Meadow Hill
Board of Directors Meeting
April, 2014
The regular monthly meeting of the Board of Directors of Meadow Hill was called to order at 3:00 p.m. in the clubhouse on Tuesday, Thursday, April 15, 2014 by the president, Luther Weeks.
A quorum was present with the following directors in attendance: L. Weeks, M. Finnegan, D. Faxon, L. Fillion, J. Goselin, R. Weingarten.
E. Schaefer APM. M. Belcher APM
The minutes of the board meeting held on March 18, 2014 were approved as written by unanimous consent.
Maintenance Report
Work orders were reviewed.
Capital projects were reviewed.
Committee Reports
David Faxon for the finance committee reported on proposed policies formulated by them. The preservation of capital has top priority with respect to the investment of reserve funds. The placement of funds with financial institutions shall carry with it, minimal exposure to risk, hence the following limitations are to be observed:
A.) Investment in individual equities or corporate bonds is prohibited.
B.) Accounts held in any one bank shall not exceed FDIC coverage amounts
C.) No less than 85% of reserve funds are to be held in one, or a combination of, the following: a regular money market account, a money market savings account with check writing privileges, certificates of deposit or short term variable annuities (2 to 5 years maturity purchased from an A+ rated insurance company)
D.) No more than 15% of reserved funds may be invested in high quality mutual funds (e.g. an index fund or bond funds. High risk funds must be avoided.)
The committee stated the need to initiate an update of the reserve study by the members of the finance committee using the previous reserve study as a basis.
A motion was made by D. Faxon to approve the proposed policy by the finance committee to be instituted by the treasurer effective immediately. The motion was seconded by J. Goselin. The motion passed unanimously.
The Association has closed on the road paving loan.
Owners Forum
Hearing
A motion was made by L. Fillion to proceed with a fine for $50.00 for unit # 227 for the dog rule infraction. The motion was seconded by J. Goselin. The motion passed unanimously.
Treasurers Report
David Faxon reported that we have $370,000.00 in our reserves.
Manager’s Report
The correspondence was reviewed.
A motion was made by R. Weingarten to approve the reimbursement to owners with common element lighting. The motion was seconded by D. Faxon. The motion passed with 1 abstention- J. Goselin
Old Business
The selection of the engineer for the roads completion will be scheduled in the near future.
Darien Covert our maintenance supervisor will be the Clerk of the Works for the project.
Proposed bylaw changes have been postponed.
New Business
A motion was made by J. Goselin and seconded by R. Weingarten to re- seed the grass at unit #84 as per owner request. The motion passed unanimously.
Bob Kolwicz requested a committee be formed to maintain the Clubhouse and Hollister House. R. Weingarten did offer to be the board member to help form an amenities committee.
A motion was made by J. Goselin and seconded by M. Finnegan to allow the owners to replace a flowering crab apple tree that was removed near units 264 and 268. The motion passed unanimously.
A motion was made by L. Fillion to rent a Port-o-let for landscaping/seasonal workers. The motion was seconded by M. Finnegan. The motion passed unanimously.
A motion was made by J. Goselin and seconded by D. Faxon to approve a $99.00 purchase using the amenities budget for a portable basketball hoop requested by D. Fillion unit # 182 to be placed in the tennis court area. The motion passed with 1 abstention- L. Fillion.
A motion was made by R.Weingarten and seconded by D. Faxon to approve the request for Moira Finnegan- unit # 74 to purchase a flowering tree for the common ground area in front of her unit. The motion passed with 1 abstention- M. Finnegan.
A motion was made by J. Goselin and seconded by R. Weingarten to adjourn the meeting at 5:05 pm. The motion passed unanimously.
L. Fillion, Secretary.
Minutes are subject to revision within 30 days.
The 2010 amendments to the Common Interest Ownership Act refined the traditional language of consent to Corporate Action. A decision by “unanimous consent” is every bit as legal and binding as one which is voted on during a live meeting as long as every member of the Executive Board agrees and the decision is memorialized in writing. The Secretary shall give notice to unit owners of any action taken by unanimous consent.
The minutes of the April 15, 2014 board meeting were approved by unanimous consent on 04/28/14.
The decision to hire Richard Filloramo as engineer for the paving project scheduled to begin May, 2014 was approved by unanimous consent.