Carriage Lawn at Barkley Homeowners Association

 

Board of Directors Meeting

 

Monday, September 10, 2007

 

 

Call To Order

  1. Marshall Manson called the meeting to order at 7:16 pm on Monday, September 10, 2007
  2. Location:  Koger Management Office, 4105 Rust Road, Fairfax, VA 22030.

 

Roll Call:

 

  1. The following persons were present

Marshall Manson

Michael Noonan

Sanjay Vakharia

  1. Reinaldo Salva (From Koger Management)

 

Items discussed at the meeting:

 

Financial Review

  1. Board reviewed HOA financials prepared by Koger
  2. Board reviewed cash balance of HOA and agreed to place $15,000 in a risk free CD with Mercantile Potomac Bank.
  3. To keep balances at community association bank below the $100,000 FDIC level,  BOD directed Koger to break the $25,000 risk fee CDs with Community Association bank and transfer money to a CD with Mercantile Potomac Bank or other bank
  4. Board asked for clarification and details on accounts receivable (Account code 1400) and prepaid assessments (account code 2200)

 

Action Items:

  1. Koger to revert back to Board (Michael Noonan) with
    • $15,000 check that is be deposited with Mercantile Potomac Bank
    • $25,000 check after terminating the $25,000 CD at Community Association Bank for deposited to Mercantile Potomac Bank
  1. Michael Noonan to deposit CDs with Mercantile Potomac Bank, Tysons Branch
  2. Koger to email board details on account 1400 and account 2200

 

2008 Budget

  1. Board requested Koger to prepare a draft 2008 budget for review and discussion.
  2. Board requested Koger to get confirmation from Pine Ridge on new contract and pricing

 

Action Items:

  1. Koger to talk with Pine ridge and confirm pricing for 2008 and also prepare draft budget for 2008.

 

 

2006 Audit

a.       Board reviewed and discussed the status of 2006 audits

 

Action Items

  1. Koger to provide Marshall with management representation letters for 2004, 2005 and 2006 audits for his signature.

 

Koger Receivable

  1. Board discussed Koger proposal to repay $5334 to home owner association

 

Action Item

  1. Sanjay to follow up with Koger to communicate board concerns and propose a faster repayment schedule
  2. Marshall to follow up with insurance carrier to confirm continued insurance coverage if Koger remains the management company
  3. Marshall to follow up with Lawyers to review the new Koger contract

 

 

Other Items

  1. Board directed Koger to purchase fidelity insurance policy.
  2. Board directed Koger to contact vendor to ensure that retention pond is cleaned in the second half of November.

 

Adjournment

  1. Marshall Manson adjourned meeting at 8:22 pm. Sanjay Vakharia seconded and Michael Noonan approved.

 

Minutes Submitted by:           Sanjay Vakharia

Approved by:                          BOD

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