Indian River Colony Club Meeting of the Board of Directors Administration Building, Main Conference Room Tuesday April 28, 2015

Transcription

1 Indian River Colony Club Meeting of the Board of Directors Administration Building, Main Conference Room Tuesday April 28, 2015 Posted Subject to approval at the Board meeting. 1. Roll Call: Board Members Present: Chairman Duke Bickmore Vice Chair Dee Moskowitz Director George Cusimano Director Don Hatt Director Frank Tantillo (joined 9:22) Director Robert Watts Director Ed Wright Corporate Officers Present: Chief Operating Officer/GM John Robinson Chief Financial Officer & Sec/Treasurer Julie Roberts 2. Call to Order: Chairman Bickmore called the meeting to order at 9:00 a.m. 3. Quorum: CFO/Sec/Treasurer Roberts confirmed there was a quorum. 4. Invocation: Director Tantillo gave the invocation. 5. Approval of Minutes: It was moved and seconded to approve the minutes of the March 24, 2015 regular meeting as written. The motion carried. 6. Reports of the IRCC Officers: A. Real Estate Presentation, 9:12 a.m: Nancy Bartlett from Four Star Real Estate joined the meeting. Ms. Bartlett reported there are currently 19 houses in inventory. There have been 32 home sales closed since October 1, 2014 and there are currently 14 pending closings. Mr. Bickmore thanked Ms. Bartlett for the report and presentation and she left the meeting at 9:21 a.m. B. IRCC Status Report: COO/General Manager Robinson presented the status of current corporate activities. Items discussed included the following: 1) Work Order Processing: As of March end of month work orders over 45-days stand at four. 2) Maintenance Miscellaneous: Other miscellaneous projects currently underway include: Completed the mulch removal of the second phase of 257 homes. Termidor applications are still on going and are averaging 10 a week workload and weather permitting. 1

2 The phasing of the generator for emergency power at the At Ease Club is in progress. The annual community wide gutter cleaning is in progress and will continue for an estimated three weeks. Maintenance is open for normal business Monday and Friday and all available staff is on gutter detail Tuesday through Thursday. Installed new community ice machine in the Maintenance building. The annual mulch refreshment program is approximately 80% complete. The annual palm tree trimming program is approximately 40% complete C. Club/Colony Hall 1) Special Functions: The Cart Barn Players lunches and dinner had 397 attendees while the St. Patrick s Dinner Dance had 182. The Member Guest lunches had 56 golfers and the dinner was attended by 86 people. The Women s Center Fashion Show has 123 people. 2) Non-Member Functions: There were no non-member functions. 3) Club Maintenance: There were no repairs in March. D. Recreation 1) Play Status: COO/GM Robinson noted that the golf course numbers for March were up significantly from the same period last year and the course was open all month for play. E. Administration & Accounting 1) Resident Membership Statistics: The COO/GM reported that the current statistics for membership are 84% Military and 16% Civilians. This ratio has remained the same for the last five months. This is reviewed monthly to ensure compliance with the Deed of Restrictions and the Bylaws. 2) 55+ Housing Statistics: The Housing for Older Person Act of 1995 (HOPA) requires that 80% of homes in a designated community are occupied by at least one person over the age of 55. Currently, 98% of IRCC homes are occupied by at least one resident over 55. 3) Recreation Fee Statistics: We have received $108,500 in recreation fees from real estate operations thus far for FY Advisory Committee Update: a. Athletic Advisory Committee (AAC): COO/GM Robinson reported the Committee had nothing which required Board action. b. At Ease Club Advisory Committee (AECAC): COO/GM Robinson reported the Committee had nothing which required Board action. 2

3 8. Legal: The Board was informed that there are no pending legal issues at this time. 9. Financial Report: a P&L s: Julie Roberts reported she is very pleased with the results of the first six months of the year. The year to date net income from our four fee based department s total $23,886. The income is $90,212 better than our budgeted loss of $66,326. The Real Estate Department has also had a solid six months with a profit of $75,336 for the year for a YTD positive variance of $72,454. b. Treasurer s Information Report, Investment Recap & Capital Reserve Status: Secretary/Treasurer Roberts reported the balances for the month of January follows: 1. Operating cash status of $528, Real Estate Line of Credit balance $0 with an associated interest rate of 0%. 3. Delinquent accounts totaled $199,530 with related reserve of $132, Investment in zero IRCC homes. 5. One requested home repurchase listed for $168, Board restricted funds valued at $2,309, Capital Reserve balances of $2,219,370. c. Capital Reserves: Secretary/Treasurer Roberts presented the Capital Reserve Expenditures Report and reported Capital Reserve Expenditures for the year amounted to $108,754 through March. Mrs. Roberts also requested consideration to purchase a Refrigeration Unit for Colony Hall for $3,000 as the repair is nearly 50% of the cost of a new one and the unit is 19 years old. The money will be taken out of the office furnishings for the AEC. A motion was made, seconded, and carried. d. Mid-Year Review: Julie Roberts presented Management s assessment of the fiscal year 2015 via the 2015 Mid-Year Review. Mrs. Roberts explained that it is management s best estimate that IRCC will report a loss of $37,107 from our four fee based departments at year end, which produces a negative variance to budget of $36,531. On the other hand, the real estate department is estimated to make a profit of $112,191 and a positive variance of $162,114. Management felt a mid-year fee increase was not necessary. A motion was made, seconded, and approved by all present to accept this report and the recommendations as written. e Budget Guidelines: Julie Roberts presented the 2016 Budget Guidelines which give Management a framework for the upcoming budget. With modifications to the number of homes that would waive buyback and thus have fees waived decreased from three to two and that a zero profit would be realized from the sale of two model homes, a motion was made, seconded, and approved to approve the document. f. Quarterly Financial Statements: Julie Roberts presented the quarterly Financial Statements, which included a Balance Sheet in comparison to March 31, 2014 a summarized income statement, and relative notes. A motion was made, seconded, and approved by all present to approve the document as presented. 3

