Spring Information Meeting May 23, 2011 River Pines of Farmington Condominium Association.
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Transcript of Spring Information Meeting May 23, 2011 River Pines of Farmington Condominium Association.
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Spring Information Meeting
May 23, 2011
River Pines of Farmington
Condominium Association
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Welcome…… to the
River Pines
2011 Information Meeting
River Pines of Farmington
Condominium Association
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Agenda
Current Board of DirectorsBoard Support PersonnelFinancial statusSocial Committee reportAnnual Projects reportAssociation governing
documents
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Agenda (Cont’d)
Community InvolvementFHA CertificationMaintenance Building
ExpansionYour overgrown shrubberyQuestions
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Current Board of Directors
Ed LeFevre PresidentJan Hall Vice
PresidentTom Cornell TreasurerGene Kerwin SecretaryShirley Niesyto DirectorBob Eix DirectorPaul Pardee Director
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Board Support Personnel
Bob Goodman Site Manager
John Fahrner Administration and Finance Manager
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Financial Status –
Operating Budget -Budget $1,139,526Spent (4/30/11) 399,980Committed 607,650Balance $ 131,896
Approximately 11.6 % to be spent
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Financial Status –
Reserve Fund -Planned $485,594Spent (4/30/11) 28,585Committed 299,880Balance $157,129
Approximately 32.3 % to be spent
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Reserve Plan Projections--
2011 Reserve Fund Update 6
Spending vs Reserves Balance
With Maintenance Bldg Expansion
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35
Fund Balance
Spending
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Reserve Plan Projections-Year Projected Actual
2002 309,575
2003 231,055 446,063
2004 484,829 378,414
2005 330,138 309,205
2006 391,621 386,413
2007 428,311 391,584
2008 440,015 455,407
2009 617,044 631,407
2010 638,883 630,822
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2010 Audit Report –
Our Auditor, Owens and Strussione has finished our 2010 Financial Audit
There were no significant comments regarding our financial transactions
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2010 Audit Report –
Copies are available and if there are not enough, please leave your name with John Fahrner and we’ll get a copy to you
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Social Committee Report
Sharon Hicks will bring you up to date with the activities of the Social Committee
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Annual Projects Report
Each year our project planning and implementation is getting better.
Our Site Manager, Bob Goodman, is following all our projects and his attention to details is one of main reasons for our success.
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Annual Projects Report
This is how Bob feels after chasing Contractors and Work Orders all day……..
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Annual Projects Report
Our Administration and Finance Manager, John Fahrner, is participating in the planning and following the cost part of the projects making sure our costs are tracking our planning..
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Annual Projects Report
John keeps our attention on the budget and planned expenditures…… preventing surprises at the end of the year.
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Annual Projects Report
Work Orders –So far this year we have processed over 344 work ordersWe spend approx. $100,000 doing requested repairs
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Annual Projects Report
Work Orders –The top 6 areas of expense – Windows Tree removal Gutters and downspouts Basement repairs Roof repairs Garage door repair
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Annual Projects Report
Painting –
We are painting 48 units this year and continuing with the 2 coat process.
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Annual Projects Report
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Annual Projects Report
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Annual Projects Report
We are finding that window sills are requiring touch up after (3) or (4) years.
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Annual Projects ReportPainting –
We will be inspecting window sills on all units painted in 2008
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Annual Projects Report
Roof Replacement –
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Annual Projects Report
Roof Replacement – We will replace (29) unit roofs this year and spent $183,500.Approx. $6,326 per unit This is a 2.5% cost reduction
Average roof life = 14 yearsWe expect 20 to 25 years from our new roofs
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Annual Projects Report
Roof Replacement – Based on the (14) year roof life--
$40 of your dues…… goes to the reserve fund every month for roof replacement
We have (68) roofs remaining to finish the Phase I project
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Annual Projects Report
Window Repair & Replacement In 2009 we spent $102,237 repairing and replacing windows In 2010 we spent $49,000.So far….In 2011 we have issued a contract to repair and/or replace windows for $17,277
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Annual Projects Report
Window Repair & Replacement Our window repair costs are reducing each year as we inspect units that are now 12 to 15 years old
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Annual Projects Report
Irrigation System - We just started the Irrigation System at the beginning of May.We have completed inspecting sprinkler heads and repairing those damaged during the winter.
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Asphalt Paving Project
We inspected our asphalt roads and find that we have some repair work along the curbs and more crack sealing
Aggressively going after deteriorating asphalt in previous years is paying dividends
.
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Asphalt Paving Project
As we have maintained the road surfaces we have been paying attention to the appearance and the surface of our roads
Since River Ridge Trail is one of the oldest streets we resurfaced a portion of this street last year
.
