November 14th, 2001

I.  Open Meeting—Tom Alexander, President opened the meeting at 5:30pm. The following Board Members were present:  Tom Alexander, James Call, Joe Fisher, Gloria Kron

II. Minutes of the Previous Meeting

The members approved the minutes from September 27, 2001 as submitted.  The Board asked that the Follow-up items listed be attached.  The members approved the minutes from October 4, 2001 with changes.  Two typos were corrected and the Follow-up items list will be attached.

III. Financial Report

The Financial reports were not reviewed and would be discussed during the review of the 2002 proposed budget.

IV. Old Business

A.  Full-Time Management Service—Status of Contract

Tom Alexander reported that he had talked to a staff member from Bonanza Realty.  He discussed the three issues the Board identified with the contract.  The Board members would like the proposed contract amended to include the following:

a.   24-hour emergency number for owners and tenants.
b.  Issuance of Keys
c.  Reading gas meters and billing

With the above changes the Board unanimously voted to approved the contract and authorized Joe Fisher and James Call to meet with Gordon Hazell to revise and sign contract.

B.  State Farm Insurance Letter

Joe Fisher reported that the emergency elevator signs were in place.  Tom Alexander signed the letter to State Farm stating that all safety items have been completed.

C.  Fire Alarm Monitoring

The Board agreed to put Fire Alarm Monitoring on the Agenda for the Annual Meeting.

D.  New Board Members

Tom Alexander announced that he would not be on the Board in 2002.  There will be two Board seats that will need to be filled at the Annual meeting.  Members were asked to talk to owners and encourage participation.

V. New Business

A.  Budget Approval for 2002

Mike Courtney presented the proposed 2002 budget.  The Board members voted unanimously to approve the budget with the following changes to the reserves:

a.  Add $94.00 per month to the roof reserve
b.  Add $72.50 per month to the asphalt reserve

Tom Alexander agreed to contact janitorial companies to get estimates on what cleaning services cost to see if our charges are comparable.

The members agreed the changes were necessary to reflect realistic replacement costs and prevent large special assessments in the future. Gloria Kron suggested that the Board undertake a systematic review of reserves and the condition of the building and operating systems in January.  Mike Courtney will revise the budget as directed and re-calculate the changes in annual dues.  The 2002 Budget will be distributed to owners with the Announcement for the Annual meeting.

B.  Annual Meeting December 5, 2001

Mike Courtney explained that he would have the announcement of the annual meeting sent out by Nov. 21, 2001.  This is in accordance with the by-laws.

C.  Transition to new Management Service

The Board unanimously approved and authorized an audit of the Associations finances.  This will facilitate a smooth transition between Al Courtney and Associates and Bonanza Realty.  The Board asked Mike Courtney to contact Jim Anderson, CPA and schedule an audit.  The fee is not to exceed $1500 with out approval of the Board.  The audit will be for one year.

D.  Record Storage

Mike Courtney asked where the Board wanted 8 boxes of financial records stored.  These are records from the 80’s.  The board agreed to store the records in the utility closet on the third floor.  Mike Courtney and Tom Alexander will move the boxes.

VI.  Adjournment

FOLLOW UP ITEMS FROM ANNUAL AND BOARD MEETINGS

(Revised October 4, 2001)