QUAIL RUN CONDOMINIUM TRUST
BOARD OF TRUSTEES MEETING
March 3, 2010, 5:00PM
VBW GARAGE 

Quailruncondo.org

            Meeting called to order at 5:00pm.

Present at the meeting were R. Clarke, J. Deasy, J. Fitzsimmons, D. Serieka and W. Howe, Trustees, N. Cahill and R. DeFilippo representing APT, Inc. H. Tillman, Communications Committee and J. Vanaria also attended.

February Minutes:  Approved.

Procedural Note: In these minutes, action items are bold and italicized.

Interim Approvals:

            The Trustees voted by e-mail to authorize the purchase of a new computer tower for the maintenance office at a cost not to exceed $270.

Financial Matters:

            The 2009 draft audit and tax returns have been reviewed and approved by the Trustees. Our final 2009 surplus was approximately $20,000 after making additional tax adjustments.

 The Trustees also reviewed and accepted the January 2010 Financial Report. It is too soon to do meaningful actual vs budget analysis but there were no apparent surprises in the January numbers.

The Finance Committee has still not resumed spread sheet analysis but does have the benefit of the recent audit.

It was also noted that we have 3 C/D’s maturing in the face of extremely low prevailing interest rates.

Maintenance Report:

            The Trustees have reviewed weekly maintenance reports through February 26 on-line.

            The survey of our paving and drainage work is now overdue and R. Clarke will attempt to get it back on track. The contractor will also be asked to bid on several storm drains which need repair soon.

            Garage door trim on 9 units has been replaced by the Maintenance Supervisor with an additional 13 to be done as time permits.

            The mail box area will be power washed this month.

 The most feasible solution to the VBW rust problem is simply to replace the affected siding periodically as no effective cleaning agents have been identified.

            The Trustees approved the purchase of a Maintenance Office computer printer at a cost not to exceed $100.

Management Report

Quail Run Condominium Trust

March 3, 2010

Delinquency Report:  This report covers through February 25, 2009 collection of Condo fees. 

Unit#               Owner                                    Amount Owed                       Explanation

KM 01              Nancy Brooks                        $341.83                                   February Condo & late fee

JG16                Judy Eisel                                $400.70                                   February Condo & late fee

Pre-paid condo fees:  As of January 29, 2009, the Trust has $18,439 in prepaid condominium and parking fees.

Reserve Checks and Money Market Reserve Balance:

There will be one check for signature.

CitiBank Money Market Account Activity:

January 31, 2010 Balance                                                                   $39,333.92

New England Golf Cars                                                                     ($ 6,688.44)

February Contribution                                                                        $ 7,739.00

Available Funds in CitiBank Money Market February 28th $40,384.51

Audit:

The 2009 Draft Audit and 2009 tax returns have been prepared by Patty Cobb. The Board of Trustees needs to approve the Audit, which confirms a 2009 surplus of approximately $20,000 with only one downward audit adjustment of $1,800 for tax expense. The 2009 Tax forms need to be signed.

Utility Vehicle

The use of the Yamaha Utility Vehicle is included in the general liability section of the master package insurance policy, providing it stays on the premises of Quail Run.

The Yamaha can be insured for physical damage but it is subject to the policy deductible of $5000. Purchasing additional insurance does not seem economical since the value of the utility vehicle is only $6,800.

Water Heater Notices:

There are still 39 units that have not provided an up to date Water Heater form. There are 24 units that have water heaters over 10 years old. Letters will be sent to those unit owners that have not provided information on March 10^th.  

Unit Owner Request:

3 Douglas Green states the main circuit breaker located at the outside at the meter bank for 1-4 DG was corroded and needed to be replaced. 3 DG hired an electrician at the cost of $215 to replace the breaker. 3 DG would like to be reimbursed as she states this is a common area expense.

Douglass Green Planter:

Bids Received to removal and dumping of timbers, loam & stump including asphalt replacement:

ARR-MAX: $3,942.00

Greenwood & Sons: $6,500

Vanaria: $2,796.25

FHA Loan Approval Process

As reported in greater detail last month, FHA insures approximately 30% of home mortgages nationwide. FHA insurance is available for home buyers with limited equity and provides added comfort for lenders that might not otherwise approve loans with equity under 20%. Our attorney has informed us that, as of January1 condominium developments must qualify for FHA insurance, not just individual buyer. This process will cost the Trust $2,250 initially plus a renewal cost of at least $750 every two years.

            The Trustees must decide whether to have The Quail Run Trust fund this unexpected expense or leave the full burden to the first unit buyer every two years seeking FHA support. Among other factors to consider are how many buyers at Quail Run require FHA insurance vs the national average and how many lenders active in our marketplace would be affected. We have been told that there are some lenders who will actually fund some of the qualification costs.

Management Report Meeting Updates:

The Trustees were informed that 39 residents have not submitted water heater forms and that at least 24 of those responding have water heaters over 10 years of age. APT will send hard copy notices to those residents not yet responding on March 10, a regrettable expense borne by all residents. This is serious business with seperate $15 daily fines to be imposed for both reporting and replacement violations. J. Fitzsimmons will investigate other options such as tankless water heating and report back at the April meeting.

The request by 3 DG was not approved, consistent with prior precedents. The Maintenance Supervisor will put silicone sealer on all boxes, however, to prevent dampness.

The Trustees approved the Vanaria bid for planter box removal. R. Clarke and R, DeFilippo will coordinate the relocation of planter box ground cover prior to the Vanaria work.

The Trustees decided not to seek FHA approval unless it is clear that FHA support is needed by the type of buyer seeking to relocate at Quail Run.

Landscaping/ Special Landscaping:

            The 2010 summer contract was signed with J. Vanaria present who brought mulch samples. The Trustees confirmed their choice of red hemlock. N. Cahill will procure a separate mulch bid which, once approved, will be included in the contract as an addendum. R. Clarke will work with Vanaria’s tree work person to ensure that this year’s work complies with expectations.

Old Business:

            APT will pay $289 to Atty. Perkins, 50% of the Perkins legal bill, originally $1,182, less $232 in recording costs.

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Next Trustees’ Meeting; April 7, 2010, 5:00pm at the garage office.

Adjournment: The meeting was adjourned at 6:20 pm.