BOARD OF DIRECTORS MEETING

MANAGEMENT REPORT

Monday June 24, 2019

2nd Floor Party Room

6:30PM – Closed Session (Held by Board in Management Office)

7:30PM – Picker & Associates Review of 2018/2019 Financial Statements

OWNER FORUM – 15 minutes, 2 minutes per person

The Board and Management will address feedback and questions from Unit Owners.

OPEN SESSION – Call to Order

Roll Call – Confirm Quorum

The meeting chair, expected to be Board President Michael Parrie, will confirm a quorum of Board Members is present. Board Members and representatives from Management will be introduced.

Commission Reports

Chairs or others so designated will be invited to update the Board on Commission business and activities.

Board Report

The Board President may review business or other matters of interest with the Board and audience.

Action Items

1.           Appointment of Board Officers

The Board will need to formally elect corporate officers for the business year, to each of the following positions: President, 1st Vice President, 2nd Vice President, Treasurer, and Secretary.

A sample motion: “I move the Board of Directors appoints _____________, as Board President, _____________, as Board 1st Vice President, _____________, as Board 2nd Vice President, _____________, as Board Treasurer, and _____________, as Board Secretary.”

2.           Appointment Commission Liaisons

The Board will need to formally appoint Liaisons for the business year, to each of the following active

Commissions: Budget & Finance, Health Club, Home Improvement, New Residents, Newsletter, Rules & Regulations, Social, and the Ad-hoc Cable and Internet. As well, a liaison should be appointed to ASCO.

A sample motion: “I move the Board of Directors appoints_____________, as liaison to the Budget & Finance Commission, _____________, as liaison to the Health Club Commission, _____________, as liaison to the Home Improvement Commission, _____________, as liaison to the New Residents Commission, _____________, as liaison to the Newsletter Commission, _____________, as liaison to the Rules & Regulations Commission, _____________, as liaison to the Social Commission, and _____________, as liaison to ASCO.”

The Board may also choose to direct Commission Chairs to review their charters, and confirm current memberships.

3.         Closed Session Business

This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.

4.         Minutes Board Meeting June 10, 2019

Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday June 10, as submitted by Timothy Patricio, Property Manager.

A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Monday June 10, 2019.”

5.          2018/2019 Audit Acceptance

By now all Board Member should have received and reviewed the preliminary draft of the 2018/2019 Audited Financial Statements, originally distributed in May. Picker and Associates is expected to make a presentation at the beginning of the meeting to discuss their audit report, findings and determinations.

As required by the Association’s governing documents, the report should be accepted and made available to Unit Owners.

A sample resolution follows: “I move the Board of Directors accepts the audit of the Financial Statements for the 2018/2019 Fiscal Year as presented by Picker and Associates, Inc, and hereby directs Management to make the report available upon request.”

Note: The Board may also discuss whether to act on the disposition of the audited operating surplus, reported by Picker and Associates.

6.          2019/2020 Board Meeting Schedule

Attached to the report for Board Member review is a proposed notice to Unit Owners with a list of proposed Board Meetings and Resident Forum dates, as suggested and presented by Michael Parrie. The pattern of meeting dates continues consistent with the schedule for the previous business year, with the primary Board Meetings held on the 2nd Monday evening each month, and a secondary Board Meeting scheduled for the 4th Monday each month (with the exception of May due to a holiday). Three Saturdays in November are included for budget review, and resident forums are scheduled for Thursday August 1st, Tuesday October 29th, Saturday February 1st, and Monday April 20th.

A sample motion: “I move the Board of Directors schedules Board Meetings for the 2019/2020 Park Tower”

Condo Association business year, on the dates as proposed by [insert Board title] Michael Parrie, and directs Management to issue a formal notice via US Mail accordingly.”

7.         Bad Debt Expense

A former Unit Owners account balance due following foreclosure and sale at auction, remains in the amount of $2,769.86. This balance has been determined to be uncollectible.

The budget for Bad Debt this year is $15,000, and there are no other accounts at risk of potential write off we are aware of at this time.

A sample motion: “I move the Board of Directors approves a write-off in the amount of $2,769.86 for a prior Unit Owner’s account which is determined to be uncollectible due to the foreclosure and sale of the unit.”

8.           Proposed Rules and Regulations Addendum

Attached to the report for Board Review is a draft proposed notice of amendments to the Rules and Regulations, as well as a copy of the current Rules and Regulations Handbook (with notes and proposed changes from the Board Treasurer) and a copy of the current Construction and Remodeling Policies and Procedures.

The Board should discuss the proposed changes and any edits thereto and decide whether to proceed with issuing notice to Owners, table for further discussion or otherwise.

Once amendments are agreed to by the Board, a formal notice should be mailed to Unit Owners with a date for a Special Meeting where Owners can have an opportunity to review and consider the proposed amendments, after which the Board could formally consider adoption at a Board Meeting. That date in the attached notice is proposed as August 12th, if the amendment can be edited and distributed in time for proper notice, with the aforementioned notice for the proposed 2019/2020 Board Meeting schedule.

Should a resolution be needed, it can be proposed at the meeting.

9.           5440 North Sheridan Development

Attached is the flyer distributed at recent public meetings regarding the proposed development at 5440 North Sheridan. ASCO and the office of Alderman Harry Osterman has asked for Boards along Sheridan Road to review and vote, on behalf of their respective communities, whether they are in favor or against the development as proposed.

Should a resolution be needed, it can be proposed at the meeting.

10.         Garage Proximity Reader

The garage exit proximity reader approved for installation earlier this year is ready to launch. At a prior meeting, it was tabled whether to consider charging a fee for the reader device, which costs about $15 per unit.

Current key fobs are sold for a $25 fee. Because they are an added service and we have no control over their care once a parker is in possession of them, we would suggest a similar fee.

A sample motion: “I move the Board of Directors approves a $25 fee for the sale of the new proximity readers, for use by parkers.”

11.         Service Animal Request

Attached to the meeting report for Board review is a request from a Unit Owner for authorization to keep a Service Animal in the unit, as well as a written opinion in response from the Association’s legal counsel. In light of the documentation provide, management suggests the Board approve the request.

A sample motion: “I move the Board of Directors approves a Unit Owner’s request for a service animal.”

ADJOURNMENT

There being no further business, the Board will consider adjourning the meeting.

A sample motion: “I move the Board of Directors adjourns the June 24, 2019 Board Meeting at ____PM.”

OWNER FORUM – 15 minutes, 2 minutes per person

The Board and Management will address feedback and questions from Unit Owners.

Next regular Board Meeting – Expected Monday July 8th, 7:30PM in the Party Room.