Highview Condominium II
Board of Directors - Meeting Minutes
October 26, 2010, 7:30 p.m.
The tenth meeting of the
2009-2010 Highview Condominium II, Inc. Board of Directors was called to order
at approximately 7:30 p.m. by Stacey Cohen, President. Board
members in attendance: Robert
Boynton,
1)
There was a final review of the FY2009 audit with Mohammed Salyani, CPA
from Wilken & Guttenplan.
2)
Minutes: Minutes of
the September 28, 2010 and October 7, 2010 meetings were approved.
3)
Maintenance update from super:
Chris Brighina joined the meeting to report on building maintenance items
and concerns.
4)
Financial Report:
a) Unit Owner Arrears.
Status of legal actions were discussed.
b) FY2011 Budget:
After discussion of several anticipated expenses not included in the most
recent budget draft, the FY2011 budget was approved with agreement that the
treasurer would recalculate the budgets of several cost centers to cover the
additional expenses, conditional to the amount for additional Capital Reserve
savings remaining unaffected and remaining at or above the budgeted $36,500.
According to the accountant, the $36,500 budgeted for Capital Reserve
savings will need to be met in order to avoid problems with the FY2011 audit and
IRS issues.
c) Capital
Replacement Reserve Study: The
“Level-2” update of the Capital Reserve Study will be completed by Becht
Engineering prior to the FY2009 annual meeting in November and will be
incorporated into the FY2010 audit.
In general discussion, the preliminary report anticipates approximately
$500,000 in Capital Replacements over the next ten years (2011-2018) and an
additional $500,000 in the fifteen years after that (2019-2032), it was agreed
that if the building maintains a $250,000 Capital Reserve which the board
anticipates meeting by the end of FY2011 through completion of the current
Special Assessment for savings ending on December 31, 2010 and additional FY2011
budgeted savings, the balance should be sufficient to adequately meet building
requirements into the future as long as Special Assessments are immediately
conducted whenever funds are removed from the reserve.
5)
Legal Report:
a) Unit Arrears:
Only one unit owner owes more than two months.
Legal action is being taken.
b) Local Law 11 façade inspection (cycle 6):
Cycle-6 preliminary report has been submitted to the City.
No update as to when the City will perform their follow-up/final
inspection.
c) Local Law 11 façade inspection (cycle 7):
The board voted to approve a contract with Becht Engineering for the
Cycle-7 inspection.
d)
Laundry room: Cohen
unable to provide old family television as previously voted and Board approved
purchase of new tv to replace Coin Mach’s broken unit.
e)
Code of Ethics: The
board approved a Code of Ethics document that board members will individually be
required to sign. This was
recommended by Wilken & Guttenplan.
f)
Rules violation: The
board voted to sustain a $500 fine against unit 3-J for improperly ventilating
their unit on 10/25/10 when refinishing floors.
There was discussion of reducing to a warning, but since this work is
usually done before moving in, the effective value of a warning was not
adequately defended.
6)
Building Repair & Maintenance Report:
a)
HVAC: Boynton reported
that two exhaust fans will be replaced.
b) Semi-annual smoke
detector replacements and unit inspections:
Chris Brighina reported that the Fall 2010 unit
inspections and smoke detector replacements have been completed.
c)
Carpet cleaning: Cleaning
will be completed before Thanksgiving.
Minutes
submitted by Robert Boynton, Secretary.