Finance & Legal minutes: 2021-02-24

Minutes:

2-24-21 F&L Meeting Minutes

Present: Debbi, Sharon, Becky H., Becky G, Amy

1. Monkey Review - in process unless otherwise noted, new Monkeys added
* BG will post the tax return on the important documents page
* BG will check in with Mary about Reserve fund increases for the next four
years. We *might* have to make an adjustment sometime during this 5 year
period.
* BG will tweak the Reserve spreadsheet with Willie and Katie’s unit
changes. All of these changes tie only to their unit, so only those
numbers should change.
* BG will scan Willie & Katie’s signed Building Modification Agreement and
mail the original to be filed by the attorney - DONE - need to make sure he
received them
* BG will update GOCA insurance policy once we have valuation of Willie &
Katie’s addition from the builder - Hold on list until project is
completed.
* MONKEY: Amy will check with Mary and Dale about their willingness to do
the budget jobs again this year
* MONKEY: Amy will check with Kathy Boblitt about continuing as check
depositor and will ask how things stand with her work on gathering rental
agreements.
* MONKEY: Sharon offered to draft two versions of Building Modification
Agreements (for Basements and Sunrooms/Decks), but it might not be right
away.


2. Bookkeeping Updates
* Reserve
* See Monkeys above
* Arrears
* BH reports that everything is looking good.
* One person owes a couple of hundred dollars more than one month’s
association dues. Has until the end of the month to pay.


3. New Business
* Jobs for next work season (May 1 - October 31)
* MONKEY: Amy will check with Mary and Dale about their willingness to
do the budget jobs again this year
* Other current members of F&L are willing to stay on. We talked about
potential new members of F&L, but thought we should wait until after the
pandemic subsides to approach them.
* MONKEY: Amy will check with Kathy Boblitt about continuing as check
depositor and will ask how things stand with her work on gathering rental
agreements.




4. Ongoing Business

* Master Deed/Bylaws update check-in
Debbi is close to done. Next step is to read through stuff again and
finalize questions that need to go to Rick. Once she finalizes the
questions, she would like someone to read them to see if they make sense.

* Building Modification Agreements

We need three versions, to clarify owner vs GO responsibility:
1. Basement modifications - need to spell out a few details about
responsibilities, e.g.

- Access to infrastructure (e.g. if pipes freeze)
- Lowering sprinkler heads

2. Decks/sunrooms, sidewalks (things that don’t change the envelope
of the unit permanently)
3. Anything else (e.g. an addition)

Models we have to work with:
1. Template from Rick (using Rick’s version for Emily & Terrence’s
sidewalk with their particulars stripped out)
2. Willie & Katie’s build-out example

3. Next steps:
We also have an old basement build-out agreement in the Book of Agreements.
We could start with that and massage it together with Emily & Terrence’s
version. Create a draft, and identify the open questions. We also have
Katie & Willie’s final version which was approved by Rick.

Send our recommended drafts to Buildings. Ask them to check with some
contractors. They agree that there’s a period of time when failures should
be charged to the builder; after that get charged to the owner.

Create a spreadsheet listing which units will need retroactive BMAs. But
not until we have the forms ready! Things might change by then.

It would only take a couple of hours for someone to draft two versions:
Basements and Sunrooms/Decks.
MONKEY: Sharon offered to draft two versions of Building Modification
Agreements (for Basements and Sunrooms/Decks), but it might not be right
away.


5. Next meetings

WEDS, March 10 @ 7 pm - Review Cooler Doc
WEDS, April 14 @ 7 pm
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