LAKE FRONT HOMEOWNERS ASSOCIATION, INC.
ANNUAL/BUDGET RATIFICATION MEETING MINUTES DECEMBER 4, 2008 CALL TO ORDER The meeting was called to order at 6:07 p.m. Board Members in attendance were Matt Cavanaugh and Brandon Standifird. In attendance from MSI, LLC was Lori Huffman.
INTRODUCTIONS Lori Huffman from MSI, LLC introduced herself. Board Members in attendance introduced themselves: Vice President, Matt Cavanaugh and Board Member, Brandon Standifird. Holly Bristol was introduced as the new Association Liaison beginning January 1, 2009. There were six (6) homeowners in attendance in person or by proxy, meeting the quorum requirement.
Homeowners in attendance introduced themselves.
PURPOSE OF MEETING Lori informed the purpose of the Meeting was to ratify the Fiscal Year 2009 Budget, elect one (1) homeowner to the Board of Directors for a term of one (1) year, inform homeowners about the Association and its financial status, and to hold a general discussion.
PROOF OF NOTICE Lori noted per Bylaws, Section 3, Article E, the Annual/Budget Ratification Meeting Notice needed to be mailed 10 to 50 days in advance of the meeting. Lori noted that the Notice was mailed November 24, 2008 meeting the Notice requirements.
APPROVAL OF PREVIOUS MINUTES The minutes from the November 14, 2007 Annual Budget Ratification Meeting were approved unanimously as written. The minutes from the March 12, 2008 Special Meeting were approved unanimously as written.
DEVELOPER REPORT Matt Cavanaugh gave an overview of the financials for 2008. Matt announced that Remington Homes would be taking over the management of the Association on January 1, 2009 and that Holly Bristol would be the contact person for Association related issues and questions. MSI,
ced that Remington Homes would be taking over the management of the Association on January 1, 2009 and that Holly Bristol would be the contact person for Association related issues and questions. MSI, LLC would be performing Accounting services, in which homeowners would need to continue to contact them for only Accounting issues and questions.
Matt also reported on the following: Ø Number of homes sold Ø Plans to phase in additional buildings Ø How homeowners can help the Association Matt gave an overview of the FY2009 Budget.
NEW BUSINESS Item: Ratification of Fiscal Year 2009 Budget Discussion/Summary: Lori noted the 2009 Budget was approved by the Board with assessments increasing to $159.00. per Unit, per month. Lori informed the homeowners that per the Covenants, Article 4, Section 11, 51% or 16 community members needed to be in attendance to vote to reject the Budget, whether quorum was present or not. Since the quorum requirement to reject the budget was not met, the Fiscal Year 2009 Budget was automatically ratified.
Item: Election to the Board of Directors - One (1) Member Discussion/Summary: Lori noted that the 20% quorum requirement was met so the election of one (1) Member to the Board of Directors to serve a one (1) year term could occur. Lori described the powers and duties of the Board and the expectations of Board Members.
Nominations were opened and Brandon Standifird was nominated. With no further nominations, the floor was closed and Brandon Standifird was unanimously elected to the Board of Directors by acclamation.
ADJOURNMENT With no further business to discuss, the meeting was adjourned at 6:35 p.m.
GENERAL DISCUSSION The following items were discussed in General Discussion: Ø Ice Melt and Snow removal
mation.
ADJOURNMENT With no further business to discuss, the meeting was adjourned at 6:35 p.m.
GENERAL DISCUSSION The following items were discussed in General Discussion: Ø Ice Melt and Snow removal Ø Homeowners parking in fire lanes and guest parking Ø Homeowners responsible for replacing light bulbs on their Units Ø Dog Waste/Homeowners cleaning up after their pets