Minutes of Annual Meeting – February 17, 2014

Oak Shadows Condominium Association

  • The Annual Meeting was held at 7 PM on February 17, 2014 at the Oak Shadows Clubhouse. Larry Zook, president of the Condominium Board, presided at the meeting.
  • The minutes of last year’s Annual Meeting were read. Joe Vaughn moved that the minutes be accepted. Bill Bichsel seconded the motion. All members voted in favor.
  • A presentation of the 2013 Income and Expenses was given by Larry Zook. It revealed the following: (See Attachment)
  • Expenses for 2013 exceeded Income by $4,922,
  • Typical variations in Budget Categories occurred, resulting in a deficit of approximately $800. However, the remainder of the deficit was caused by unanticipated expenses for additional insurance costs ($575) due to a significant increase in rates in September and for legal expenses.
  • Over $3,500 in legal fees were incurred, primarily for enforcing the Declaration and By-Laws with respect to using condos for only residential purposes and, to a much lesser extent, filing a property lien to enable the Association to recover unpaid condo fees.
  • Total Assets at the end of 2013 were $40,287: $3,119 in the Checking Account, $15,053 in the Money Market Fund and $22,115 in a CD.
  • Three 2014Budget Proposalswere discussed with $10, $15 or $20/month increases in fees respectively. An increase in fees is needed to cover the higher insurance rates and continuing legal expenses. After considering the input from the meeting attendees, the Board decided to adopt the proposal involving the $10/month increase in fees, which predicts that income will exceed expenses by $562. This budget does not include any major projects in an attempt to keep expenses as low as possible. (See Attachment)
  • In 2014 the Board will consider putting the Landscaping, Snow Removal and Insurance Contracts out for bid and will also consider making amendments to the Declaration and By-Laws to put the association in a better position to recover legal expenses.
  • John Patterson resigned from the Board. He is to be congratulated for his many years of exemplary service. His input and wisdom will be greatly missed.
  • Larry Zook resigned as President of the Board for health reasons. He was congratulated for his contributions as president.
  • Joe Vaughn was elected for a three term on the Condo Board. Dave Engelhart was elected tofill the two remaining years of John Patterson’s term on the Condo Board. All members voted in favor.
  • Rick Charnock of Pace-Sankar Landscaping indicated that their schedule for lawn care and landscaping services would be very similar to last year’s schedule. (See Attachment) He agreed to address the issues raised at the meeting to provide an excellent appearance of the lawns after mowing.
  • Bob Martinelli of REM Construction is currently building two single condoson Pine Bluff Drive with plans to build more condos, if the market allows.
  • The meeting adjourned at ~8:30 PM. / Respectively submitted, Larry Zook – President

Villas at Oak Shadows - 2014 Proposed Budget

2013 Expenses
Lawn Maintenance –$33,335
(Total of Mo. Bill - 31,456 + 1,879)
Snow Removal– $5,333
Administrative – $279
(Postage, Bank Service Charges,
PO. Box Charge, Ink, Paper)
Legal – $3,547
Insurance–$7,924
Repairs and Upkeep – $5,111
Utilities–$2,202
(Electricity – $258)
(Water – $1,944)
Miscellaneous –$53
Trans. to Reserves (MM) – $5,880
Total Expenses = $63,664 /
2014 Anticipated Expenses
Lawn Maintenance – $36,024
(Total of Mo. Bills - 35,204 + 1,000)
Snow Removal – $5,300
Administrative – $275
(Postage, Bank Service Charges,
PO. Box Charge, Ink, Paper)
Legal – $1,800
Insurance – $9,804
Repairs and Upkeep – $2,000
Utilities – $4,275
(Electricity – $275)
(Water – $4,000)

Miscellaneous – $100

Trans. to Reserves (MM) – $6,660
Total Expenses = $66,238
2013 Income

Fees = $58,549 ($175/mo.)

Interest = $193
Total = $58,742 /

2014 Anticipated Income

Fees = $66,600 ($185/mo.)

Interest = $200
Total = $66,800

2013 Income – Expenses = – $4,922

/

2014 Income – Expenses = $562

Total Assets – 12/31/13
Checking Account $ 3,119
Money Market Fund (Reserves) $ 15,053
Certificate of Deposit(Reserves) $22,115
Total Assets = $40,287 / Estimated Total Assets – 12/31/13
Checking Account $ 3,681
Money Market Fund (Reserves) $21,730
Certificate of Deposit(Reserves) $22,290
Total Assets = $47,701

Lawn Service – Pace-Sankar Landscaping – (330) 343-0858

Snow Removal – John Boyd – (330) 859-2581

Small Jobs – Clint Lightell – (330) 308-8817

Small Jobs – Shawn Chambers – (330) 364-6940

Insurance – State Farm – Jim McKinney – 1-(800) 878-7401

Pest Control – Schoenbrunn Pest Control – Steve Rippeth – (330) 308-5240

Oak Shadows – 2014 Approximate Service Dates

Pace-Sankar Landscaping

Mowing, Bed Weed Control Every Thursday

Walk/Curb Edging

Week Of:

Winter Tree Pruning3/10

Spring Clean-up3/24

Bed Edging5/5

Bed Mulching5/5

Summer Shrub Pruning6/23

Fall Shrub Pruning9/29

Lawn Aeration10/27

Cut Back Grasses & Perennials11/10

Fall Clean-Up11/17

Lime ApplicationFebruary

Lawn Care Application #1April

Lawn Care Application #2May

Lawn Care Application #3July

Lawn Care Application #4September

Lawn Care Application #5November

Tree & Shrub Application #1March

Tree & Shrub Application #2April

Tree & Shrub Application #3June

Tree & Shrub Application #4July

Tree & Shrub Application #5August

Tree & Shrub Application #6October

Tree & Shrub Application #7October