Jordan Grand Homeowners Association
Board of Directors Meeting
Saturday, December 14, 2019
Board Present: Peter Meulendyk, Bill Cobb, Chris Grimm, Charlene Takesian, Neil Scanlon
Via Phone: Kristine Conti
Absent: Barb Rooney
Staff Present: Sarah Petrin, Todd Bagdis
Late Arrival: Jenny Gray 10:36 am (arrival post adjournment of Summit HOA Board Meeting)
Meeting called to order: 10:06 am
Discussion of new protocol to distribute minutes. Minutes to be shared with Kristine, she will return with any edits to Jenny. Draft minutes within two weeks of meeting with final version 10 days before next meeting.
Motion made (Chris Grimm) to accept the minutes from November 16, 2019
Motion Seconded (Bill Cobb)
Neil reported on the financial packet that was shared prior to the meeting.
Discussion of finance charges billed, but not collected that are shown on the P&L as revenue. Result is an overstatement of revenue ($50k recognized as revenue YTD). Per prior conversations, the only finance charges to be recognized as revenue are those actually collected. Reserve for all others should be established. Neil requested that this be put in writing and included in the minutes. He also requested to receive written confirmation of this from the HOA CPA firm. Kristine will contact CPA firm with his request.
Discussion of overage on insurance premiums. Neil is still researching.
Discussion of where the rental income and income from the sale of the units owned by the HOA is recognized. Neil to confirm with Kelly.
Request to have the account numbers listed on the P&L Report.
Discussion of restricted cash. Question if the Association is required to maintain certain amount of funds in reserve. Nothing reflected in the declaration/by-laws stating as such.
Discussion of establishing a best practice for maintaining certain level of reserves.
Discussion and direction of sending letter from HOA attorney to the accounting firm handling the year-end review for 2019 demanding response and finalized report/review. Chris indicated he will reach out to the attorney to make arrangements.
Discussion that getting the review for FY 19 finalized is top priority and will clear up the questions on the balance sheet.
AR/Collection Agency Update
Bill presented to the board that he had an owner (unit 236, quarter 4) who is willing to pay half (1/2) of the dues owned and give up the deed to the association.
Motion made (Bill Cobb) for the HOA to accept the offer from owner of unit 236, quarter 4 for half (1/2) the dues owed and deed to the unit back to the association.
Motion seconded (Chris Grimm)
Discussion of unit sales and where the revenue is recognized under residential or miscellaneous revenue.
Management contract has been edited by the residential board and returned to Sunday River for review. Discussion remains ongoing and meeting to be reconvened with Peter, Bill, Neil, Barb for review and further discussion.
Insurance Claim reported that additional detail and data requested by the insurance company. Will update group with additional information in January.
Discussion of Roofing Quote Phase II. Board agreed to move forward with the project and quote from WH Demmons, also requested a contract with a project manager for the next phase. Peter to sign contract and return to Todd.
Taxes – owners in arrears. Presented a proposal from the Town of Newry that would give the HOA responsibility for collecting property taxes from all owners and in return would give the HOA authority to place lien on time shares in arrears. Document to be shared with the HOA attorney for review and comment.
Request to add Foreclosure/Lien Policy to the agenda for January meeting.
Discussion of floor plan for the hotel to confirm what areas are common, residential and commercial.
Motion made to adjourn.
Meeting adjourned 12:14 pm