October 2018
MINUTES OF A MEETING OF THE
BOARD OF DIRECTORS OF THE BROOKRIDGE HOA, INC.
Call to order at 7:37 PM.
A meeting of the Board of Directors of Brookridge Homeowners Association, Inc. (“HOA”) was held on October 9, 2018 at the home of Jeff Adler (Unit 29). 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 September Board meeting have been approved and posted.
Paul Spindel, Treasurer, reported on the bank balances as of Oct. 9, 2018.
The operating account balance was $ 39,369
The capital reserve account $235,734
CDs $250,000
Total Funds: $525,103
Paul reported that he has been in 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 rise. We will not roll-over the CDs when they mature.
Paul also stated that the HOA’s operating budget is still projecting a small surplus $11,118.00. Unfortunately, the surplus will be consumed by payments to CertAPro for touch-up painting (not budgeted) and for drainage issues on Common property. 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. The Board is still considering a small raise in Common Fees for 2019 to cover these cost overruns.
Arrears report:
(A). Unit # 6: This Unit remains 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: Arrears $1,100.00 2 months behind on parking and Common charges. Board (through Tom Pallman) will send letter demanding payment by Oct. 15th.
The Board also discussed:
(1). Light Pole repair (near Unit 54) has been installed by Pace Electric in September.
(2). CertaPro is finished making ongoing siding repairs.
(3). Ron Vitti has given the Board a proposal for cleaning the drainage trench pipes behind Units 17 through 31 and will dig another drainage trench at the top of slope alone the Cherry Lawn fence. The Board accepted this proposal
(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 and planting the area in front of the pool. The committee will get costs and will report back to Board in November.
(5). The Board has received a letter from Chubb Group advising the attorney for Annetta Charles that her accident on our property does not warrant a monitoring of the claim or suit. Chubb is closing their file on this matter.
(6). The pool will close the week of October 15th. Thanks to all for a successful season.
New Business:
(1). A sewer guard still not fixed near Unit # 16. Tom will contact AT&T Ironworks to get this fixed ASAP; to prevent raccoons from coming through the unguarded sewer.
(2). The Board is seeking a company to straighten the light posts.
There being no further business before the Board, upon motion made and duly seconded the meeting was adjourned at 8:21 PM.
The next Board meeting is scheduled for Tuesday November 6th at Paul Spindel’s (Unit 2) at 7:30 PM.
Respectfully submitted,
Jeff Adler, Secretary