4 10. Other Corporate Matters: a. Approval of New Members: The Board unanimously approved twelve new members: IRCC welcomes our new members: Richard Behrens Harold & Colleen Ward Samuel & Betty Ginsburg Kenneth & Theresa Boll Lois Carolyn Boyken Lawrence & Lorrain Walters Robert & Terry Carpenter Thomas & Norma Cozzoni Nicholas & Mary Hubbard Michael Chandler Steven Stover Robert & Toni McHenry 11. Other Business: a. Presentation by Golf Advisory Committee Members (GAC): Jerry Hokula, IRCC resident, and Joe Imondi, IRCC Director of Recreation, joined the meeting at 10:00am and presented information on a seasonal golf membership proposal. Chairman Bickmore thanked Mr. Hokula and Mr. Imondi and the left the meeting at 10:33am. Following discussion, a motion was made and seconded to investigate the potential effect on the IRCC budget if this membership is implemented. The motion carried. b. Real Estate Request from Resident: A letter was read from a resident who wants to buy a particular vacant lot and half of the adjoining lot to build a new house. Following discussion, a motion was made and seconded to disapprove the purchase of this lot and the adjoining divided half lot next to it. The motion carried. It was furthered noted that in the future they may consider combining two lots that have unusual easements if the resident is interested. c. Resident Appeal of ARC Committee Decision: A letter was read which requested the Board overturn the Architectural Review Committee (ARC) decision that the driveways of duplex homes must be considered as one driveway and thus have the same finish/surface. After discussion, a motion was made and seconded to uphold the ARC decision as written. The motion carried. 12. Reports of Standing and Special Committees: a. Budget and Finance Committee (BFC): Director Hatt, Chairman of the Budget and Finance Committee, noted that the Committee recommended the March statements for approval and be appended to the minutes. b. Planning & Policy Committee (PPC): Director Wright, Chairman of the Planning & Policy Committee, reported that the Committee reviewed a proposed new paragraph for the Deed of Restrictions written by legal counsel which would forbid corporations from buying IRCC property in foreclosure situations, etc. Following suggested changes and counsel review, the item will be reviewed again at the May meeting. 4

5 Also discussed was the need for a revision of the Real Estate Policy attachments due to recent policy amendments and the need for a policy review schedule. c. Architectural Review Committee (ARC): Director Moskowitz, Chairperson of the Architectural Review Committee, reported that that the Committee reviewed a resident request to apply some sort of application on or paver the driveway of this Richmond model home. Resident was informed of the past Committee decision stating The Committee viewed photos of the Richmond and the Providence duplex driveways. Due to aesthetics, the Committee would require any duplex driveway paver/paint request to be treated as one driveway to include both sides of the driveway for both duplex models. (Sept 2011 meeting). This home is a duplex and the driveways are separated by a landscape island. The attached duplex is in foreclosure and owned by the bank so there is no one to consult with concerning the driveway and it could be some time before the home is sold. Resident would plan to use a neutral color such as Amaretto pavers or a soft tan epoxy paint so as to not have their side stand out dramatically. Resident respectfully requests the Committee reconsider the September 2011 ARC decision. After discussion, the Committee upheld the original 2011 decision as stated above and disapproved the paver driveway project request on this Richmond Duplex model home. The Committee also discussed the lack of longevity concerning painted driveways. Some of the past ARC approved painted driveways are becoming an aesthetic concern in the community. As these approvals included the statement In accordance with ARC policy, the painted driveway will be considered an upgrade; as such, any future maintenance, cleaning, repairs, removal or replacement will be the responsibility of the homeowner. The Residential Manager has noticed painted driveways in the community that are old, faded, cracked, chipped, etc. and suggested pictures be taken of these driveways and brought to the Committee for review and subsequent ARC requested cleaning, removal, or replacement of the paint on the noted driveways. The Committee agreed and this topic will be readdressed at the next meeting. It was also noted that adding a statement for all future paint driveway request approval letters that states Painted driveways will be evaluated for aesthetics by Management on a regular basis and residents will be required to repaint/repair the painted driveways once deterioration is observed by Management. would be beneficial and ensure that future painted driveway approvals will not become an aesthetic nuisance. Also, the Committee gave approval for the Residential Manager to approve house trim/body/roof color matching paint for driveways as Standard Approvable items. Color must be a good match to the house body/trim/roof or the project will be brought to the Committee for review. d. Member Relations Committee (MRC): Chairman Cusimano, Chairman of the Member Relations Committee, reported that the Committee plans to send out the Member Survey Questionnaire in October-November, He also reported that it has been suggested that recognition of various items that have been created and/or donated to IRCC over the years be included in the upcoming history update. 5

6 e. Marketing Committee (MC): Director Tantillo, Chairman of the Marketing Committee, reported that the committee work groups are functioning well to provide direction for all the various facets the Committee covers. f. New Initiatives Committee (NIC): Director Watts, Chairman of the New Initiative Committee, reported the sub-committee on Space Available for Indoor Activities is completing its work on the Member Activity and Participation and Interests Survey and recommendations will follow. 13. Adjournment: It was moved and seconded to adjourn the regular meeting at 12:55 p.m. A unanimous vote was received. Recorded by Sharon Wilson 6