OLDE CANAL VILLAGE CONDOMINIUM TRUST
MINUTES OF TRUSTEE MEETING
October 14, 2008

  1. Board member present: Andy Habe, Tom Fermi, Marianne Williams, Roger Lange, Romeo Berthiaume [Non-board member: Leslie St.Jean]
  2. Andy Habe opened the meeting at 6:30 P.M.

  3. Leslie explained to the board the method and program she uses to manage the accounting for the board and the complex. She uses Quickbooks which allows her to move monies from one area to another quickly and efficiently. Leslie went over the cash flow sheet and compared it to the balance sheet she provides each month to the board which shows the monies spent in each category allocated to it within the framework of the budget. Because the board decided to break up some of the categories in order to get a better idea of where the monies are being spent, Leslie adjusted her balance sheet topics to fit those of the board. She made suggestions on renaming some items to better indicate their use. It was decided that the categories "Decks" and "Extermination" would be eliminated from the cash flow as these are already part of other categories. Leslie explained that the Replacement Reserve Fund totals are representative of monies invested from the beginning of the account and not just earnings of the present fiscal year. Leslie and Marianne decided that a monthly listing of deposits would give a better indication of income some of which is now being allocated to Management Fee income. Leslie also told the board that each member receiving a fee must fill out a monthly invoice which is to be kept on file for tax purposes. Leslie proposed that she meet with the board several times a year to discuss and resolve any problems that might arise. She also expressed her hope that the condo owners who have email would share their address with her. It would help her time wise to get in touch with anyone regarding their account. She stressed the addresses would not be sold or used for any other purpose than that of communicating with the residents. The trustees decided that [Trustee] Property Management checks would be bank generated and the trustees would receive them on the last business day of each month. Leslie left the meeting at 8:15.

  4. The bill payment approval form for September was signed.

  5. Marianne gave the board some preliminary figures for the 2009 budget. Tom indicated areas where the cost of vendors increased such as trash. He also indicated that because of necessary projects, the cost of landscaping also go up. The board also discussed the number of water line breaks that are occurring because of improper construction. Tom shared pictures of the breaks with the board as well as a letter that will be sent to Tony Marinella regarding this problem which is turning into a very expensive situation. Tom has been in touch with John Lovely, our lawyer to learn what legal recourse we have regarding taking responsibility for these breaks.

  6. Tom discussed the roof problem at 9 OCW. Mr. Marinella indicated that there should be no problem of leakage and wants to take a wait and see position rather than coming back to put paper under the shingles.

  7. Richard Vien has informed the board that he has been able to lease his mother's condo with a option-to-buy clause in the agreement. The lease is from Nov 1,2008- Nov 1, 2009.

  8. The question of changing the renting clause as indicated in the master deed was discussed. In order to change the clause, there would have to be a vote of the owners and the proposition to eliminate renting would have to have a >75 % approval. It was decided that a discussion of this topic would take place at the next quarterly meeting in order to learn the feeling of the residents.

  9. Tom and Andy will meet with Tony Carlino to discuss the needs and preparation for this coming winter.

  10. A new mail box for Trustee Communication Forms or any other correspondence with the board was purchased and will be installed. This box has a lock which will allow for greater privacy for the owners when submitting forms.

  11. A resident has requested the board repaint her kitchen because of two water leaks. The board denied the request.

  12. Wilson Martinez was hired to replace Peter Smith. He has completed removing the tar from the garage doors and painted several front doors. Wilson is available to work only mornings.

Meeting adjourned at 10:15 P.M.

Respectfully submitted by Marianne Williams.