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Waterford at Smith Lake

Minutes for February 11, 2021

Members present;

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

Members Absent: None

• Meeting called to order at 6:35 P.M. by President Don Monistere.
• Reviewed the Minutes from the Previous Meeting

Regular Business

Update From Caleb on Property and Challenges if any – Caleb – Need to address the broken cables on the boat docks 3 – If we have to drop new cables the permit is 2K – We are going to go forward to drop the anchor – Caleb has some deep water anchors – Caleb to get a proposal to get this done.

We are putting a lock box with a key in it to let the fire alarm and elevator people to get a key. – He will get an email either way knowing that they are there.

Remaining Items to tackle to get Bright Fully Engaged – Don and Travis to go into the bank to get the account setup in our names as well –

Don will get a budget over to Caleb to get this moving forward

George Fort’s unit sold on the 12th of January – paid his first quarter -The Assessment fees need to be paid in full. – Van Goedeking and Linda

We are looking to increase the insurance limits and the deductible will be increased to 25,000.00 – We are going to get two quotes on the insurance.

Marti Marib – Patched sheet rock – This project is complete – bill to the HOA and then decide from there.

Discussion of Accounts Receivable. We need to clear up the 2020 collection, on the Q1 2021 billing.

Don to provide a letter to Caleb to get to Insurance company

Update on Railings Quotes Etc. – Tidwell – Shannon Pate – We are scheduling the – Alabama Ornamental – Shannon and Caleb will look at it.

Update on Wood Rot Replacement in TV Room – Eidson – Travis and Edison – Willoughby roofing will be out on 2-12-21 to look at the rot area and the moisture problem. We have the moisture issue as well.

Update on Repair\Paint of Ext. – EFIS – We need to get someone on this from quoting perspective. Clark Rodger Pronsoso Stucko – they do the drive it – and the paint – Commercial Painter – they will need scaffolding

New Business

Financials – Now that Bright is doing financials what is the turn around expectation. – Discussed turn around time and all is good here – We will post Quarterly Financials as we have in the past on the website

Open Items

Johanson The Lawyer to the attorney to somewhat we need to do

Motion to Adjourned Meeting by Don Monistere- Second by Travis Tidwell at 8:00

Waterford at Smith Lake

Minutes for January 7, 2021

Meeting called to order at 6:35 P.M. by President Don Monistere.

Members present;

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

Members  Absent: 

• Richard Kinney

New Business:

Don created and tested the test form on the website for concerns or problems for homeowners to communicate with Bright.

Don checked on liability insurance

Board is still trying to comprise a corrected owners list.

Bright Management: 

Bank account: Regarding Bank Accounts: 

Checking/Operating

Money Market/Reserve

• Don Monistere made motion to remove Kent Quinn, Charles Morris and J Randall Riehl from Regions account. James Eidson 2nd the motion, board in favor.

• Don Monistere made motion to add Don Monistere, Travis Tidwell and Caleb Bright to Regions account 2nd James Eidson, board in favor.

• Bright needs an approval for monetary amount that would need to have two signatures. Board decided anything over $10,000.00

or if making a debit from the reserve will need verifying or two signatures.

Regular Business 

• Board discusses how to send assessment:
  • Option 1 is to send one bill for the full amount.
  • Option 2 is to send the assessment in 4 installments with HOA dues.

• The board looked at the declaration and will bill the assessment in four installments which is in-keeping with what the declaration suggests should be the case. We will not deviate from what the dec suggests.

• Neighboring land issues are still being pursued by the board.

• Caleb talked to Target Pest Control about spraying units. Board will advise homeowners to use website to inform the board of bug issues in units so Bright Management 

can notify Target for a respray.

• James Eidson ask board to be thinking about Waterford Insurance renewal. Insurance policy will be up for renewal this spring.

• Fire system will be tested January 20, 2021 starting around 8:00 a.m. Testing will last roughtly 4 hours.

Next meeting set for February 11, 2021 at 6:30 P.M.

Meeeting adjourned at 7:55 P.M. by Don Monistere.

Meeting Opened – Budget Discussion and review of Annual Meeting Presentation.

don will detail and finalize for review and send out this email to homeowners

All items can be found – in proposed budget section

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.

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

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 

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

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

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.