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RBOA INCRBOA INC
Welcome -- thanks for coming Welcome -- thanks for coming
Your participation in conduct of RBOA Your participation in conduct of RBOA is is greatly appreciatedgreatly appreciated
402 members strong402 members strong Board of Directors, Committees Board of Directors, Committees
All VolunteersAll Volunteers
AGENDAAGENDA
CALL TO ORDERCALL TO ORDER QUORUM VALIDATIONQUORUM VALIDATION PRESENTATION ON SPECIAL PRESENTATION ON SPECIAL
ASSESSMENTASSESSMENT DISCUSSION OF MEMBERSDISCUSSION OF MEMBERS VOTE -- RESULTS VOTE -- RESULTS
BOARD OF DIRECTORSBOARD OF DIRECTORS PRESIDENT PAUL MARYESKIPRESIDENT PAUL MARYESKI VICE PRES AL HABERBUSCHVICE PRES AL HABERBUSCH TREAS/SEC LlNDA BLYTHETREAS/SEC LlNDA BLYTHE ENVIRONMENT BILL PATRICK ENVIRONMENT BILL PATRICK ARCHITECTURE AL HABERBUSCH ARCHITECTURE AL HABERBUSCH COMPLIANCE FRANK STRASBURGERCOMPLIANCE FRANK STRASBURGER MAINTENANCE PAUL MARYESKI* MAINTENANCE PAUL MARYESKI*
*acting*acting
PURPOSE AND POWER OF THE PURPOSE AND POWER OF THE ASSOCIATIONASSOCIATION
““This Association is non-profit, does not This Association is non-profit, does not contemplate pecuniary gain or profit to contemplate pecuniary gain or profit to the members thereof. The specific the members thereof. The specific purposes for which it is formed are to purposes for which it is formed are to provide for maintenance, preservation and provide for maintenance, preservation and architectural control of the residential architectural control of the residential properties and to promote the health, properties and to promote the health, safety and welfare of the residents of said safety and welfare of the residents of said properties.” (Article III of the By Laws)properties.” (Article III of the By Laws)
RBOA INCRBOA INC
QUORUM VALIDATION QUORUM VALIDATION 26% of 402 = 10526% of 402 = 105
SPECIAL ASSESSMENT -- REQUIREMENTSSPECIAL ASSESSMENT -- REQUIREMENTS 20 DAY MEETING NOTICE TO MEMBERS20 DAY MEETING NOTICE TO MEMBERS
President Ltr with proxy mailed on/about 19 Oct 12President Ltr with proxy mailed on/about 19 Oct 12 2/3 RDS OF MEMBERS PRESENT BY PROXY OR 2/3 RDS OF MEMBERS PRESENT BY PROXY OR
IN PERSON NEEDED TO APPROVE IN PERSON NEEDED TO APPROVE
TREASURER’S REPORTTREASURER’S REPORT
$44K Annual Program$44K Annual Program 402 mbrs x $110402 mbrs x $110
Money Mkt: $4,430 Money Mkt: $4,430 Checking: $11,147Checking: $11,147 Dam Fund: $5,425Dam Fund: $5,425
____________
$21,002*$21,002*
*as of 30 Oct 2012 *as of 30 Oct 2012
RBOA INCRBOA INC
Major annual expensesMajor annual expenses Ground keepingGround keeping $8,000 $8,000 InsuranceInsurance $6,000 $6,000 LandscapingLandscaping $6,500 $6,500 LegalLegal $6,000 $6,000 Utilities: power/water $5,500Utilities: power/water $5,500
____________
$32,000$32,000
LAKE AMICK/PHELPS DAMLAKE AMICK/PHELPS DAM
FAILED/FIXED IN 2010/paid $11kFAILED/FIXED IN 2010/paid $11k Contract with Utility Solutions GroupContract with Utility Solutions Group
FAILED AGAIN IN LATE 2011FAILED AGAIN IN LATE 2011 Different section of outflow pipeDifferent section of outflow pipe Contract with Construction Service Contract with Construction Service
