La Grande Provence Condominium Association
Minutes of April 16, 2018
Dave Luenzmann, President, Bob Mathis, Vice President, Anne de Ocejo, Secretary, Scott Hillyard, Treasurer, Jean Armstrong, Director, Mary McGowan LCAM, Lea Stokes, Vesta, and 12 unit owners.
The meeting was called to order at 10:00 AM. A quorum was present.
The minutes of the March 19, 2018 board meeting were approved.
Scott gave an overview of the monetary situation for the association. Scott presented a revised Collection Policy for Delinquent Accounts for the Board to review. After discussion, Scott made a motion to adopt the following Policy:
La Grande Provence Collection Policy for Delinquent Assessments
All assessments are due and payable on the first day of each month.
Any owner that has not paid by the 30th of the month will be sent a reminder notice with late fees and interest added.
At 45 days, a phone call is made to the past due owner by the site manager.
Any owner that has not paid by the 30th of the following month will be sent a first warning letter with additional late fees and interest added.
Any owner that has not paid by the 30th of the following month will receive a Final Warning via certified mail giving 10 days to make full payment. Late fees and interest will be added. If payment is not made within the given days, accounts will be sent to the attorney for collection at the direction of the board.
The motion passed.
Scott reported that as of 3/31/2018, there is only $37,035.00 in cash and $520,925.00 in the Reserve Fund, compared to year end 2016, operating cash funds $334,870.00 and $903,240.00 in Reserve funds. Reserve funds can only be used for specified asset repair or replacement and cannot be used for operating budget expenses.
Two major causes for the significant reduction in both the operating cash and Reserve funds:
1) storm damage from both hurricanes Matthew and Irma totaling $160,000.00, and
2) major repair and replacement of aging assets totaling over $511,000.00 in 2017.
Scott made a motion to levy a Special Storm Damage Assessment to all La Grande Provence condominium owners totaling $160,000 that will be prorated per the governing documents of La Grande Provence Condominium Association. These expenses did not reach the Association’s insurance deductibles. This Special Assessment will be due and payable on May 16, 2018 and delinquent after June 16, 2018. This Special Assessment will be used to replenish the Associations operating cash funds and Reserve accounts that have been significantly impacted due to the expenses incurred by the named storms Matthew and Irma.
The motion passed, 4 yea, 1 nay.
The reserve study has begun and we should expect recommendations in 60 days and these will be incorporated in the 2019 budget.
Dave met with the insurance agent. He reported that the buildings are structurally sound and we have had a limited number of storms. We have had one assessment in the past.
The buildings are old and the items needing repair or replacement are increasing.
The board will seek legal consul on whether unit owners can paint the doors the colors approved by the Design Review Committee at their own expense.
The web site is now operational.
The attorney will have language to review by the end of April.
It was expressed by a unit owner that he does not appreciate owners that do not show up in a timely fashion or provide input before decisions are made by the Board. Especially when those owners then call or make comments afterwards. An example was how few were at this meeting. The request was to include this comment in the minutes.
The meeting adjourned at 11:49 AM. The next board meeting ill be May 29, 2018 at 1 PM at the Hammock Dunes Club.