Minutes – 2025
Date: December 7, 2025
Time: 3:01 p.m.
Location: Trident Marina
Meeting Called to Order
Called to order by Don Monistere, President, seconded by James Eidson.
Board Members Present
- Don Monistere, President
- James Eidson
- Jim Turner
- Judy Wise
- Travis Tidwell
- Brad Parnell
Board Members/Property manager Absent
- Caleb Bright (Bright Management, Property Manager)
Homeowners Present
- 26 homeowners present
- 9 homeowners represented by proxy
Approval of Previous Minutes
- Motion: Don Monistere made a motion to approve the 2024 Annual Meeting minutes.
- Second: James Eidson
- Result: Motion approved by homeowners.
President’s Report – Completed & Upcoming Projects
Don reviewed completed 2025 projects and upcoming work, including:
- Property repairs and maintenance
- Ongoing and future infrastructure needs
Budget Notes
Despite certain line‑item shortfalls, leftover funds in other categories were used to offset deficits. Remaining shortages were covered by reserves.
- Reserves after adjustments: $214,211
- Added to reserves in 2025: $4,211
- No special assessments were required.
Reserve Study Update
Don reviewed completed items and those remaining from the Reserve Study. Significant progress has been made over the past five years. Major remaining items include:
- Exterior Veneer (most critical)
- Other items not due until the 2030s
The Board will decide in 2026 whether the Reserve Study should be updated.
Primary Concerns Identified
- EIFS (Exterior Veneer) Maintenance
- Gutter System Issues
- Remaining Unreplaced Railings
- Shoreline Erosion & Rip Rap Repairs
Items 1–3 must be performed at the same time.
Funding Options Discussion
Don presented two potential funding methods:
Option 1 — HOA Loan
- People’s Bank is willing to offer financing.
- Would likely require a down payment.
- Allows all major projects to begin at once.
Option 2 — Owner Contributions
A schedule was distributed outlining individual owner costs for:
- EIFS, Gutters, Railings
- Shoreline Repairs
- All Items Combined
Owners may choose:
- Monthly increase in dues (loan)
- Lump-sum payment
- Self-financing
A significant number of lump-sum payments could reduce or eliminate the need for a large HOA loan.
Questions from Owners
Rick Johanson: Has Waterford ever taken a loan of this type?
Answer: No.
Rick Johanson: How might this affect resale value?
Answer: The Board will consult a real estate professional.
Motion Regarding Dues & Financing
- Motion: Approve quarterly dues of $1,750 and allow the Board to gather more specific loan information.
- Detailed bid summaries will be distributed to all owners in early January. Afterward, owners will vote on their preferred funding options. Cost breakdowns will be recalculated based on final bids.
- Made By: Rick Johanson
- Second: Brad Parnell
- Result: Passed by homeowners.
Litigation Update
Don provided a general update on the ongoing legal dispute with the neighboring property.
- Estimated chances: Don projected 40/60, while legal counsel is more optimistic (exact ratio not specified).
- All discovery and depositions have been completed; no major additional legal fees anticipated.
- A Cullman County judge will make the final ruling. No trial date has been set.
- Case details remain privileged.
Board Elections
- Motion: Retain the current Board members for the 2026 term.
- Made By: Keith Wise
- Second: Jimmy Magette
- Result: Approved unanimously.
Additional Homeowner Requests
- Mrs. Schneider requested that the Board address the narrow section of County Road 96 and consider installing a convex mirror to improve visibility and safety for oncoming traffic.
- Teresa Johanson requested that the Board provide the owner list and contact information, as approved at the previous annual meeting.
Adjournment
- Motion to Adjourn: Made by Brad Parnell at 4:21 p.m.
- Second: Keith Wise
- Result: Motion approved unanimously.
Meeting adjourned at 4:21 p.m.