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Asphalt Paving Project
The repaving consists of milling 2 inches off the existing asphalt…… then installing 2 ½ inches of new asphalt and then compacting it
.
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Asphalt Paving Project
River Ridge Trail is about ¾ miles long and we have about 1,800 ft that has several patches and is somewhat rough and unsightly
We repaved 1.000 ft in 2010
.
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Asphalt Paving Project
In 2011 we will look at another 800 ft of River Ridge Trail and the Architectural Committee will decide if repaving is appropriate.
We will also consider paving approximately 800 ft of Blue Spruce in 2012 depending on the condition of the street
.
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Asphalt Paving Project
Scheduling and the inconvenience to co-owners is always a concern but the end result seems to worth it
.
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Association Governing Documents
There are (3) governing documents in a condominium associationThe Master DeedCondominium BylawsBoard Rules and Regulations
.
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Association Governing Documents
These documents define:The associationEstablish the responsibilities of the association and the
co-owners
.
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Association Governing Documents
We have many new co-owners and Others that have been members of the association for
many yearsTake the time to read these documents so you know
what you can do and what you cannot do
.
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Association Governing Documents
You were given an opportunity of obtain a CD or printed copy of these documents earlier this year
.
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Association Governing Documents
These documents are also available and can be reviewed or printed from our Web Site at:
www.riverpinescondominiums.com
.
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Association Governing Documents
Living in a condominium is different that living in a private home
Many things you would do in a private home…….. require approval of the Board of Directors when living in a condominium
.
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Association Governing Documents
You need written approval by the Board of Directors Getting an “OK” from a board member is not “board
approval”To be safe……..Submit a Modification Request and
obtain board approval
.
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River Pines Web Site
www.riverpinescondominiums.com
Remember to check our web site as we update it frequently
This site is provided for your benefit and is a great source of information
.
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Community InvolvementA successful business or community always has
involvement of the membership
Paul Pardee, Chairman of the Architectural and Lighting Committee and is also a Board Member, will talk a little about Community Involvement
.
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Community InvolvementIs River Pines a Community?
How much interaction is required to be considered a community?
.
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Community InvolvementWhat is the River Pines participation
rate?
Is the current rate of involvement
adequate?
.
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Community Involvement
Let’s face reality: You may have to take another turn at bat.
.
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Community Involvement
So what should we do to increase the participation level?
Word of mouth communication is the most effective.
.
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FHA CertificationIn our April Newsletter we reported we received FHA
Certification on March 23rd
This certification will now make FHA loans available to prospective buyers
This is a 2 year certification and we will have to resubmit our application in 2013
.
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FHA CertificationOver the next 2 years we will be looking at
the benefits derived and decide if re-certification is appropriate.
.
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Maintenance Building ExpansionI’m sure you have heard the “rumor” that a Club House is
going to be built this year.
This is not true……. It’s incorrect…….. It’s false…….
.
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Maintenance Building ExpansionWhat is true is that we are studying the expansion
of the maintenance buildingWhy?.... To provide meeting space for the board
and the many committees we have that do the evaluation and planning of association business
.
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Maintenance Building ExpansionWhat is this going to cost? We have not finalized our
study so we cannot provide cost estimates as yet. The Board of Directors has “not” approved this
project at this time so it is unlikely any major construction will be done in 2011
.
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Maintenance Building ExpansionSome funding has been provided in the 2011
Reserve Plan These funds may have to be revised based on the
final planThe project is projected for completion in 2013
.
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Overgrown ShrubberyMany co-owners planted shrubs, bushes,
flowers, etc. when they moved in years agoIn most cases they are watered and tended to
with great careThey have grown over the years and in some
cases they are overgrown and unsightly.
.
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Overgrown Shrubbery
.
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Overgrown Shrubbery
.
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Overgrown Shrubbery
.
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Overgrown ShrubberyShrubs in this condition make it very difficult to
paint unitsIn early May we went around the site and took 50
photos of overgrown shrubberyVines climbing the brick wall attach to the mortar
and actually deteriorate the mortarIt takes time but eventually the mortar is
compromised.
.
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Overgrown ShrubberyWe ask that co-owners take care of their
plantingsIf you are a new co-owner and the plantings
were there when you purchased your unit…… these plantings are still yours
You can remove them if you do not want to maintain them
.
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Overgrown ShrubberyIf the association has to remove them the
cost will be billed to the co-owner
So, please help us and keep things trimmed and neat.
.
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Questions
Hopefully we have provided all the answers to your questions…. but just in case we have not…. we will open the meeting now for your Questions--
.
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Questions
Questions
Questions
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Meeting AdjournedWe trust this has been an
informative evening…………
Drive safely going home……..
Good Night
.