November 2018
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 November 6, 2018 at the home of Paul Spindel (Unit 1). Present at the meeting were: Carole Princer Levy, Paul Spindel, Barbara Schiff and Jeff Adler - all of whom are Directors constituting a quorum. Also present was Tom Pallman from Stillman Management.
Carole Princer Levy acted as Chair of the meeting. Jeff Adler acted as Secretary.
Regular Board Business:
Minutes of the October Board meeting have been approved and posted.
Paul Spindel, Treasurer, reported on the bank balances as of Nov. 6, 2018.
The operating account balance was $ 23,935.94
The capital reserve account was $370,904.41
CD (matures 01-20-19) $125,000.00
Total Funds: $519,840.35
Paul reported that he has 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 if interest rate rises so we will not roll over the CDs when it matures. Instead the Board has moved the CD that matured on October 20th into Sterling Bank reserve account.
Paul also stated that the HOA’s operating budget (end of October) is still projecting a small surplus. Unfortunately, the surplus will be consumed by payments to CertAPro for touch-up painting (not budgeted), for drainage issues on Common property and tree replanting. This will reduce the surplus to by year’s end. 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.
Paul presented the proposed budget for 2019. It included provisions for increased costs in general repairs, replanting trees that were removed during 2018 and painting the pool. The Board voted a $10.00 per month increase in Common Fees beginning January 2019 to cover the increased expenses. Monthly Common Charges will be $595.00.
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 next 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.
(C). Unit # 16: This Unit ignores charges for the continued use of a second guest parking spot. The Board voted to have legal counsel send a demand letter to this unit if charges and late fees are not cured by November 15th.
The Board also discussed:
(1). Light Poles repaired and all lights working, sewer guard sealed near Unit # 16.
(2). CertaPro is finished making siding repairs.
(3). Ron Vitti has completed cleaning the drainage trench pipes behind Units 17 through 31 and digging another trench at the top of the complex.
(4). Monica and Barbara (Landscape Committee) will consult with Eva on logistics to put tall natural grasses on the bare fence on the side of the tennis court. The committee will get costs and will report back to Board.
(5). The Board has received a proposal from Chubb Group of Insurance Company for D&O insurance. It asked Tom to get additional proposals before selecting a new policy for 2019.
(6). The Pool was closed on October 15th. Thanks to all for a successful season.
(7). HOA to Condo update has nothing new to report.
New Business:
(1). Letter to be sent to Unit #34 to have the basketball hoop from the driveway of Unit #15. It will interfere the snow removed from their driveway.
There being no further business before the Board, upon motion made and duly seconded the meeting was adjourned at 8:11 PM.
The next Board meeting is scheduled for Tuesday January 15th at Barbara Schiff’s (Unit 8) at 7:30 PM.
Respectfully submitted,
Jeff Adler, Secretary