November 24, 2020 Board Meeting

Waterford at Smith Lake

Minutes for November 24, 2020

Meeting called to order at 6:31 P.M. by President Don Monistere.

Members present;

Don Monistere, President
Travis Tidwell, Secretary
James Eidson
Shannon Pate
Richard Kinney
Caleb Bright (Bright Management)

Members Absent: None

Don talks about the internet vote and the hurdles we are experiencing. 15 of 48. Don will send another email
asking people to vote so we can achieve a majority, for or against.

Don asked Caleb to coordinate with Tess and the landscape committee.

Caleb has questions for the board. Needs QB file for Waterford. Don will make an email address for contact with homeowners.
Bright will obtain a PO Box 127 Cullman, 35056.

List of things Bright Management will need; Covenants, LLC docs, EIFN #, file of contracts for new owners, keys for locked areas,
banking information and contact from the original accounting firm

Don made a Motion to add Caleb Bright to the banking account – Travis Tidwell second – Motion Passes

Bright Management will be taking over managing Waterford Properties. Waterford will be allowing Bright Management to manage our properties
and the mailing address will be PO Box 127 Cullman, AL 35056.

Colby called and let Travis know that the BBQ area rails will be set November 25, 2020.

Mark Pafford wants the board to consider paying for repairs of his water leak into the unit below. Board decided that the
homeowner bring his case to the board and the board will further decide how to move forward. Travis will have Mark Pafford
present his case in writing and the board will make it’s ruling.

Richard asks that we notify the home owners about the three lots adjacent to the property and to ask Rick Johanson to present
his findings to the board.

Next meeting set for December 17, 2020 at 6:30 P.M.

Meeeting adjourned at 7:36 P.M. by Don Monistere.

Proposed FY-2021 Budget

Budget Summary: After our review of items discussed at the annual meeting and working closely with Bright, I am pleased to say that the board recommendation were accurate and in fact has allowed us to invest a bit more than previously expected on what I am calling “The Landscaping Refresh” that Tess Johanson graciously volunteered to chair a committee for. Below is the summary and I am linking a more detailed review of the budget.

This budget is based on last year’s actuals and the reserve issues that we discussed at the meeting

Summary

Q1 – Q4 dues = $4520.00 – This will be billed at $1130.00 each Quarter

The additional assessment = $4400.00 – This will be billed once (this allows you to claim on assessment insurance if you have it all at once. If we sent two bills you would have to do it twice. (could force 2 deductibles and we did not want to do that) So, we will send one bill in January, but we would collect half in Q1 and the remainder in Q2.

Budget Increases

Some increase are just the actuals of this year carrying forward to the next year. Other increases and decreases are due to some catchup maintenance and historical budget Vs actuals review that suggests some areas were just budgeted incorrectly.

  1. Insurance went up slightly
  2. Proposing adding $1000.00 to storm damage account
  3. Increasing Building Maintenance by $400.00
  4. Reduce Pressure Washing $2000.00 since Bright includes this
  5. Gas and Electric up $500.00
  6. Landscaping Increase $10,000.00 for The Landscape Refresh
  7. Sanitation has mentioned an increase – We are budgeting another $1000.00 – It is likely it wont be that much, but want to make sure we are covered.
  8. I added an account that is all inclusive of Bright for $28,728.00. This includes all the items listed on the PowerPoint that is attached to this posting and I reduced other accounts that they will handle within that number

This budget along with the special assessment will increase our Reserves by $252,972.00 and will be added to last year’s ending balance of $166,500.00 for a total $419,472.00 by the year’s end. Of course the ending balance will be less the planned expenditures that we reviewed at the annual meeting. I am confident that next year the special assessment amount will NOT need to be this high.

Please review and place your comments in the Comments section below. Homeowners, I want to reiterate, I am all for transparency, but please don’t submit questions for breakdowns on each account. Those that are changing substantially are listed above and next year’s Reserve money spend is in the PowerPoint. I am happy to break out accounts during the year and is included in the financial reporting, but this post is a high level review, and should lead us to an eventual vote on the budget by next Sunday.

