Information you need at your fingertips
Waterford at Smith Lake
Minutes for June 17th, 2021
Members Present
Don Monistere, President
Travis Tidwell, Secretary
James Eidson
Shannon Pate
Richard Kinney
Caleb Bright (Bright Management)
Members Absent –
Approve Minutes from Last Meeting – approved Minutes
Update from Bright Management on current issues, challenges or opportunities on the property.
New Business
Waterford at Smith Lake
Minutes for April 16th, 2021
Members Present
Don Monistere, President
Travis Tidwell, Secretary
James Eidson
Shannon Pate
Richard Kinney
Caleb Bright (Bright Management)
Members Absent –
Approve Minutes from Last Meeting – approved Minutes
Update from Bright Management on current issues, challenges or opportunities on the property.
New Business
Waterford at Smith Lake
Minutes for March 11, 2021
Meeting called to order at 6:33 P.M. by President Don Monistere.
Members Present
Don Monistere, President
Travis Tidwell, Secretary
James Eidson
Shannon Pate
Richard Kinney
Caleb Bright (Bright Management)
Members Absent – None
Approve Minutes from Last Meeting – Monistere made the motion Kinney seond and motion carried
Notes from Landscape Committee:
As stated in the WLC report to the board for the board meeting on February 11, 2021, “Our committee is reluctant to recommend the installation of any plants at this time, particularly those which might be impacted by any work which the board is contemplating for the buildings – the railings and any painting/reskinning – because of the reasonable likelihood of damage to landscape plants during such work.” The committee looks forward to making actual beautification recommendations once the exterior building projects are completed.
Next meeting set for April 15 , 2021 at 6:30 P.M.
Meeting adjourned at 7:45 P.M. by Don Monistere.
An emergency board meeting was held at 6:00 on 3-6-2021 to address the railings quote that we received from Alabama Ornamental. We wanted to contact them as soon as possible to begin work on the railings as we are concerned about materials cost and as well, we wanted to get on their schedules ASAP
We approved everything except the pool area as we will address this at a later date. (we need to go ahead and address the gates)
As a matter of record -Motion was made by Don Monistere, Shannon Pate seconded the motion and the motion carried with no opposition.
Waterford at Smith Lake
Minutes for February 11, 2021
Members present;
Don Monistere, President
Travis Tidwell, Secretary
James Eidson
Shannon Pate
Richard Kinney
Caleb Bright (Bright Management)
Members Absent: None
Regular Business
Update From Caleb on Property and Challenges if any – Caleb – Need to address the broken cables on the boat docks 3 – If we have to drop new cables the permit is 2K – We are going to go forward to drop the anchor – Caleb has some deep water anchors – Caleb to get a proposal to get this done.
We are putting a lock box with a key in it to let the fire alarm and elevator people to get a key. – He will get an email either way knowing that they are there.
Remaining Items to tackle to get Bright Fully Engaged – Don and Travis to go into the bank to get the account setup in our names as well –
Don will get a budget over to Caleb to get this moving forward
George Fort’s unit sold on the 12th of January – paid his first quarter -The Assessment fees need to be paid in full. – Van Goedeking and Linda
We are looking to increase the insurance limits and the deductible will be increased to 25,000.00 – We are going to get two quotes on the insurance.
Marti Marib – Patched sheet rock – This project is complete – bill to the HOA and then decide from there.
Discussion of Accounts Receivable. We need to clear up the 2020 collection, on the Q1 2021 billing.
Don to provide a letter to Caleb to get to Insurance company
Update on Railings Quotes Etc. – Tidwell – Shannon Pate – We are scheduling the – Alabama Ornamental – Shannon and Caleb will look at it.
Update on Wood Rot Replacement in TV Room – Eidson – Travis and Edison – Willoughby roofing will be out on 2-12-21 to look at the rot area and the moisture problem. We have the moisture issue as well.
Update on Repair\Paint of Ext. – EFIS – We need to get someone on this from quoting perspective. Clark Rodger Pronsoso Stucko – they do the drive it – and the paint – Commercial Painter – they will need scaffolding
New Business
Financials – Now that Bright is doing financials what is the turn around expectation. – Discussed turn around time and all is good here – We will post Quarterly Financials as we have in the past on the website
Open Items
Johanson The Lawyer to the attorney to somewhat we need to do
Motion to Adjourned Meeting by Don Monistere- Second by Travis Tidwell at 8:00
Waterford at Smith Lake
Minutes for January 7, 2021
Meeting called to order at 6:35 P.M. by President Don Monistere.
