Board of Directors Meeting Minutes – Monday January 12, 2015
January 12, 2015
This is an early draft from immediately after the meeting and may not agree exactly with the official minutes as signed and dated (attached pdf).
George Pauley, President; Michael Parrie, 1st Vice President; Tom Wartowski, 2nd Vice President; David Nicosia, Treasurer; David Barnhart, Property Supervisor; Tim Patricio, Property Manager; Mavis Mather, Assistant Manager Business Operations.
Betty Terry-Lundy, Secretary
Call to Order at 7:45 pm
Minutes December 22, 2014
Upon motion by David Nicosia and seconded by Tom Wartowski, the Board voted unanimously to approve the minutes from the Board Meeting held on December 22, 2014.
Elevator #9 Hydraulic Cylinder
Upon motion by David Nicosia and seconded by Tom Wartowski, the Board voted unanimously to approve the proposal from Otis Elevator to replace the hydraulic cylinder in elevator #9 for the amount of $34, 019, as proposed.
Receiving Room Lease
Upon motion by Tom Wartowski and seconded by David Nicosia, the Board voted unanimously to propose a 5 year renewal of the lease of the receiving room with Park Tower Cleaners, at an increase in compensation for receiving services of $1200 per year, beginning August 1, 2015.
Treasurer’s Report: David Nicosia
As of November 30, 2014 the total operating cash was $205,009.88. The total of all operating reserves was $51,424.52. The total of all operating cash and investments was $256,434.40. The total of the Barrington Bank Max Safe reserve account was $977,369.82. The total of all replacement reserve investments was $710,692.23. The total of all replacement reserve funds was $1,688,062.05. The total of all cash and investments was $1,944,496.45.
Management Report: Tim Patricio
In the month of November there were 64 chargeable work orders for a total of $6,672 and 141 non-chargeable work orders. There was a net decrease of 3 members to the health club for a total of 275 members generating monthly fees of $4,709. There is no wait list for valet parking, 15 people on the wait list for 1P parking and 30 people on the wait list for 2P parking. There were 35 late fees in the month of November for $2,100, of these 3 were waived for a first offense. At the end of November there were 26,656 therms of gas in storage for an average cost of $0.48 per therm.
There were two sales in November: small 1-bedroom for $115,000 and a second small 1-bedroom for $171,000. There were 7 leases in November with an average rent of $1,316 per lease.
Upon motion by Tom Wartowski and seconded by Michael Parrie, the Board voted unanimously to adjourn the January 12, 2015 Board Meeting at 8:00PM.
Signed (as seen on pdf, clickable at upper right corner of these minutes)
George Pauley, President (2/3/15)
Betty Terry-Lundy, Secretary (1/26/15)