Your board, and myself as the elected President are ready to go get stuff done! (I wanted to use a different word there 🙂

Once we all review this, we will vote on this budget through our voting software to approve the budget.

I am truly excited that we are taking responsibility for our property and look forward to the improvements soon to come.

FY – 2021 Budget

PowerPoint from Annual Meeting

PDF of the PowerPoint

Annual Homeowners Meeting – November 8, 2020

  1. Call To Order
  2. Roll Call
  3. Approval of minutes from last meeting
  4. Year in Review
    1. Covid-19 Challenges
    2. BBQ Pit Replacement \ Umbrellas & Chairs
    3. Elevators
      1. Motor Rework and replacement 204
      2. Constant Maintenance Issues in 200
    4. Water issues in TV Room
    5. Gutter Repair
    6. Concrete in Lower Parking Lot
    7. Gravel to reduce wash away
    8. Q-Dock- Q-Docks are here, need to be installed
    9. Financials
      1. Discussion of Overall Budget
      2. Summary of costs and impact to reserves
    10. Property Concerns
      1. Railings
      2. Paint
      3. Re-skin
      4. Gutter Review
      5. Rotted wood in TV Room
      6. Parking Lot 
    11. Next Years Budget
      1. Reserve Study
      2. Proposal of Two Options for next year’s budget
        1. With Management Company
        2. Without Management Company
    12. FY-2021 Budget – Budget was voted on – Details are here
    13. All matters to vote on
    14. Board Election 

September 19th, 2020 Board Meeting

Members Present: Larry Wilson, President Travis Tidwell, Secretary Duff Cady James Eidson Don Monistere Treasurer

Members Absent: None

Meeting called to order at 10:00 AM

Annual Meeting will be held at the same place November 8th – Don to send email and mail

Discussed if Leigh Ann might be interested in being on the board – James was going to discuss with her

We have the Bid for DC Lawn, but we are getting new quotes because most of the board feels they are not getting it done.

Larry got with contractor to fix the circuit board that went out on fire alarm, all good and working

Got the most updated list of owners, still needs to be edited, there are still some on there that are old owners. Only missing one.

Still need quotes on :

Paint VS Re-Skin

Parking Lot

Steps to the water

Railing was voted in Unanimously in emergency session (Duff Cady 7 days after vote changed his vote)

Don mentioned that our person at the accountants office has changed. She is not as responsive

Proposed Budget – will get more details once we find out railing pricing etc.

….. more notes to be added at a later date – awaiting copies from secretary

July 18th, 2020 Board meeting

Members Present – Larry Wilson, Duff Cady, James Eidson, Don Monistere

Members Absent – Travis Tidwell

Cari’s balcony fixed!

Furniture needs to be replaced at pool- 5 umbrellas 4 chairs

Fire department said we needed to clear out the maintenance shed

Gas grills are installed and people have enjoyed the use cost of gas is inline with estimates so far.

Boat Trailers in the lower lot need to be identified and we need make sure rent is paid.

Communications: Don to send email about emptying the mail, make sure parking is in your spot only as well as the trailers and cost of $250.00

June 20, 2020 Board Meeting

Waterford at Smith Lake

Minutes for June 20, 2020

Meeting called to order at 10:16 a.m. by President Larry Wilson.

Members present;

Larry Wilson, President
Travis Tidwell, Secretary
Duff Cady    (Call-IN)
James Eidson
Don Monistere Treasurer

Members  Absent:


New Business:


	Larry opens discussion about new boat dock and floats next to Waterford grounds. Don suggests we get involved if it becomes a safety issue.

	Board discusses security cameras for lower lot. Don can get this done with his older company for cost 

	Board discusses installation of Dock I Q. Board looking is for an installer.

	Dock 3 has a broken anchor. Board is looking for a way to replace the anchor.

	Uncovered guest dock is being rented @$70.00 p/m.