Members present;
Members Absent:
New Business:
Don created and tested the test form on the website for concerns or problems for homeowners to communicate with Bright.
Don checked on liability insurance
Board is still trying to comprise a corrected owners list.
Bright Management:
Bank account: Regarding Bank Accounts:
Checking/Operating
Money Market/Reserve
or if making a debit from the reserve will need verifying or two signatures.
Regular Business
can notify Target for a respray.
Next meeting set for February 11, 2021 at 6:30 P.M.
Meeeting adjourned at 7:55 P.M. by Don Monistere.
Meeting Opened – Budget Discussion and review of Annual Meeting Presentation.
don will detail and finalize for review and send out this email to homeowners
All items can be found – in proposed budget section
Waterford at Smith Lake
Minutes for November 24, 2020
Meeting called to order at 6:31 P.M. by President Don Monistere.
Members present;
Don Monistere, President
Travis Tidwell, Secretary
James Eidson
Shannon Pate
Richard Kinney
Caleb Bright (Bright Management)
Members Absent: None
Don talks about the internet vote and the hurdles we are experiencing. 15 of 48. Don will send another email
asking people to vote so we can achieve a majority, for or against.
Don asked Caleb to coordinate with Tess and the landscape committee.
Caleb has questions for the board. Needs QB file for Waterford. Don will make an email address for contact with homeowners.
Bright will obtain a PO Box 127 Cullman, 35056.
List of things Bright Management will need; Covenants, LLC docs, EIFN #, file of contracts for new owners, keys for locked areas,
banking information and contact from the original accounting firm
Don made a Motion to add Caleb Bright to the banking account – Travis Tidwell second – Motion Passes
Bright Management will be taking over managing Waterford Properties. Waterford will be allowing Bright Management to manage our properties
and the mailing address will be PO Box 127 Cullman, AL 35056.
Colby called and let Travis know that the BBQ area rails will be set November 25, 2020.
Mark Pafford wants the board to consider paying for repairs of his water leak into the unit below. Board decided that the
homeowner bring his case to the board and the board will further decide how to move forward. Travis will have Mark Pafford
present his case in writing and the board will make it’s ruling.
Richard asks that we notify the home owners about the three lots adjacent to the property and to ask Rick Johanson to present
his findings to the board.
Next meeting set for December 17, 2020 at 6:30 P.M.
Meeeting adjourned at 7:36 P.M. by Don Monistere.
Budget Summary: After our review of items discussed at the annual meeting and working closely with Bright, I am pleased to say that the board recommendation were accurate and in fact has allowed us to invest a bit more than previously expected on what I am calling “The Landscaping Refresh” that Tess Johanson graciously volunteered to chair a committee for. Below is the summary and I am linking a more detailed review of the budget.
This budget is based on last year’s actuals and the reserve issues that we discussed at the meeting
Summary
Q1 – Q4 dues = $4520.00 – This will be billed at $1130.00 each Quarter
The additional assessment = $4400.00 – This will be billed once (this allows you to claim on assessment insurance if you have it all at once. If we sent two bills you would have to do it twice. (could force 2 deductibles and we did not want to do that) So, we will send one bill in January, but we would collect half in Q1 and the remainder in Q2.
Budget Increases
Some increase are just the actuals of this year carrying forward to the next year. Other increases and decreases are due to some catchup maintenance and historical budget Vs actuals review that suggests some areas were just budgeted incorrectly.
This budget along with the special assessment will increase our Reserves by $252,972.00 and will be added to last year’s ending balance of $166,500.00 for a total $419,472.00 by the year’s end. Of course the ending balance will be less the planned expenditures that we reviewed at the annual meeting. I am confident that next year the special assessment amount will NOT need to be this high.
Please review and place your comments in the Comments section below. Homeowners, I want to reiterate, I am all for transparency, but please don’t submit questions for breakdowns on each account. Those that are changing substantially are listed above and next year’s Reserve money spend is in the PowerPoint. I am happy to break out accounts during the year and is included in the financial reporting, but this post is a high level review, and should lead us to an eventual vote on the budget by next Sunday.
Your board, and myself as the elected President are ready to go get stuff done! (I wanted to use a different word there 🙂
Once we all review this, we will vote on this budget through our voting software to approve the budget.
I am truly excited that we are taking responsibility for our property and look forward to the improvements soon to come.