THE GLEN OF PACIFIC GROVE HOMEOWNERS ASSOCIATION
BOARD OF DIRECTORS SPECIAL MEETING
FINANCIAL PLANNING SESSION
MINUTES
1.0 CALL TO ORDER
2.0 ROLL CALL
Candy Pollock Director Present
Jack Rutherford Director Present
Jim Ray Director Present
Jack Rugar Director Present
Glen Grossman Director Present
Managing Agent Joseph Chaffers - Present
Members Present: Wolfgang Haas (#11), Roger Axt (#13), Rick and Diana Busman (#71)
3.0 This special meeting was called by Treasurer Ray in order to allow the Board sufficient time to review our financial statements in detail. According to the Balance Sheet as of 12/31/02, Operating Account expenses in this fiscal year exceeded the Operating Account’s budget by $11,185. Treasurer Ray advised that some of the unbudgeted expenses pertained to termite inspection section 1 costs as owners list their properties for sale, damages and costs due to roof leaks including mold inspections, as well as items more properly charged to the Reserve Account.
The Board agreed to charge the Reserve Account with the following items paid from the Operating Account because the items were either originally Reserve Items (the bridge) or were one-time expenditures (pump deck and rain gutters):
replacement of the bridge ($5557)
replacement of the pump deck ($1197)
installation of new rain gutters ($875)
The Board declined to charge the Reserve Account with the following items paid from the Operating Account because these items were in the nature of repair or on-going expenses:
Anderson Lake treatment,
Scudder for roof inspections and repairs and Arriaga for roof inspections and repairs,
Arriaga for rain gutter repairs,
Monterey County Wildlife for raccoon protection,
Orkin for termite detection in unit #59, and
Valuch for section 1 repair work in unit #13.
Treasurer Ray provided spread sheets projecting Reserve Account expenses and assets and balances. Treasurer Ray opined that the Reserve Account was sufficiently funded to allow painting of The Glen this September, 2003, and that the painting should be done this September. Motion by Grossman, seconded by Rutherford, to delay painting of The Glen until September 2004. Motion passed 4 to 1. Treasurer Ray requested that his dissenting vote be noted in the Minutes.
On other accounting matters, the Board agreed to designate code 3710 for painting instead of blank, designate code 7045 Minor Repairs as those items costing under $300, utilize code 7600 for those items costing more than $300, and pay for the bay-window project out of the Reserve Account.