OLDE CANAL VILLAGE CONDO TRUST
MINUTES OF CONDO TRUSTEE BOARD MEETING
May 17, 2011


The meeting was opened by Andy Habe at 3:00 P.M. Members of the board present: Andy Habe, Tom Fermi, Roger Lange, Romeo Berthiaume, Marianne Williams (late)

  1. The meeting began with a discussion regarding the repair of the roofs. The board is trying to get a consensus from the contractors as to the proper repair of the damaged roofs. Tom is still waiting for three more quotes. He is hoping to have them by next week. The board wants to be sure that the contractor selected will solve the problem so as to insure no further leaking due to ice or snow. Andy distributed an estimate from Roland Arsenault Co. for $1000/unit. The plan is for Andy and Tom to meet with each of the contractors next week. The other board members have been invited to sit in on the meetings.

  2. The cash flow was reviewed and approved and the bill payment approval sheet was signed.

    A discussion followed regarding the recently approved changed in the grace period for payment of condo fees. Questions arose about the actual time a payment would be considered late. If the 5th falls on a Saturday or Sunday, no fine would be levied if the check was received on the following Monday. If the postmark is the 3rd or the 4th, and the check is not received until the 6th, Leslie would consider that the check was not delivered by the post office in a timely manner. Leslie told Marianne that she uses her common sense when applying late fees and the timing of the arrival of the checks.

  3. The board then took up the question of an assessment for the cost of roof repairs. This crisis of the roof damage made the board take a closer look at the budget. It was determined that more money is needed for reserve for emergencies as well as to pay planned expenses which are going up because of the economic conditions in the country. The board then decided to begin planning for anticipated costs for future events, not just the normal yearly expenses. Tom presented a reserve study that would allow the reserve to reach $513K by the year 2023, as he was concerned that we will need monies for roof replacement by then. It was based on increasing condo fees for the reserves only by $5.00 in 2012, $10.00 in 2013 and $5.00 in years 2016, 2019 and 2022.

    Roger then presented a proposal that increases the fees $15- -$10 of which would go to the budget and $5.00 to be used for increasing the reserve. Roger's calculations were based on use of the Beneficial Interest of the units. The average home owner would have their fee increased by $15. The range would be from $14 to $17. The increase would be divided - $10 per month dedicated to the budget and remaining money per month to increase the reserves. Additional increases of $5.00 per unit taking place each year for the succeeding four years (2013-2016). The rationale is to increase the budget funds to prevent use of reserve money for unforeseen repairs. His proposal would increase the reserve fund an additional $12,960 in 2012 and then $4220 per year for the next four years. Continued budgeting of $25,520 for reserves from years 2017 to 2024 would bring the reserve fund an additional $178,640. All this added to our current balance and his calculations determine that we would have $506,640 in the reserve fund in 2024. Andy asked Roger to redo his proposal so the increases would not be yearly.

  4. Communication forms. Wilson will work on a plugged downspout as well as a leak in another.

  5. Romeo brought up the subject of the neighborhood dogs that have been seen making use of the grassy area around the complex and he suggested a Private Property sign be installed at the entrance near the circle. This sign would also point out to walkers and runners that have been using the roadway that this is private property and that they are trespassing. The concern is that anyone who is not legitimately here, and is injured, might sue for damages using the claim that there is no sign warning them to stay off the property. The board voted to install a sign.

  6. Marianne asked permission to cancel the money market account currently at Sovereign Bank as the interest rate is very low and the money could be put in the reserve account. Permission was granted.

    Marianne also asked the members of the board if they were having any trouble with their TV. Several residents have reported that their TV will suddenly freeze and the channel cannot be changed, nor can the TV be turned off. Several members of the board have experienced this and some found that disconnecting the cable and reinstalling it works. Others said the resetting it at the box in the basement also works. Marianne said she just let hers sit and it rebooted after several hours.

    Marianne asked what the law in MA was regarding shredding of old papers. She was advised that it probably was seven years. She said she would check with Dawn Kay, CPA or Leslie to be sure as the closet office had an abundance of old papers taking up space.

    The fire extinguishers in the clubhouse will be checked on Wednesday.

Meeting adjourned at 6:10 P.M.

Respectively submitted by Marianne Williams