Yacht Board of Directors Meeting December 12, 2016 MINUTES

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1 Yacht Board of Directors Meeting December 12, 2016 MINUTES Welcome Jim Combs Meeting was called to order at 7:05 p.m. by Jim Combs. In attendance was Jim Combs, President; Chuck Hudson, Vice President; Warren Hoffman, Treasurer; Robert Ready, Director and Maria DeHart, Secretary. 7:06 p.m. Combs suspended the Board Meeting for a report from the Budget Vote Meeting Update on Quorum Status Voting Committee Voting Committee reported it was still verifying the quorum status and asked that we proceed with the Board Meeting and they would update us when ready. 7:09 p.m. Yacht Cove Board Meeting Reconvened Treasurer Report Warren Hoffman Hoffman reviewed budget and actuals on Budget Sheet handout. Yacht Cove has collected more income than budgeted due to collections of delinquent accounts. Hoffman and PMS have put in place an earlier collections process so that residents are being notified after being late in 30 days because the fines add up quickly. The earlier start on collections has helped residents have a better opportunity to pay the fines before they get to the $1,000s which makes it harder to pay off. Good news is the clubhouse rentals have really picked up which is helping generate extra income. We are planning to have higher expenses in December because we are going to complete several yearend projects that have been planned, such as the new HVAC for the clubhouse, drainage swells behind several buildings to help get the water away from the buildings and basements, etc.

2 Secretary Maria DeHart November Meeting Minutes Secretary DeHart handed out November YC Board minutes for review. Being there were no changes from the board or the residents, Combs motioned to accept the minutes as presented; Hudson 2 nd the motion; motion passed. Neighborhood Food Drive Update - Your Neighborhood Watch Committee is participating in a Lexington County Sheriff's Dept. Annual Food Drive. Thanks to Lee with PMS we have a box at the clubhouse for collecting can goods and dry goods. Please feel free to drop off items between now and January 10th. We may have missed the Lexington County Sheriff's dates but we are supporting them by having this food drive. Also, I was asked about donating dog and cat food - yes, please feel free to donate unopened bags of dry pet food. If Sharing God's Love doesn't take it, we will take the pet food to Pets, Inc. Annual Meeting Announcement The Yacht Cove Homeowner Meeting is taking place on January 12, 2017 at 7:00 PM at the Yacht Cove Clubhouse. No Board Applications were turned in so there will be no election ballot being mailed. Also, according to our By-Laws, any action taken at the Annual Meeting must be by an affirmative vote of a majority of the owners (which is 51% of the total ownership of the Common Elements). Therefore, we will need a majority of the owners to be represented at the Annual Meeting to take any binding actions, including the election of Directors. There have been several questions regarding the board terms and why two seats were open for election, it is because we are required to have staggered board seats but because of resignations and lack of candidates running, the board terms became all off schedule. When the current board was seated, we were attempting to get back on schedule of staggered board seats so that while board seats turnover, the community doesn t lose of the historical knowledge of the board members at one time.

3 This announcement lead to a good discussion from the residents present at the meeting about what all does serving on the board or a committee entail such as a time commitment, what are the exact board terms, etc. The group recognized the importance of having fulltime residents serving on Yacht Cove Board and on committees because that is the best way to make sure Yacht Cove continues to improve and stay informed with all that is happening in the community. Director s Report Robert Ready Ready deferred to Lee Kimpel with PMS to give report. Vice President Report Chuck Hudson Hudson wanted to share with the residents that we owe a big thanks to PMS for the hard work they have done in the year they have been working with Yacht Cove. Hudson also encouraged others to get involved in committees and consider the board. Hudson stated that it really takes about six months or more to understand the operations of Yacht Cove. We are a big property 398 units with over 1,000 residents with a budget over $1 million. It takes time to get up to speed. It has been made easier since PMS is there to help guide us. Hudson also shared that he has made up hats to wear that says Make Yacht Cove Great Again for anyone willing to wear them because this is the reason why he joined the board to bring Yacht Cove back to being the Jewel of Lake Murray. Hudson also announced after the Holidays, he is going to organize a volunteer work day and he is open to suggestions of what people would like to see done. So please see him with any ideas. Activities Committee Bunco has been cancelled for December. Christmas Party was poorly attended which was a disappointment to those that spent time planning it. The committee is going to meet after the Holidays to determine how to move forward next year. Boating Committee no report.

4 Pool closed for the season Voting Voting Committee came out to report and quorum of 58% had been meet and they were tallying votes. They would be back to report the final outcome when completed. Volunteering for the 2017 Voting Committee are Brian Loper, Chair; Janet Boyer, Chris Felone, Dave Fouty, Janis Hogan, Gail Massaro and Brad Stinson. Buildings and Structures Dan White is going to pull the committee together after the Holidays to address Exterior Changes and Interior Changes packets. Property Management Solutions - Lee Kimpel with PMS reported that 25 work orders had been completed in November including several new roof leaks. Both Sammy and Buster were using some vacation time between now and the end of the year. Gate hits are continuing to happen. Some of the gate hits are intentional because we can see it happen from the cameras. At least 3 people have received gate hit letters with a fine of $200 for a gate hit so DO NOT tailgate in because several gate hits have happened because of tailgating. Clubhouse is rented almost every Thursday and most weekends in December. The gate will be open for those rentals. City of Columbia has notified Yacht Cove they will be doing a major repair and maintenance job on the City owned sewer lift station at Cove Court. The City has assured us that they will not block off Cove Court and they will not leave a mess in Cove Court and that there will be NO stop in sewer service during their time working on it. Adjournment 7:38 p.m. Combs moved to adjourn; DeHart 2 nd the motion. Meeting stood adjourned. Budget Meeting Convened at 9:54 PM with Voting Chairman, Brian Loper reporting that the budget did not pass based on Yacht Cove s current By-Laws and Master Deed. Quorum was recorded at 58% with 46.5% voting affirmative and 11.5% voting negative.

5 Budget Meeting Adjourned at 10:00 PM