Board of Directors
Notices & Reminder
E-mail Address: firstname.lastname@example.org
October 7, 2020
Special ZOOM Meeting
From Rendezvous Room
The Regency Tower Board of Directors Virtual Meeting was called to order by President John LaPrade at 6:00 p.m. Given the recording exigencies attributable to the pandemic, the following notes summarize the meeting.
|Pres. John LaPrade|
The Board of Directors met on October 7th to discuss Reserves and the Reserve Study, how to pay for the “finishing touches” recommended by the decorating committee and the aforementioned changes to our Temporary COVID-19 restrictions.
The highlights of their discussions are as follows:
The decorating committee had submitted suggestions for the building exterior and recommendations for “finishing touches” following the concrete/balcony restoration project. At the President’s request, they returned to work with Eileen Bendis and Carol Rosselli to get estimates for new pool and beach lounges and furniture, new awnings and coverings for the building and pool deck, new signs and other finishing touches that were not included in the overall budget for the balcony/concrete restoration project.
These items were not included in the overall budget for the concrete/balcony restoration project and because we are nearly ¾ of the way done with the exterior repairs the issue of how to pay for these items became an important issue for the board to tackle. The good news is that because of lower than expected expenses for 2020 and prudent financial management, our Treasurer John Amatuilli has determined that we will be able to pay for all new furniture, signage, awnings and other “finishing touches” from a surplus in our 2020 budget and will not need to use funds from the concrete restoration project or assess owners for these expenses.
|Treas. John Amatuilli|
Per the Treasurer’s Report published in the September 2020 newsletter, and again in this newsletter, The Board of Directors is also recommending a change from six reserve components to nine to bring the reserve components in-line with the existing reserve study done last year. An additional change which requires approval by owners is to change from itemized to pooled reserves prospectively. This change is favored by the association's attorney and accountant, and reflects the current trend in condominium reserves. If approved by a majority of owners, this will provide additional flexibility for repairs when needed.
|Sec. Fern McBride|
The pooling or cash-flow method of reserve funding attempts to predict when a particular item will require replacement or deferred maintenance, and reserves are scheduled and funded so as to ensure that a necessary amount of funds are on hand when the work needs to be done. A pooled account simply means the Association has one single reserve account (as opposed to several separate component accounts) to pay for all of the Association's reserve assets. Funds can be drawn from the pooled account to cover expenses for any of the reserve assets at any time without member approval. More to come on pooled reserves as a unit owner vote is required to make this change.
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