Minutes of the Board of Trustees Meeting

Thursday, January 29, 2009

5:00 P.M.

Norman Salisbury called the meeting, convened in the Community Room, to order at 5:00 p.m.

Residential Trustees present and participating: Norman Salsibury, John Patton, Mike Gravitz and Steve Campbell

Commercial Trustees present and participating: Donna Boes, Jonathan Dunn and Steve Orullian.

Approval of Previous Minutes

The Minutes of the December 3, 2008 Board of Trustees Meeting, upon motion duly made and seconded was unanimously approved.

Finance Committee

The Financial Statements from December 31, 2008 were reviewed by the Manager. The Association reported an unaudited operating surplus of $28,232 Year-to-Date as of December 31, 2008. The Common Reserve Fund has an unaudited balance of $345,771 and the Residential Reserve Fund has an unaudited balance of $417,758 as of December 31, 2008. The Board also reviewed the delinquency report.

The Finance Committee has begun work on the 2009-2010 operating budget and in updating our reserve studies. The committee is evaluating the amount of funds available for some immediate needs in terms of interior replacement items in dire need of refurbishment. The committee is also evaluating the funding and timing of upcoming major refurbishments. The Board intends to form a new committee and solicit input from residents prior to any major refurbishment.

The committee also reported that it is keeping abreast of developments with the single investment in the Residential Reserve fund, a GMAC bond, and that they recommend to the Board that no action be taken at this time.

Building Improvement Committee

The fire door repairs have been completed. A final walk through inspection by management remains to be done. We will develop a punch list of any remaining repairs that need to be completed.

The Committee is reviewing the website structure and sees a potential for some savings by installing a small webserver in-house so that we will not have to pay a hosting sevice to host the website.

The committee is also involved in soliciting proposals to provide bulk TV, Internet and telephone service to all AT Units hopefully at steep discounts. We are currently investigating the feasibility of providing wireless internet access to all Units. The proposals and information hopefully can also be used as negotiating tools and levers in our current negotiations with Comcast.

Next Meeting Schedule

The next meeting is scheduled for February 26, 2009.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Steve Campbell