LA GRANDE PROVENCE
CONDOMINIUM ASSOCIATION, INC.
BOARD OF DIRECTORS MEETING
NOVEMBER 8, 2011
Tony Papandrea called the meeting to order at 9:30 am.
Bob Cory and Jeanne Kiley were present, as well as Karen Hopkins from Preferred Management Services.
Minutes of the September 6, 2011 Board Meeting were approved.
A presentation introducing a “guaranteed assessments program” (GAP) approach as a solution to our continuing difficulties in recouping past and current maintenance payments was covered. It is, basically, an insurance policy based on a collection/claims process. It would provide full collection services on each of the units in arrears and on any that become so during the policy period.
The policy coverage is for 18 months and the cost amounts to $9,807 payable over 6 months. The Board was given a detailed description of how the process works and how we can benefit by this type of policy. The Board voted to accept this proposal and will furnish the Insurance Carrier with the various materials needed to begin their collection process.
Christmas bonuses for our maintenance staff was discussed and approved.
There being no further business to bring before the Board, a motion was passed to adjourn the meeting at 10:50 am.
Jeanne Kiley, Secretary