Greenfield

HOA Meeting Minutes - August

BOARD OF DIRECTORS MEETING - August 15, 2001

GREENFIELD MASTER OWNERS ASSOCIATION
BOARD OF DIRECTORS MEETING
August 15, 2001


The Regular Meeting of the Board of Directors of the Greenfield Master Owners Association was held on Wednesday, August 15, 2001 at 3:30 P.M at the Greenfield Clubhouse located at 20601 E. Fair Avenue, Aurora, Colorado.

The following Board members were present:

John Keiley, Vice President
Debbie Smith, Secretary
Chet Hayes, Director-at-Large

Jim Stirbis, Treasurer, joined the meeting in progress at 3:55 P.M. and Annette Louder, President, was excused from the meeting. Sue Daigle representing Hammersmith Management and Aurora Stein, Chairperson of the Social Events Committee were also in attendance.

The meeting was called to order by the Vice President, John Keiley, at 3:45 P.M. There were no conflicts of interest with any items to be addressed on the agenda.

A. HOMEOWNER FORUM – No homeowners were present for the Homeowner Forum.

B. APPROVAL OF PREVIOUS MINUTES – The minutes from the July meeting were reviewed. There being no additions or corrections noted, John Keiley moved to approve the minutes from the July 18, 2001 meeting as amended; Debbie Smith seconded. Motion carried unanimously.

C. MAINTENANCE REPORT – No report.

COMMITTEE REPORTS

A. Social Committee – Aurora Stein reported that the Ice Cream Social will be held on September 8th. The date had to be changed due to a scheduling conflict with the company providing the ice cream.

Aurora requested that the storage room be rekeyed on a different lock so that the lifeguards and homeowners using the clubhouse could not have access to supplies that are stored at the clubhouse. The Board concurred with the request and the lock will be changed after the close of the pool season.

B. Architectural Review Committee – No report.

FINANCIAL REPORTS

A. Financial Statements -- The financial statements for the period ending June 31, 2001 were reviewed. As of month-end, income was approximately $10,000 higher than year-to-date projections. Late fee income, legal fee reimbursements and newsletter revenue are the main contributing factors to this overage. Expenditures continue to look good and overall are within budget projections. Legal fees, collection expense, postage, copies, office expense, sprinkler repairs and the pool contract are all higher than anticipated at this time. Reserve deposits are current.

B. As of the end of July, the operating account at Imperial Bank had a balance of $75, 141.10 and the reserve funds totaled $92,393.79. The working capital account had a month-end balance of $24,158.98.

C. Aging Reports – Total delinquencies as of month-end were $4,960.44, which is approximately $200 less than the previous month.

D. Reserve Funds -- The application to open the new reserve account at Fidelity Investments was reviewed and signed by members of the Board. Annette Louder will also need to sign the account forms prior to any funds being deposited into the account.

After a brief discussion on interest rates and timing of investments, Debbie Smith moved to keep 25% of the reserve funds in a money market account, 50% of the funds in a one year certificate of deposit and 25% of the reserve funds in a 2 year certificate of deposit; John Keiley seconded. Motion carried unanimously.

Jim Stirbis moved to file the financial statements for audit review for the month of July, 2001; John Keiley seconded. Motion carried unanimously.

MANAGEMENT REPORT

A. The written management report as submitted was reviewed.

B. Management Contract – A new management contract from Hammersmith Management was presented and reviewed. Specific items relating to fees were addressed including the charge for late statements. At the conclusion of the discussion, John Keiley moved to approve the management contract contingent upon Annette Louder’s review and approval; Jim Stirbis seconded. Motion carried unanimously.

OLD BUSINESS

A. Rock Wall at 20578 E. Caley Place – A letter was sent to the homeowners at 20578 E. Caley Place requesting an update on what work will be done on the rock wall in their yard. No response has been received at this time.

B. Investment of Reserve Runds – Item address under Financial Report.

NEW BUSINESS

A. Late Fees – At the present time, the Association charges a late fee on delinquent accounts of $10 per month. It is recommended that the fee be raised to $20 in order to cover the late statement charge by the management company and hopefully encourage homeowners to be more timely in monthly payments so as not to incur a late fee charge. John Keiley moved to increase the late fee to $20 per month on delinquent accounts effective January 1, 2002; Jim Stirbis seconded. Motion carried unanimously.

ADJOURNMENT – There being no further business to bring before the Board at this time, John Keiley moved to adjourn the meeting; Jim Stirbis seconded. Motion carried unanimously. The meeting adjourned at 4:35 P.M.