September 19, 2024
Valleyhi Community Club, Inc.
Minutes of the September 19, 2024 Board Meeting
Location: Ingalls Creek Enrichment Center
The meeting was called to order by Trustee Danielle Small at 6:18 P.M.
The meeting was attended by:
Trustees: Danielle Small, Jim Nies, and Susan Raley
President: Karl Ruether, not present
Vice President: Position vacant
Treasurer: Position Vacant–Temporary treasurer filled by Board Member
Secretary: Position Vacant–Temporary secretary filled by Board Member
Members: Mike Weil
Minutes: A MOTION to approve the July meeting minutes as written was unanimously approved.
Treasurer’s Report
A Summary of Checking and Cash/Assets Accounts as of August 21, 2024 indicated a balance brought forward as of July 16, 2024 of $125,484.63. After accounting for deposits made and checks written, the balance brought forward was $127,564.46. The Dedicated Repayment Account balance was $1,187.35. The Community Dues Checking Account balance was $710.65. The Capital Reserve Checking Account balance was $5,780.19. The Reservoir Replacement Account balance was $20,500.00. The balance of the Cashmere Valley Bank Savings Account at a $0.05% interest rate was $1,590.56. The balance of the First Federal High Yield Savings account at a $3.92% interest rate was $51,863.73. The Accounts Receivable balance was $239,038.12. The Total Assets balance was $455,126.79. The 2009 DWSRF Water Project Loan balance as of the 9/22/23 payment was $194,140.09.
The Water System Operations Income for the period ending July 31, 2024 was $10,243.55. The Expenses were $1,168.81.
The Community Dues Income for the period ending July 31, 2024 was $594.00. The Expenses were $952.18.
A Summary of Checking and Cash/Assets Accounts as of September 18, 2024 indicated a balance brought forward as of August 21, 2024 of $134,456.19. After accounting for deposits made and checks written, the balance brought forward was $138,852.42. The Dedicated Repayment Account balance was $1,187.40. The Community Dues Checking Account balance was $511.04. The Capital Reserve Checking Account was $5,780.19. The Reservoir Replacement Account balance was $20,500.00. The balance of the Cashmere Valley Bank Savings Account at a $0.05% interest rate was $1,590.68. The balance of the First Federal High Yield Savings account at a $3.92 interest rate was $52,036.68. The Accounts Receivable balance was $165,829.51. The Total Assets balance was $443,556.19. The 2009 DWSRF Water Project Loan balance as of the 9/22/2024 payment was $194,140.09.
A MOTION to approve the Treasurer’s reports for August and September 2024 was approved.
Water System
Meters
The Meter reading report and the discussion for meter replacement numbers and costs was tabled until the November meeting.
Water Shut Offs
The board approved water shut off action for two members who have not paid any portion of their Water System Maintenance Fees.
DWSRF DOH Loan
Our loan payment is due on October 1, 2024. Board members present approved the decision to make one full and one partial or a possible full second payment. We are communicating with DOH as to the rules for making payments. If we are allowed to make a full payment and a second payment towards the principal only, we may choose that option, especially if we are able to make payments throughout 2025. If we are not given this choice, we intend to make two full payments on October 1, 2024.
Bank Account Choices for Assessment Fee Monies
After discussion, we determined to select the 3 Month CD available at Cashmere Valley Bank at a rate of $4.80%. This CD will be set up in October. Depending upon our Construction preparation requirements, we plan to evaluate Assessment Fee payments and add to the CD amount after 3 months. If sufficient funds are received within this 3 month period, we may open a second 3 month CD at Cashmere Valley Bank or add to the existing CD, depending upon new loan preparation requirements.
New Construction Loan
Our newest Trustee, Jim Nies, has had considerable experience as a project manager overseeing construction projects. He is now retired, but he emphasized his experience managing loans that required prevailing wage adherence. He said these costs often increased the overall project costs by more than 30%. Our board will be consulting with USDA Rural Development, whose loans require extra documentation, like DWSRF loans, but do not require adhering to prevailing wage standards.
Unfinished Business
Secretary and Treasurer Board Positions: Much discussion centered on a last effort to locate community members interested in these positions. Danielle will take the lead on this. If no interested members are found, we will post the position qualifications and stipend amounts in local free papers.
Second assessment fee communication: we discussed what information we would like contained in this letter.
Dead tree at entrance: Mike will contact Chelan County Public Works and Chelan County PUD about this dead tree, which is near a power line and near the bridge. He will report back.
Mike will also check with a member to see if painting the pump house and office doors could be hired out to a member-professional.
No consensus was reached as to having a Fall Clean up. Stay tuned.
The meeting was adjourned at 7:20 P.M.