CompanyCompany Decision to replace entire outflow structureDecision to replace entire outflow structure
Fixed in early 2012/paid $21kFixed in early 2012/paid $21k
SPECIAL ASSESSMENTSPECIAL ASSESSMENT
PURPOSEPURPOSE: : TO RECOUP $$ SPENT ONTO RECOUP $$ SPENT ON
LAKE AMICK/PHELPS DAM REPAIRSLAKE AMICK/PHELPS DAM REPAIRS $31,960 total for both fixes$31,960 total for both fixes
Sept 2010 and Jan 201Sept 2010 and Jan 201 402 x $75 = $30,150402 x $75 = $30,150
Will “restore” reserve accountWill “restore” reserve account Carried approx $40k over past several yearsCarried approx $40k over past several years Safety net to cover emergency expensesSafety net to cover emergency expenses
Lake infrastructure and/or legal fees Lake infrastructure and/or legal fees
Special AssessmentSpecial Assessment
ConsiderationsConsiderations Lakes are a major RBOA expense itemLakes are a major RBOA expense item
Lake Amick/Phelps in 1994Lake Amick/Phelps in 1994 Lake Henderson in 2005: $150,000Lake Henderson in 2005: $150,000
$94 assessment for all members$94 assessment for all members 49 of 56 Lake Henderson property members49 of 56 Lake Henderson property members
contributed additional $2,000contributed additional $2,000 By Laws do not allow varying assessment levelsBy Laws do not allow varying assessment levels
BOD considering amendment to By LawsBOD considering amendment to By Laws Members must approve any proposed assessmentMembers must approve any proposed assessment
CONSIDERATIONSCONSIDERATIONS Lake Amick is in Unit 2 of RBCCELake Amick is in Unit 2 of RBCCE
There are 19 lakefront propertiesThere are 19 lakefront properties 11 are RBOA members, 8 are not 11 are RBOA members, 8 are not
Lake Werk in Unit 1 is similar Lake Werk in Unit 1 is similar RBOA owns the lakes: 5 totalRBOA owns the lakes: 5 total
Deeded to RBOA from Ruckel PropertiesDeeded to RBOA from Ruckel Properties Lake Henderson is the largest: 14.5 acresLake Henderson is the largest: 14.5 acres MOA with RBCC: outlines responsibilitiesMOA with RBCC: outlines responsibilities
Signed in Sep 1994Signed in Sep 1994
COVENANT AMENDMENTSCOVENANT AMENDMENTS
UNIT 1 COVENANTS EXPIRE UNIT 1 COVENANTS EXPIRE DEC 2013DEC 2013 FOREST ROAD, SHARON, MARION, GOLF FOREST ROAD, SHARON, MARION, GOLF
COURSE COURSE UNIT 2 COVENANTS EXPIRE UNIT 2 COVENANTS EXPIRE SEPT 2013SEPT 2013
FOREST ROAD, COLLEGE BLVD, DIANE, FOREST ROAD, COLLEGE BLVD, DIANE,
IRENE CT, CARR, JASON, LAKE AMICKIRENE CT, CARR, JASON, LAKE AMICK FINAL BOD TRY in Mid 2013FINAL BOD TRY in Mid 2013
If Fails: several unknown unknowns!!If Fails: several unknown unknowns!!
Open Discussion/ResultsOpen Discussion/Results Quorum ReachedQuorum Reached
Total properties represented: 154Total properties represented: 154 105 needed for quorum105 needed for quorum
Assessment approvedAssessment approved Votes in favor: 121Votes in favor: 121 Votes not in favor: 33Votes not in favor: 33 2/3 properties represented needed for 2/3 properties represented needed for
approval: 121/154 = 79% > 66%approval: 121/154 = 79% > 66%