Quick Recap

  • Financial Strategy: The Board explored options for opening a CD account to maximize interest on surplus HOA funds.
  • Banking Transition: The Management Company is planning a transition to a new regional bank, which may impact the timing of new investment accounts.
  • Maintenance Contracts: A proposal from a new landscaping contractor was reviewed as a potential replacement for the current service provider to improve maintenance quality and reduce costs.
  • Community Safety and Liability: Plans were initiated to install “Use at Your Own Risk” signage at the community ponds and to address recurring littering issues.

Next Steps

  • Management Company: Will be contacted to provide a timeline for the bank transition and to clarify the termination clauses in the current landscaping contract.
  • The HOA Board: Will review official bank statements to confirm fund balances and will move forward with a 90-day CD investment once banking details are finalized.
  • A board member: Will contact the neighboring apartment complex management to discuss sharing snow removal costs for the shared roadway.
  • Two board members: Will collaborate to source and install liability warning signs for the pond areas.
  • A board member: Will identify the specific residence associated with recent littering incidents to coordinate a formal notice through the Management Company.

Summary

Financial Investments and CD Account

The Board discussed the necessity of moving surplus funds into a CD account to prevent value loss due to inflation. While a board member has been in contact with the Management Company regarding this, the Board noted a lack of proactive support from management. It was reaffirmed that the Board has the authority to make these investment decisions and will proceed with selecting a CD once the upcoming bank transition is clarified.

Management Company Bank Transition

The Management Company notified the Board of an upcoming shift to a new regional bank. This change is intended to streamline the management company’s access to funds and improve the homeowner payment portal. The Board expressed concern that this transition might delay financial projects and will seek a firm timeline to ensure HOA operations are not disrupted.

Financial Transparency and Oversight

The Board discussed the importance of reviewing official bank statements rather than relying solely on management-provided spreadsheets. It was noted that official statements from the HOA’s current bank are included in monthly financial reports and should be reviewed regularly to verify account balances and expenditures.

Shared Snow Removal Costs

The Board addressed the expenses associated with snow removal on the main hill leading into the community. Currently, the HOA bears the full cost of this service, although the roadway is shared with a neighboring apartment complex. A board member volunteered to contact the apartment’s ownership to propose a cost-sharing agreement for future winter weather events.

Landscaping and Maintenance Proposal

The Board Secretary presented a proposal from a potential new landscaping contractor. The proposed contract offers several advantages over the current provider, including:

  • A lower monthly maintenance fee and a comprehensive initial cleanup.
  • Integrated snow removal and salting services, allowing for a single point of contact.
  • Use of eco-friendly, pet-safe fertilizers and manual weeding practices.
  • Direct access to a dedicated foreman for faster response to community needs.

A majority of the Board voted to switch to a local contractor for better pricing, accountability, and control, but will need to confirm with the management company when the existing contract can be terminated.

Pond Safety and Liability Signage

To mitigate insurance risks and improve safety, the Board discussed installing warning signs near the community ponds. The signs will state that the areas are “Use at Your Own Risk” and that the HOA is not liable for injuries. A board member will work with another director to order the necessary signage and ensure proper placement.

Mailbox Project Completion

The Board reviewed and approved a proposal to complete a mailbox maintenance and improvement project.

ACC Requests for Landscape and Exterior Improvements

Three board members recently inspected one home site’s exterior changes and voted to approve the ACC request. The board agreed that ACC requests should be approved that maintain community standards and add to property values, but they still need to be reviewed on a case by case basis.

Community Littering and Enforcement

A board member reported recurring issues with littering on side streets, specifically involving beverage containers near a rental property. The Board discussed the process for addressing this, noting that once the responsible party is identified, the Management Company can issue a formal notice or fine to the property owner to ensure compliance with community rules.