December 14, 2019 Board of Directors Meeting Minutes

Jordan Grand Homeowners Association

Board of Directors Meeting

Saturday, December 14, 2019

10:00 am

 

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

 

Secretary’s Report:

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)

Minutes accepted.

 

Financial Report:

Neil reported on the financial packet that was shared prior to the meeting.

P&L

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.

 

Balance Sheet

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)

Motion accepted.

 

Discussion of unit sales and where the revenue is recognized under residential or miscellaneous revenue.

 

Old Business:

 

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.

Motioned seconded.

Meeting adjourned 12:14 pm

November 16, 2019 Board of Directors Meeting Minutes

November 16, 2019 Board of Directors Meeting

 

In Attendance: Bill Cobb, Chris Grimm, Neil Scanlon, Todd Bagdis, Peter Meulendyk, Charlene Takesian, Jenny Gray

On the Phone: Barb Rooney

Meeting called to order at 10:09am

Additions to the agenda:

Reestablishing the Action Items List.

Hallway Carpeting

Secretary’s Report: Minutes.

Optional housekeeping; any 2 night stay agreed to.

Motion made to approve the minutes by Chris. Bill seconds. All agree

Financial Reports:

Presented by Neil:

Waiting on financial 2018/2019 reports from Auditors to finalize expenses

Peter reports on his conversation with Marcum. Peter expressed to Marcum that the board expects the financials to be done by November. Marcum could not give a date as to expect completed financials.

Discussion on where conference room expenses should be billed out to

No final decision. To be determined.

Question on insurance budget overages. Common and residential

To be looked into

Question on Cable contract.

Do we have one? If yes, when is it up?

Question on what Restricted Cash line actually is

No final decision. Neil will look into this

Bill reports on Midwest Collection Agency

There is a 5 year statute of limitation on overdue accounts; no action can be taken on past due after this time.

Question on where revenue goes when the HOA sells a unit.

Neil will look into this

Discussion on: process for invoicing owners and notifying them of past owed dues before they are sent to collections

Board to determine the process and policy at December meeting

Discussion on Aged Accounts Receivable Report

Determined that there are no longer any Owners on a payment plan

Discussion on what it is to Remove Privileges from owners on the Aging report, and when this is acceptable/expected

Determined that there should be a policy about the removal of privileges

Barb to speak with Sunday River Legal, Foster, about legalities of Condominium Laws in Maine

Discussion on Utility reports and why they vary so wildly year to year/month to month

Jenny to share Jordan Hotel occupancies for last winter; now that the number have been released to shareholders.

Peter Presents Management Contract meeting recap

Peter to have a revised copy of contract to Barb by the end of the week.

Second meeting to be set with Finance Committee to discuss revised Management Contract

Jenny speaks to insurance Claim progress

Todd presents completed section 1, of WH Demmons Roofing Project

Todd presents a quote, from WH Demmons, for completing the front half of The Jordan Hotel roof.

Board to review the quote and get back to Todd at December meeting

Board waiting on the last bill for the sections where rot was discovered. Time and material. Todd will have this bill by the December meeting

Peter presents the topic of the process of acquiring units via bankruptcy

Chris to approach a Real-estate attorney firm to see if there is any interest in working with the HOA on real-estate bankruptcy and the process of acquiring units

Sunday River Legal, Foster, referred HOA to use the HOA’s legal, as Foster doesn’t specialize in real-estate bankruptcy

Owners in arrears in taxes- No information

Jenny presents the Management Report

Preventative Maintenance Schedule

To move to next meeting’s agenda, and spoken to when Sarah is present

Barb presents ROI on Boyne Purchasing units

Capital Funds where not set aside for the purchase at this time.

Peter presents reintroduction of Action Items List

To go out with minutes and other documents

Peter presents Marketing of Units

Peter suggests this becomes a board initiative, and that a subcommittee is created

Would like to formulate a plan in December or January

Barb presents Hallway Carpeting Process

The suggestion is that the board begins the process as soon as possible

Finding a commercial designer/ design firm to go along with the Dave Pooley design plan can take some time, so she would like to see the board start the vetting process now. This would allow a spring start. Barb and Boyne Design to help with a Request For Proposal from various firms.

Future meeting dates:

December 14th at 10am

January 11th at 10am

February 8th at 10am

February 22nd at 10am (This meeting will be budget specific)

March 7th at 10am (This meeting will be budget specific)

Financials may not be out do to meeting be early in the month

April meetings to be determined

Chris makes motion to adjourn meeting

Bill seconds it.

Meeting adjourned at 12:15pm