately the realtor told John E that FHA withheld monies for the garage restoration and had contracted a company to do the work.  John E transferred correspondence with title company to Greg Clifford, secretary, to scan and file.  John Carter inquired if we could expect outstanding dues paid directly from the bank.  John E indicated the money should have been collected at closing, and therefore we will be getting a check for said amounts, but not sure if from BoA or title company.

John Ewseychik requested opinion from the board regarding property at 110 W. York Ct.  Given that bankruptcy has been filed, is it possible to file a lien, or is that a violation of bankruptcy protection?  Answer not known by any board member, thus John E. will contact the bankruptcy court to ask if we can file a lien.

John Carter presented the financial report.  Cash on hand and in reserves as of September 30, 2008 totaled $28,344 which amount includes $2,065 of prepaid assessments.  As stated in previous board meetings, Association is essentially running a zero budget, with expenses and income roughly equal.  In light of current economic conditions, with foreclosures and bankruptcies in the neighborhood, board has been prudent and deferred capital improvements to conserve the Associations capital.  Notwithstanding this, budget expectation of adding $900 to reserve fund will not be accomplished in 2008.  In fact there will be a slight draw against reserves.

John Carter also reported that CD’s have matured, and at present all of our cash is in non-interest-bearing account.  John C has researched CD rates at various banks and indicates that Robert Sanders, accountant for the Association, has mentioned possible tax advantage of Municipal Bonds versus CD’s.  John C will discuss further with Robert Sanders.

Board Positions:  The board needs two positions filled at the upcoming AGM in January 2009.  John Ewseychik’s term ends this January.  Jerome Bocquet’s term also ends this January, plus he has moved out-of-state, leaving the board short one member currently.  Board agreed to send out requests for nominating chair and nominees along with the next mailing of minutes.

Board is anticipating our annual budget meeting before the end of the year.  Announcement will go out soon.  All Association members will be welcome and are encouraged to attend.  Board anticipates another 5% increase in dues for 2009, as discussed at the March 8, 2008 board meeting. Greg Clifford will check on available dates for January’s AGM at public library and convey dates to John Ewseychik so he can arrange for the attorney to be in attendance.

Meeting was adjourned at 4:05 p.m.