January 2019

MINUTES OF A MEETING OF THE

BOARD OF DIRECTORS OF THE BROOKRIDGE HOA, INC.

Call to order at 7:34 PM.

A meeting of the Board of Directors of Brookridge Homeowners Association, Inc. (“HOA”) was held on January 6, 2018 at the home of Carole Princer Levy (Unit 54). Present at the meeting were: Carole Princer Levy, Monica Teuscher, Paul Spindel and Jeff Adler - all of whom are Directors constituting a quorum. Also present was Leslie Molinoff from Condo Conversion sub-committee.

Carole Princer Levy acted as Chair of the meeting. Jeff Adler acted as Secretary.

Condominium Conversion report:

Leslie informs the Board that, since we still have not received a “No Action” letter from the NY State Attorney General’s (AG’s) office our tax assessment as a Condo is still in an unsettled condition. The Board agrees with this assessment.

Leslie spoke with Mr. Elefante, recently, and he told her that the AG’s office wants him to produce an Offering Plan to give to all Brookridge homeowners before they act on the No Action letter. Mr. Elefante has yet to receive any guidance from the AG’s office on this matter.

The Board asks Leslie to suggest to Mr. Elefante that his office produce a Draft of an Offering Plan and have the AG’s office make corrections to this draft to get a Plan completed. Leslie will do this and report back to the Board on any progress.

The grieving of our property taxes is being held up because of the AG, The Board is considering drafting a letter and arranging a conference call with our political representatives in a parallel effort to get the AG to act

Leslie is thanked for her time and effort and she leaves the meeting at 7:45PM.

Regular Board Business:

Minutes of the November Board meeting have been approved and posted.

Paul Spindel, Treasurer, reported on the bank balances as of Dec. 31, 2018.

The operating account balance was $ 31,341.00

The capital reserve account was $387,263.00

CD (matures 1/20/19) $126,873.00

Total Funds: $545,477.00

Paul again reported that he had previously completed negotiations with Sterling National Bank regarding the interest they are paying on our CD’s. The Bank agreed to increase the interest rates on our reserve funds to 1.5% and will adjust this rate as interest rate rises so we will not be rolling-over the CDs as they mature. Instead the Board has moved the CD that matured on October 20^th into Sterling Bank reserve account. The second CD that matures on Jan. 20^th will be put into the reserve account at that time.

Paul also stated that the HOA’s operating budget produced 2018 year-end surplus of $15,600.00. Part of this surplus will be consumed by payments due to Ron Vittie & CertAPro for touch-up painting (not budgeted). Major cost deviations from budget include increased repairs to lights and the front gate, water costs (Suez recently charged the HOA an additional $10,000 for past use of water) plus costs to remove snow and dead trees.

Arrears report:

(A). Unit # 6: This Unit remains $30,734.65 in arrears. Wells Fargo Bank holds the mortgage on this property but has not begun a foreclosure action. The city reports it will start condemnation procedures later this year.

(B). Members are reminded that if Common charges are in arrears, they will lose their pool and tennis court privileges as well as snow removal and roof repairs. In addition, late fees will accrue and a lien will be placed on their unit.

Regular Board Business (continued):

Paul presented the proposed budget for 2019 which was approved. Attached is the Proposed Operating Budget for Brookridge with comparisons to the budgets for 2017 ($18,454 surplus) & 2018 ($15,600 surplus).

The Board also discussed:

(1). Reminder – The Board voted a $10.00 per month increase in Common Fees beginning January 2019 to cover cost overruns for painting the pool and replace trees. Monthly Common Charges are now $595.00. To all those who have auto-pay that was not changed from $585 this month, please add an additional $10 to the $595 Common Fees for February.

(2). There have been complaints that dog waste has been left on the grass or thrown into the public garbage. Please put all dog poop in your own garbage and remind your guests who may walk their dogs on our property to pick-up after their dogs.

(3). Homeowners are reminded that cars must be parked in driveways or Guest Parking. No one should be parking on either side of the road around the Upper Circle or Lower Circle, Parking in these areas is dangerous, illegal and interferes with Fire or Emergency Vehicles access to the community.

(4). Any car or truck parked in Guest Parking over 5 days per month will be charged an additional $125 per month on their Common Charge invoice; unless prior arrangements are reached with the Board.

(5). Light Poles have been repaired and are all lights working. The sewer guard seal near Unit # 16. Needs rewelding.

There being no further business before the Board, upon motion made and duly seconded the meeting was adjourned at 8:12 PM.

The next Board meeting is scheduled for Tuesday February 5^th at Barbara Schiff’s (Unit 8) at 7:30 PM.

Respectfully submitted,

Jeff Adler, Secretary