July 26, 2004

Meeting Time

Meeting called to order at 7:04pm

Board Members

David Desser (DD)
Bruce Howard (BH)
Brian Madurzak (BM)
Ken Sherman (KS)
Debra Siena (DS

The Building Group

Tania Zawadzki (TZ)

NOTES / ACTION ITEMS

1. Approval of Minutes

1.1. Minutes of April 19, 2004 Board Meeting Approved by board

2. Financial Overview (BH)

2.1. BH presented the Treasurer’s Report

ANNUAL FINANCIAL REPORT:  Our Audit and Accounting firm (Frost, Ruttenberg, and Rothblatt) has completed the work on the annual compilation of the RNC 2003 Financial Statement.  A copy is available in the on-site  building management office for viewing by owners.

JOINT PROPERTY TAX APPEAL:  Our appeal is still in process.  Because of the large number of appeals the Appeals board is backlogged.  We now expect to hear some preliminary results in Aug.  The recent state law capping property tax increases at 7% is complex and actually does much less for us, so our appeal is still necessary.

FINANCIAL STATUS AT JUNE 30, 2004:

The RNC Financial Dashboard as of June 30, 2004 has been posted on the RNC web site (copies also distributed at Board Meeting).  Highlights:

Cash balances in the Operating Fund plus Replacement Reserve Fund are on budget and have increased to a combined total of $167,123; we have an additional asset of $14,447 in cash in Gas & Electric Deposits.  Thus far we are on track to rebuild our Reserve to over $100,000 by year end.

Income received year-to-date of, $444,093 is slightly better than budget due to an improvement in our assessments delinquency status and other fees such as move-in/out fees.

Expenses year-to-date are on budget overall. The Dashboard shows our expenses at $48,000 better than budget but this is because our large insurance bill was late so payment was pushed into July. 

Assessment Payments status has improved and we have no significant dollar amounts in the over 60-days overdue category. Our total assessments owing is $5,815 and no owners owe more than $1000.

BANK LOAN:

We've signed the final paperwork for the $100,000 bank loan is, so all has been approved.  This loan is intended to fund the first $100,000 of brickwork leak repairs.  The payments on this loan are included in the approved 2004 budget and regular assessments.  We'll draw down on this loan as needed for brickwork repairs later this summer.

3. Old Business

3.1. KS Building facade repairs

• Tim Thompson performed water testing and has prepared document outlining scope of work/strategy.
• Enterprise has increased settlement offer to $150,000.
• Immediate plans to hire Bral Restoration to repair drops of the #10 and #33 units from floors 4 to 6.
• Hope to address the 14 leaking units by winter.

3.2. DS Status of EDC $ discrepancies

• The Board of Directors is working with inspectors and law firm to determine the next steps.

4. New Business

4.1. Wireless Internet

• BH has been negotiating a contract with American Wireless Broadband. Once a contract has been approved, testing will begin.

4.2. Repair of AC in fitness center

• Assurance Heating and Air Conditioning to install new air conditioning unit on 7/28.

4.3. Building Manager Update

• Permanent replacement for Michelle decided to take another position. Tania filling in temporarily.

4.4. Noise on the Roof due to AC unit

• Assurance Heating and Air Conditioning has inspected the AC units on the roof and has determined that some of the wooden AC supports are in need of repair. They will provide a quote to repair.

5. Committees

5.1. Rules and Regulations

• Down to 3 members. Planning to present to RNC Board in August.

6. The meeting was adjourned at 8:15

Note: These minutes have not yet been approved by the RNC Board of Directors but will be motioned for approval at the next open meeting.