	Board will notify owners about boat trailer storage in lower lot is $250.00 a year.

	Duff suggest we need to replace some of the pool furniture,. 2 tables with chairs, 5 umbrellas, 3 lounge chairs. Duff will get a price for
	the board.

	
Next meeting set for July 18 at 10:00 a.m.
	
Meeting adjourned at 11:30 a.m. by Larry Wilson.





August 22, 2020 Board Meeting

Waterford at Smith Lake Minutes for August 22, 2020

Meeting called to order at 10:18 a.m. by President Larry Wilson.

Members present: Larry Wilson, President Travis Tidwell, Secretary Duff Cady James Eidson Don Monistere Treasurer

Members Absent: None

New Business:

Board is working on a new owners list.

Larry bought two plants to replace palm trees at pool at a cost of $92.17

Still looking for electrician to install electrical sensors on docks.

Alabama Ornamental will be giving the board a bid for railings at the grills, balcony, and walkways at front of building. It was deemed the railings around the grill area has become a safety hazard and needs to be done ASAP

Board is trying to get quotes for parking lot, resuface/paint exterior of building, and steps to water.

Don discusses financials.

James will contact Willoughby about finishing TV rooms.

Duff got bids on Landscaping. Concern was brought up that the property does not look as kept as last year

Next meeting set for September 19 at 10;00 a.m.

Meeeting adjourned at 11:42 a.m. by Larry Wilson.

May 16th, 2020 Board Meeting

Waterford at Smith Lake

Minutes for May 16, 2020

Meeting called to order at 10:02 a.m. by President Larry Wilson.

Members present;

Larry Wilson, President
Travis Tidwell, Secretary
Duff Cady    (Call-IN)
James Eidson
Don Monistere Treasurer

Members  Absent:



New Business:


Board discusses being approached by non-owners of the condos to rent open boat slip. Board decided that only Condo owners can rent boat slips. 
Larry made motion, James second the motion, board in favor.

Still waiting for elevator motor to be repaired.	

Palm trees are dying around the pool area. Board will have them replaced.

Willoughby roofing has started the repairs for water intrusion at the TV rooms. Repairs are being made in phases to evaluate if repairs are sufficient.

James is checking with DAP to get an estimate for gravel to be placed by edges of new driveway.

Duff discusses new boat dock being built next to Waterford. 

Duff wants homeowners to be notified to empty their mailboxes.	

Next meeting set for June 20 at 10:00 a.m.
	
Meeting adjourned at 10:38 a.m. by Larry Wilson.

April 18th, 2020 Board Meeting

Waterford at Smith Lake

Minutes for April 18, 2020

Meeting called to order at 10:06 a.m. by President Larry Wilson.

Members present;

Larry Wilson, President
Travis Tidwell, Secretary
Duff Cady    (Call-IN)
James Eidson
Don Monistere Treasurer

Members  Absent:


New Business:

Elevator is out in Building 204. Larry Wilson has talked to our elevator people and they are going to do necessary repairs. Larry requested an 
email be sent to home owners to notify them of the problem. We do not have a timeline for repairs as of today.

James gave update on repair to TV rooms. Conctractor came by and took moisture readings and found multiple areas of concerns.. Will be waiting to 
hear from Willoughby Roofing.

Travis will call K & S Electrical to do annual dock inspection. Will ask if they will install Dock I Q boxes while on site.

Larry got a price for grill replacement from Britt Wood: $362 Charcoal, Gas $525. Don Makes motion to buy 3 gas grills and 3 charcoal grills,
James 2nd, board in favor. - This was already in the budget and we actually sold the old ones and put back in treasury 

Pressure washing to start last week of April.

Move Dumpsters in place.

Duff asked about extra trailers in the lower parking lot.

Don asked if anyone got multiple invoices for the first quarters. 

Next meeting set for May 16 at 10:00 a.m.

Meeeting adjourned at 11:05 a.m. by Larry Wilson.