Fairlington Arbor February 27, 2001
Approval of Minutes of January 2001 Board Meeting A motion was made by Ms. Boemer to approve the minutes of the January 23, 2001 meeting as written. Seconded by Gus Wescott. Approved 5-0-0. HOMEOWNER FORUM The homeowner forum was dispensed with at this meeting to allow for the report from Singleton and Bardowski. REPORT OF THE ACCOUNTING FIRM, SINGLETON AND BARDOWSKI FOR FAIRLINGTON ARBOR Ms. Ann Plante reported on the function of their accounting firm, working in conjunction with CFM and Fairlington Arbor. She further explained how they work to find evidence to support the amounts of disbursements and disclosures on the Financial statement, how the moneys gained from revenue, i.e. Condo fees are utilized to ran and maintain the property. The Finance Committee members present were given opportunities throughout her presentation to ask questions and express any concerns they may have regarding the financial management of Fairlington Arbor's portfolio. This included information on the taxes, prepaid and otherwise and how they are disbursed, as well as accrued expenses and the function of the operating funds, investments and options for investments. Tom McQuillan asked Ms. Plante to find out the current function of the First Union Money Fund, and what it's use was designed to do. A correction was noted by Les Bergen on the second page of the cover letter under "General Operating Reserves". The very last phrase, paragraph two, "which makes the account over $22,000 from the "maximum level of 22 percent" should read (.(. minimum level of 22 percent". Ms. Plante was asked to have this correction made in the final copy. The question of raising dues was brought up in regarding how Ms. Plante felt Fairlington Arbor was financially and how they were maintaining their financial health. She reported that Fairlington Arbor is in excellent shape, the best of the properties she has seen. She further stated if the Board wished to put more in reserves and less in operations, that could be done. Care should be taken in any decision to raise monthly fees considering the present status of Arbor reserves. Singleton and Bardowski did make a recommendation. in the audit. The Board will vote to agree on the audit and as a Board regarding the 1996 taxes and the late charge accrued under the period of time that Legum and Norman was the management company for Fairlington Arbor for the amount of $1200.00. It was decided to hold for a discussion with the Board. OLD BUSINESS There was a telephone vote dated January 15, 2001, on the Treasury Strips that matured. The Board voted unanimously that instead of the TS being rolled over it would be turned into two CD's. VICE-PRESIDENT'S REPORT Gus Wescott - Chairman The staff is painting the interior of the B units, the walls and trim. It will continue for approximately 2 more months. Anne Rogers reported that there would be an article in the newsletter regarding the 5 K walk/ran event. (She will also include a note about unsigned mail sent to the Board not being responded to by the Board.) LANDSCAPE COMMITTEE: Jincy Boerner, Chairperson Ms. Boerner reported that they are continuing to dig holes for installation of the cable lines and that sod or grass seed planting will begin as soon as possible. TREASURER'S REPORT Tom McQuillan, Chairperson Mr. McQuillan reported that the T Strips have been turned over to 2 (two) CD's $83,000.00 each, Federally insured, at a 5.55% rate of interest, as opposed to the 4.8% rate given on the former T Strips. Mr. McQuillan asked Mike Maloney about the Merrill Lynch Account January statement provided by CFM. The deposit into the reserve fund was approximately $1,500.00. Mr. Maloney explained this as being the result of the reserve contribution being reduced, per the budget. The next T strip is coming due in May. FACILITIES REPORT No report from Mr. Pollard MANAGEMENT REPORT MIKE MALONEY, CFM MANAGEMENT Mr. Maloney asked the Board if they had signed and returned the contract to COMCAST. Mr. Pollard reported that they did, but are awaiting COMCAST to return the signed agreement. Mr. Maloney requested a copy for the CFM files. OLD BUSINESS A motion was made by Mr. McQuillan to write off the 1996 tax late fees as recommended by the accounting firm for Fairlington Arbor. Seconded by Mrs. Schoen. Approved. Vote: 5-0-0. Grounds Committee Guidelines - It was noted that the additions were favorably received. Having in writing these guidelines is an asset to the Committee. A motion was made by Ms. Schoen to approve the Grounds Committee Guidelines. Seconded by Ms. Boemer. Vote was unanimous: 5-0-0. Building Committee Guidelines - Ms. Schoen asked if there were additions or suggestions to the guidelines from the committee members. Ms. Boerner relayed that no committee members were present at this meeting, and Ms. Schoen suggested that discussion might be brought to the Board on an as-needed -basis. These would include architectural guidelines as well as physical grounds and building guideline suggestions,- but not variance issues. Mr. Maloney offered that the wording by "As necessary," in place of "as needed" as the time frame for the Building Committee to present to the Board. Election Meetings - Resume' request went out in last month's newsletter,, with a deadline date of March 15, 200 1. The Audit was put to a vote. A motion was made by Mr. McQuillan to approve the audit presented by Singleton and Bardowski. Seconded by Ms. Boerner. Unanimously approved. Vote: 5-0-0. ADJOURNMENT A motion was made to adjourn the meeting by Ms. Schoen. Seconded by Ms. Boerner. Unanimously approved. Vote: 5-0-0. The meeting adjourned at 8:45 p.m. |