Bois Du Chene Homeowners Association

Bois du Chene Homeowners Association

2013 Annual Meeting Minutes

Bois du Chene Condominiums

2014 Annual Meeting Minutes

May 28, 2014 – 7:30 PM

La Madeleine Restaurant – 3906 Lemmon Ave, #110, Dallas, TX 75219

Board Members Present: Members Absent:

Peter Crosbie, President None

Darren Eggebrecht, Vice President

Jennifer Davis, Secretary

Chirag Patel, Treasurer

Troy Houck, Member at Large Watermark Group: Jim Weaver, Property Manager

Roll Call & Certifying Proxies:

Peter Crosbie called the meeting to order at 7:29pm.

Establish Quorum:

Fifty Four percent (54%) of BDC Homeowners present, in person or by proxy, thereby meeting the required 20% quorum.

Proof of Meeting Notice – mailed on May 7, 2014

Reading & Approval of 2013 AGM Minutes:

Minutes of the BDC 2013 AGM held on May 7, 2013 were approved. Marc Pinker motioned to approve, Jennifer Davis to first, Chirag Patel to second.

Reports of Officers:

President’s Report – Peter Crosbie, President

·  2013 net income of $26,241 versus budget of $27,001 ($760)

·  Total Current Assets of$ 179,283.47 ($142,416 at 12/31/12)

·  Operating account balance of $42,684.68 ($17,598 at 12/31/12)

·  Reserve account balance of $105,190.40 ($100,000 at 12/31/12)

·  Special Reserve Account for Iron work repairs & painting $31,408.39 ($0 at 12/31/12)

·  Bank loan paid off in September 2013.

o  No new assessment nor adjustment to the HOA dues is currently planned

·  Continuing increase in the ratio of owner-occupied to rented units

o  transition of the property from primarily an owner-occupied to a mixed residency community continues –lease agreements need to be filed with Watermark

·  Property is now FHA certified

Treasurer’s Report - Chirag Patel, Treasurer

2013 Financial Overview

Allocation of 2013 Expenses

Expenses

·  Professional Fees/Services 4%

·  Taxes & Insurance 15%

·  Utilities 17%

·  Contracts 11%

·  General Maintenance 22%

·  Bank Loan 19%

·  Business Expenses (BDE) 10%

·  Reserve Contribution 2%

·  TOTAL 100%

2014 Annual Budget Overview:

Income
Dues / $ 200,928
Late Fees and Fines / $ 2,859
Investments / $ 250
Miscellaneous / $200
Total Income / $204,237
Expenses
Administrative / $727 Copies, postage, misc
Building Maintenance / $8,500 General maintenance
Contracts / $36,161 Elevator, Lawn, Landscape, Pest Control, Porter, Pool
Professional Services / $8,500 Actg, Audit, Legal Fees, Mngmnt Fees
Future Capital Projects / $19,200 Ironworks
Reserve Contribution / $20,100
Taxes and Insurance / $30,795
Utilities / $41,272 Gas, Electricity, Telephone, Trash, Water/Sewer
Repairs & Maintenance / $ 14,900 Elec, Elevator, Gate ,plumbing, roof, sprinklers, misc.
Contract Expenses / $ 540 Accounting Fees
Operations / $ 250 Facilities & Equipment
Total Expenses / $180,945
NET INCOME / $23,292

2013 Capital Improvements:

·  Ironwork welding repairs

·  Clubhouse Roof

·  Website launch

·  Plantings at entrance to property

·  Fascia boards and gutters on backside of building 1

·  Pool deck resurfacing (2014)

·  Building 2, 1st floor repainting of grey walkways (2014)

·  Engineering report (2014)

2014 Capital Improvement Planning:

·  Repainting of Black ironwork

·  Engineering Report repair recommendations TBD

·  Waterproofing (2015)

Election of Directors (Two positions): Re-elected by unanimous vote

Peter Crosbie

Jennifer Davis

BDC Board Members will be:

Peter Crosbie – Term expires 2016

Darren Eggebrecht – Term expires 2015

Jennifer Davis – Term expires 2016

Chirag Patel - Term expires 2015

Troy Houck – Term expires 2015

Unfinished Business from 2013 AGM:

·  Significant capital expenditures were deferred in 2013 to improve cash position

·  FHA documents to ensure orderly and expedited sale and closings on sale properties have been filed. Approval anticipated to be received in the near future.

o  This was received and BDC is FHA certified.

New business:

·  Lease/rental contracts must be submitted to Watermark if a unit is being leased/rented.

·  Contact information for tenants for unit emergencies to be submitted to Watermark on a voluntary basis.

Discussion / Q&A:

·  Jason Harlow motioned to create an Architectural & Aesthetics Sub-Committee. Andrea Hurtado to first. Anish Thakrar to second.

·  Andrea Hurtado motioned to create a Website Sub-Committee. Allison Knight to first. Marc Pinker to second.

·  Melissa Miles served the Association with notices of city code violations for:

o  standing water and no valve cover at water shut off

o  sprinklers running during water restriction times

o  rotting wood and worn off paint

o  She will serve another violation notice regarding the swimming pool permit being expired.

o  Loose bricks around spa

·  Melissa Miles agreed to put together a presentation for security options/prices/levels within 60 days.

·  Melissa Miles stated that we have paid over $1,600 in late fees in the last two years to our water service provider.

·  Marc Pinker requested a 48-hour minimum notice for water shut off when possible.

Adjournment: Jennifer Mitten motioned to adjourn meeting at 9:52pm. Jennifer Davis to first. Jason Harlow to second.

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