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Beaver Run Homeowners Association
Board of Directors Meeting
December 1-2, 2006
Minutes
Members Present: Lou Herman, Rich Nelson, Ray Marshall, Bob Girvin, John McLeod, Joyce Kupsh, Pete Novembre, Chris Vickery.
Representing PRI: Barbara Zimonja, Ken Gay, Joe Shackleton, Bob Barto, Steve Secor
1. The agenda was approved with additions.
2. The minutes from the September meeting were approved as distributed.
3. Steve Secor presented the HOA and Rental Program balance sheets through October 31, 2006. The cash in the HOA shows improvement over the last couple of months.
ü The Rental Program balance sheet is showing higher receivables than it should, but during the past 30 days the receivable has greatly improved.
ü The Three-Month Working capital account was discussed. After discussion, a motion was made to leave this account as it is. The motion was seconded and carried.
4. 2006 Rental Forecast
ü Joe said this forecast was in good shape, showing under budget at this time, and showing a forecasted profit of $600,000. The profit will be distributed to owners when the books are closed and audited for the 2006 year.
5. 2006 HOA Operating Forecast
ü Joe reported that this forecast had shown some improvement. Maintenance is showing over budget, due to higher costs of snow removal as snow and ice was higher than normal last year. However, utilities showed savings compared to budget
6. CAMM Forecast
ü This account is forecasted to end 2006 with a $31,545 deficit. Some items that were added are the new exercise equipment, auto door between the laundry and spa, the new phone switch and other items, which caused the deficit.
7. 2007 Rental Budget
ü Joe said that PRI had approved the rental budget. The Copper Top payment is included in the budget, as well as other items. This budget shows an increase of over $1,000,000 in room revenue and a 57% return to owner.
ü A motion was made to approve the 2007 Rental Program Budget. The motion was seconded and carried.
8. Copper Top CAMM Budget
ü This budget is $30,000 of which $15,000 will be used to replace the Copper Top south deck with Food & Beverage paying $7,500.
9. Conference Center CAMM Budget
ü The budgeted expenses in this account are $36,000.
10. Rental Program Capital
ü This budget is $63,900 which will include re-model of the purchasing office, installing a garage door on the dock and provide improvements to employee housing.
11. HOA 2007 Operating Budget
ü After some discussion, and some minor changes a motion was made to approve the HOA Operating Budget which will result in a zero increase in dues for 2007. The motion was seconded and carried.
ü The Annual Owners Meeting was discussed. After considerable
discussion, a motion was made as follows for the Saturday night party. This policy is being adopted to insure that there will be sufficient capacity for the increasing number of owners who are attending, by reducing the number of invited guests.
· For owners of studios & Colorado suites - 3 free tickets
· For owners of 1, 2, and 3 Bedrooms - 4 free tickets
· For owners of 4 Bedrooms and over - 6 free tickets
· For all guests and other family members - Adults $25 each
· Children 12 and under will be free
ü The motion was seconded and carried with one “no” vote.
12. CAMM 2007 Budget
ü Joe discussed this budget with the Board. He said the balconies in Buildings I, II and III are in terrible shape. The Board discussed options for repairing them. This problem will be further discussed. The board will wait to approve some additional items in CAMM after they receive a firm bid on the balcony restoration program.
ü A motion was made to approve the CAMM budget as revised. The motion was seconded and carried.
13. Construction Update
ü The Copper Top is behind schedule and should be up and running by February 1. The outside deck will be open by Christmas day with BBQ, furniture, etc. Joe discussed several options for serving guests during Christmas week.
ü Base Nine (formerly Tiffany’s) should be open by the February 1 date also.
ü The 4th floor conference room will not be operational until spring.
14. Owner Relations - Chris Vickery
ü Most recent phone calls were regarding the unit checks, which owner’s did not understand. Most were ok after explanation. Several owners were past due with dues and the amounts were transferred to their November statements with a $25.00 fee.
ü Bob Barto discussed one owner who has not paid the required daily fee for renting outside the on-site rental program. Bob will discuss this with the owner’s management company and act accordingly. The Resolution from the Board mandates that if the fee is not paid, no keys will be issued.
15. Old Business
ü Steve Secor discussed the owner distribution problems with automated payments to owners who have signed up for ACH. He said that the current CLS Property Management System would not accomplish this. Since the HOA plans to replace the current system in 2008, this matter will be deferred till the new system is in place. Until then, owner distribution checks will be mailed by the 15th of each month beginning February 15.
ü Joe shared a reply from an AAA inspector who was asked to give recommendations for Beaver Run to become a 4 diamond resort. There were many items that Beaver Run simply cannot provide. Therefore, Beaver Run will continue to be a very good 3 diamond resort.
ü The letter of agreement between the Copper Top and HOA has been approved and will be signed soon.
ü A question was asked about the Refurbishment inspection process. Lou said there were still a few problems, but the letters would be sent soon.
16. New Business
ü Ken Gay discussed the new Property Management System for Beaver Run for 2008. He said CLS (current system) has been sold to another company and the CLS hospitality division is being phased out. It is improbable CLS will respond to any further upgrade or interface requests. PRI suggested Springer Miller since all other PRI properties are using that system, and we currently have a 10-year contract with PRI. After discussion, the Board approved serious consideration of the Springer Miller proposal. Ken Gay will see that competitive bids are received and the suggested date for installation would be the Spring of 2008.
ü Ray Marshall advised the Board that life safety systems would become mandatory next year. The local fire district will mandate all smoke detectors to be digital. The current plan is to start with Building I as the program can be phased in. Joe will change the multi-year CAMM to reflect this cost.
ü It was suggested that it would be a good idea if the laundry carts going into the laundry room at Building I could be diverted to the back door due to the spa room that is just off the hallway. Joe will investigate the possibility of moving the laundry carts through G5 garage.
ü Joe & a committee of management and board members will look into re-wording the next rental contract to reflect how owners are brought back into the rental program after getting their scores up to the required 80 if they have been taken off rental due to non-response to the inspection.
ü Joe will investigate the possibility of “fee” parking at Beaver Run.
ü Joe reviewed the action items from this meeting.
The meeting was adjourned.
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President Treasurer
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