Virginia City Highlands Property Owners’ Association
Minutes Monthly Meeting – Tuesday March 9, 2010
Virginia City Highlands Fire Station Training Room
Present: Tallent-Stewart, Robbins, Flanagan, Biederman, Morrow
I. Call To Order, Declaration of a Quorum and Approval of Meeting Agenda
Andy Biederman called the meeting to order at 7:10 pm and declared a quorum present. A motion by Flanagan, seconded by Morrow to approve the agenda for tonight’s meeting was approved unanimously.
II. Approve Minutes of the February 09 2010 Regular Meeting
A motion by Robbins, seconded by Tallent-Stewart to approve the minutes of the February 09, 2009 meeting was approved unanimously.
III. Financial Statements
A. Monthly Cash Report
B. Monthly Financial Statements
Mary Tallent-Stewart reviewed the financial statements.
Income for the month of February was $47518 from dues, assessments, and transfer fees. Expenses for February were $5186 including administrative expenses and road improvements. The ending cash balance as of month end was $232,557. Total assets including property, equipment, and cash are $470,227. Accounts receivable, due to unpaid dues and assessments, are $32,684. 198 lots are currently delinquent.
A motion by Flanagan seconded by Morrow, to accept the financial report as submitted was approved unanimously.
IV. Comments by Association Members (NRS 116.3108(3))
A concerned homeowner commented about speeding on Cartwright. She has also observed an increased amount out of state license plates. A Storey County Officer commented that enforcement has been steady regarding speeding. Budget cuts have occurred, less 5 full time officers and 5 part time officers. The department is operating at “bare bones”.
No other comments.
V. Committee Reports
A. Architectural Committee
There were no applicants this month.
B. Road Report
Bob Moore reported that in February, some vehicles were stuck on the first decline just prior to the corner of Cartwright and Saddleback.
The material bins are work in progress.
Bob looked into the front end loader. Prices are down regarding equipment prices and now isn’t a great time to sell the redundant equipment.
Rob Herrington requested that the sign on Sazarac be either placed bigger or taller. A warning sign may be needed at the bottom of Sazarac as well.
C. Park Committee
VI. Unfinished Business
Pat Flanagan reported no update regarding the formal request for a ruling submission to the AG department. He also contacted the department regarding the State budget and is waiting a return phone call.
Dave Thomas will be requested to formally submit a reply to the recent audit findings.
Jed Margolin has provided more recording equipment to optimize recording quality. He supplied a CD digital file for quality review.
Jed Margolin would like to propose a simpler method to listen to meeting minutes online. He will discuss and outline a procedure with Jim Poston.
VII. New Business
Pat Flanagan is revising his proposed Motion on Policy Regarding the Sales Proceeds from Real Property. Mary Tallent-Stewart seconded the motion. The motion was passed unanimously and is attached to the March meeting minutes.
Andy Biederman has started some research regarding water iron removal and softening systems. His concern is that we are not conserving water and all the brine water that is being flushed out is not being conserved. Hundreds of gallons of water could be wasted in a single extra cycle. A level of awareness needs to be made.
Rita recommended adding advisory guidelines to the Architectural Guidelines.
Jed suggested at the very least the owner’s manuals should be available to the homeowner.
Questions arose by the auditor regarding the VCHPOA practices and procedures. The Accrual method is being used now as requested. It was before, just a minor variation in accounting. The topic of signatures of back dated checks. This methodology is not to be used in the future. Several occurrences of double billing of the 1 acre and 10 acre association have been caught by Lydia. She does the book keeping for the 10 acre association as well. Three checking accounts exist for the association and are operating expenses checking account, association savings, and reserve savings.
The Sequence of checks was out of order. This happens once in a while waiting for the next issued check number.
Number of signatures was challenged. Some signatures on check appear as if they only have 2 signatures. In reality there are always 3 signatures, some may be very close together.
Offsite data storage/disaster recovery plan has been recommended by the auditor and will be investigated by board members.
VIII. Any Other Matters which the Board Members Wish to Discuss
A Fire Safe fuels management meeting was attended regarding the Highlands. The fuels pile will be chipped, rather than burned this year. A fire model was presented at the fuels management that depicts a worst case scenario. In this particular model the Highlands was completely burnt in a 24 hour period. All property owners are urged to become active in the Fire Safe Highlands chapter.
There being no further business the meeting was adjourned at 9:10pm.
Motion on Policy Regarding the Sales Proceeds from Real Property
Date: Regular Monthly Meeting – March 9th, 2010
Whereas the founders of the Virginia City Highlands Property Owners’ Association took very seriously the importance of real estate and particularly common areas such as the roads and adjoining appurtenances,
And Whereas the CC&R’s in paragraph 8, Ownership of Streets, and the By-laws, Article II, Section A require a 2/3rds vote to approve any disposition of such real property,
And Whereas the Board of Directors recognizes its duty and responsibilities to maintain and enhance such real property and common areas for the benefit and enjoyment of all homeowners,
And Whereas the Board of Directors adopts this policy to include all roads, building structures, appurtenances and any other form of real property in order to stay in compliance with and in the intent of the CC&R’s and By-laws of the Association,
And Whereas the preservation of such assets of the Association improves the value and stability of the homeowners’ interests,
Therefore be it Resolved that the duly elected Board of the Virginia City Highlands Property Owners’ Association reaffirms and supports the need to preserve and maintain such real estate assets of the Association and,
Further be it Resolved that in order to accomplish such a priority, the Board of the Virginia City Highlands Property Owners’ Association hereby adopts the policy that all proceeds received from the sale of any real property be preserved and maintained in an endowment fund for the Association,
And Further be it Resolved that the income from such endowment fund can to be used for the Reserve Fund or Operational Funds of the Association, but in no way allow the depletion of the principal of the endowment fund unless approved by 2/3rds vote of the Association’s homeowners’ vote at a properly noticed regular annual meeting or at a properly noticed special meeting of the Association members and that such funds may not be comingled except as specifically allowed in this policy. Any change in this policy is also subject to the voting requirements as stated herein. The assets of the endowment fund may be invested in appropriate conservative forms of investment as determined by the Board during the course of business.