MAGNOLIA PARK HOME HOWNERS ASSOCIATION

BAYSIDE LAKES

BOARD OF DIRECTORS MEETING

March 20, 2008 after Annual Meeting

Bayside Lakes Community

Minutes of the Meeting

Board Members Present

Mike Davis

Michelle Cohron

Melody Hamant

Jim Kalupa

Mike Rogero

Nika Hipsher - Late

Board Members Absent

Elizabeth Sclafani

Call to Order

The meeting was called to order at 7:00 p.m. A quorum was established.

Minutes

The February 18th meeting minutes motion made by Mike Rogero and Michelle Cohron seconded. Minutes approved unanimously.

Treasurer Report – Michelle Cohron

  • $74,096.14 in Checking, $41,368.49 in Money Market and $43,000 has been paid to the POA but has not cleared the bank as of this date.

Nika arrived at this time.

  • $10,800, 2007 Reserve contribution should be moved to the Money Market account. Michelle Cohron made a motion to transfer the funds and Nika Hipsher seconded. Motion approved unanimously. After the transfer, the balance of our reserve account will be $52,168.49.
  • The Money Market account is currently receiving 3% interest. Michelle Cohron suggested 75% of the Money Market funds be transferred to CDs. Current interest for a 21 month is 4% and Long Term is 5%. Mike Davis made a motion to accept the recommendation from the Treasurer, Michelle Cohron seconded. Motion approved unanimously with the stipulation the Board will be informed as to the cancellation fee via email.
  • Delinquency amount is $21,948.37. Twenty-six homeowners have not paid 2008 dues and four of the twenty-six have not paid their 2007 dues also. Late notices have been mailed and Attorney process is started.

Insurance – Jim Kalupa

  • Renewal notice of the Director and Officers (D&O) insurance was not received in a timely fashion from the insurance agent. The renewal premium quote is $1,159.74 through Great American. Jim Kalupa made a motion to accept the quote, Michelle Cohron seconded. Motion approved unanimously.

Construction

  • None

Grounds

  • None

Social

  • None

ARC

  • Ron Smith submitted Architectural Guideline changes and the letter to be mailed to the homeowners regarding mailbox replacement to the Board for review. Mike Rogero made a motion to accept the guidelines, with changes and the letter to the homeowners. Michelle Cohron seconded and the Architectural Guidelines and the letter were approved unanimously with the changes to the guidelines.

GATE

  • None

POA

  • Possible Arcade on Eldron Blvd. The fence on Bayside Lakes Blvd is to be cleaned. The fountain is going to be put on a timer to reduce the electricity costs.
  • Nika Hipsher submitted electricity cost amount to the Association the POA has been paying. The Board requested an invoice from the POA directly to make payment.

Managers Report

Violations report review. A Certified Letter, Intent to Fine, was sent to each of the eight (8) homeowners who have had three (3) violation notices sent to them and which have not been responded to. The Due Process Committee will meet April 3, 2008 to hear from any of the homeowners who wish to appeal the violation.

Unfinished Business

  • Review Reserve Study and current funding transfer
  • 2007 Reserve Funding – Decision was made to move the $10, 800 from the 2007 funding to the Money Market account.
  • Earmark reserve funding – Board discussed as to whether to earmark the Reserve Fund CDs. The decision was made not to designate the CDs since the Reserve has separate line items.
  • Status of accounts over 90 days - Reference Treasurer’s report.
  • Gates issues – Mike Rogero witnessed the gate attendant waving people through without checking identification.

New Business

  • Recognizing of Committees and Representatives
  • ARC – The five current members were recognized and accepted by the Board unanimously. Melody Hamant made the motion to accept and Michelle Cohron seconded.
  • Social – No representative present
  • Ground and Construction – The Board found no further need for these committees.
  • Gate/Bramblewood Circle – Mike Davis suggested this committee be formed.
  • Property Owners Association – Nika Hipsher will remain the representative from the Community.
  • Annual Report – CRM will file.
  • Income Tax Filing – To be done by CRM.
  • Re-bid Engineering firms – Laura Byrnes, CRM will get the bids.
  • Approval of Guidelines for Due Process Committee – Jim Kenney explained the documents and the Florida State Statues provide guidelines for the Due Process Committee. Mike Rogero made the motion to approve the guidelines, Jim Kalupa seconded. Motion accepted unanimously.
  • Approval of mailbox and revised ARC Guidelines – Reference ARC Report.
  • Notice of Lien and Intent and Foreclose
  • 201 Ridgemont Circle – Melody Hamant made the motion to proceed and Jim Kalupa seconded. Approved unanimously.

OPEN DISCUSSION

Mike Rogero noted the homeowner of 201 Ridgemont Circle is operating a business out of his home. The website address will be provided to the Board.

Mike Rogero made a motion for adjournment, Jim Kalupa seconded, approved unanimously.

Meeting was adjourned at 8:50pm.

Next meeting is scheduled for April 17, 2008.

______

Melody Hamant, SecretaryLaura Byrnes, CRM