LA GRANDE PROVENCE
CONDOMINIUM ASSOCIATION, INC.
ANNUAL OWNER’S MEETING
MARCH 5, 2012
Tony Papandrea called the meeting to order at 1:00pm.
A quorum of the Board was established with Barbara Cooledge, Bob Cory and Dave Luenzmann. Lea Stokes and Karen Hopkins were also present representing Preferred Management Services.
After the final call for proxies, a quorum of owners was established with both owners in attendance and proxies.
Tony reported that our buildings remain in good condition as we stay on top of needed repairs and general upkeep of the buildings and property. We remain pro-active and pay attention to items that need attention.
Tony also discussed the new GAP Insurance program that the Association entered into this past January. He explained that this program has two segments and the owners that have been placed into this program are delinquent in paying their Association fees. One segment works with the Banks for units that have not yet entered into foreclosure. The program makes efforts to have the banks pay more than what they are presently limited to and speed-up the foreclosure process. The other segment is for those owners who have been through the foreclosure process but left still owing us money. This segment acts on the monetary judgments that have been in place and takes the role of a collection company.
Tony also mentioned that it will soon be time to clean our roofs. He noticed that the east side of our buildings still look very well but the other sides were showing signs of a soon to be needed painting. This may make the painting process easier because of the equipment that we can use that would not work when painting the east sides of the buildings.
There were some questions from owners as follows:
Why are there roof tiles in the garages? They no longer make the tiles that we have on our roofs, therefore when some become available we purchase them so that we have them on hand when roof repairs need to be made.
What is the wood being used for that is stacked by the lower walkway? We are making repairs to our dune walkover. Over the next few weeks the walkover will be closed.
Is there anything that could be done to make the building II lobby more attractive, the plants are dyeing and the accessories do not match? Tony suggested a committee be formed to look at the lobby.
Bob Cory reported that the Association had approx. $320,000 in CD’s. With CD rates so low, Bob went to First Southern Bank where we had previously placed a CD and was able to get a preferred rate of 1.39%.
Maintenance fees were lowered in part through a reduction in our landscape contract that was negotiated by Karen. The reduction was $7,200 in the contract.
In total, assessments were reduced by 7.5%
Bob Cory’s Treasurer’s Report is attached.
Tony added that we have budgeted $87,000 this year for reserves which is down from last year due to not having any major roof issues and the calm hurricane free summer that we enjoyed in 2011. This also played a part in the reduction of fees.
He went on to state that the Association has approx. $700,000 in reserves that were audited and found to be properly allocated. We also saved a great deal of money on our new elevator contract that was obtained through Karen’s relationship with a former sales manager of a previously used elevator company.
See attached report – Karen highlighted in her report the following:
• Saved $7,260.00 on the landscaping contract with no decrease in services.
• Saved $14,600.00 by switching over to CONE Elevator Company with same services.
• AT&T – Savings not yet known for disconnecting 4 telephone lines by installing new wireless radio transmitters for our fire alarm systems.
She also gave great praise to the La Grande staff, Eddie, Jose and Edgar for the great job they do. They are very motivated and take it upon themselves to clean and make repairs as needed.
Eddie has done a wonderful job on all his repairs and saves us untold monies with what he is able to do due to his former work in all aspects of construction.
Karen also spoke of the support she gets from the Preferred Management employees in connection with accounts payable/receivable and payroll.
Tony asked Lea Stokes for any comments. Lea said she was glad to hear that Karen had mentioned the Preferred Mgmt. employees in the main office. They are the unseen but very crucial to the operation. They keep all the records for every owner’s account, make sure our bills are paid, track our investments and handle our tax records. Often enough we tend to forget about them and their importance to the Association. Amy Kerber, the office manager makes sure that everything is handled correctly and in a timely manner. Thanks to our support staff.
The Board was thanked by the owners for the wonderful job that they do.
There being no further business to bring before the Board, a motion was made and passed to adjourn the meeting at 1:30pm.
Community Association Manager