July 18, 2024
Minutes of the July 18, 2024 Board Meeting
Location: 97 Rock House
The meeting was called to order at 6:06 P.M. by Trustee, Danielle Small. Proper notification was given, and a quorum was present.
The meeting was attended by:
Trustees: Danielle Small, Tom Freeburg, Shane Glasenapp, and Susan Raley
President: Absent
Vice President: Position Vacant
Treasurer: Position Vacant
Secretary: Position Vacant
Members: Cindy and Steve Collamore, Vicki Streit, Mike Weil, and Rosie Alaimo
Guest: Heather Mondini
Absent: Trustee, Jim Nies, was unable to attend.
Minutes
A MOTION to approve the May meeting minutes, the Annual Meeting Minutes, and the Special Meeting Minutes was made and approved.
Treasurer’s Report
The Summary of Checking and Cash/Assets Accounts as of June 19, 2024 indicated a balance brought forward of $86,861.9. After checks were written and deposits made, the Water Account was reconciled as of May 31, 2024 with a balance of $96,224.32. As of June 19, 2024 with deposits made and checks written the Water Account balance was $124,120.07. The Dedicated Repayment Account balance was $1,187.26. The Community Dues Checking Account balance was $1,019.39. The Capital Reserve Checking Account balance was $5,780.19. The Reservoir Replacement Account balance was $20,500.00. The Cashmere Valley Bank Savings Account at a 0.05% rate had a balance of $1.590.43. The First Federal High Yield Savings Account at a 3.92% rate had a balance of $51,525.09. Our Total Assets balance was $257,881.33. The 2009 DWSRF Water Project Loan balance as of the 9/22/2023 payment was $194,140.09.
The Water System Operations income for the month ending May 31, 2024 was $56,716.69. The expenses were $4,387.46.
The Community Dues income for the month ending May 31, 2024 was $6,141.50.
The expenses were $10,820.65.
The Summary of Checking and Cash/Assets Accounts as of July 16, 2024 indicated a balance brought forward of $124,120.07. After checks were written and deposits made, the Water Account was reconciled as of June 30, 2024 with a balance of $121,410.74. As of July 16, 2024 with deposits made and checks written the Water Account balance was $125,484.63. The Dedicated Repayment Account balance was $1,187.30. The Community Dues Check Account balance was $865.07. The Capital Reserve Checking Account balance was $5,780.19. The Reservoir Replacement Account balance was $20,500.00. The Cashmere Valley Bank Savings Account at a 0.05% rate had a balance of $1.590.50. The First Federal High Yield Savings Account at a 3.92% rate had a balance of $51,691.36. Our Total Assets balance was $250,794.27. The 2009 DWSRF Water Project Loan balance as of the 9/22/2023 payment was $194,140.09.
The Water System Operations income for the month ending June 30, 2024 was
$28,851.68. The expenses were $3,651.75.
The Community Dues income for the month ending June 30, 2024 was $2,504.24.
The expenses were $3,813.04.
A MOTION to accept the June and July Financials was made and approved.
New Trustees
Shane Glasenapp and Jim Nies’ signatures are to be added to the Cashmere Valley Bank accounts to allow them to sign on behalf of Valleyhi Community Club. They join current Board Members Danielle Small, Tom Freeburg, and Susan Raley as signers, and designated signers Mike Weil and Peggi (Margaret) Lopez.
A MOTION to update the Cashmere Valley Bank signers’ card to include the new Trustees was made and approved.
Budget
The Board Members discussed the budget draft. Most questions centered on where to include the upcoming Reservoir Replacement estimate costs. It was decided that a new section would be added at the end of the budget.
A MOTION to accept the budget as written with the Reservoir Replacement estimate costs inserted was made and approved.
Water System
Meters: Tom provided a brief report on the meter inspections he and Jason Williams conducted. Mike will help locate the meters difficult to find. Once the inspections have been completed, Tom will update the Board.
Water Shut Offs: One round of letters to members with delinquent accounts has been sent, and another will be sent within the next week. A letter drafted last summer will be updated and sent to approximately 14 members with outstanding water maintenance fee invoices.
Assessment Invoice: A discussion about what information to include in the Assessment Invoice occurred. The wording on the Special Meeting ballot indicating how each member would choose to pay—either monthly, quarterly, or in a lump sum–was reviewed by an attorney, and it was decided to use that wording and to include a recap brief review of why the Reservoir Replacement is so important.
A MOTION to send out Assessment Invoices was made and approved.
Unfinished Business
Recruitment of Secretary-Treasurer: Much discussion about how we will look to hire an individual outside our membership occurred. Various options were mentioned. Board Members agreed to look for options and report back at the September 19th meeting.
Generator: Tabled until more electrical information is available.
Water Manager Contract: Tabled
New Business
Calendar of Duties: It was proposed to complete a year-long calendar of what duties need to be attended to, like when the site for the Annual Meeting needs to be booked or when year-end documents need to be delivered to the CPA, and a number of other duties. The plan is to create this document and ask one of our Board Members to oversee the calendar by month, and to contact the Board Member/s responsible, and to make sure the duties are completed on time. Discussion to be continued at the September meeting.
The meeting was adjourned at 7:07 P.M.