July 20, 2023
Valleyhi Community Club, Inc.
Minutes of July 20, 2023 Board Meeting
Location: The 97 Rock House
The meeting was called to order at 6:10 P.M. by Trustee, Mike Weil.
Proper notification of the meeting was given, and a quorum was present.
The meeting was attended by:
Trustees: Tom Freeburg, Danielle Small, and Mike Weil
President:
Vice President: Position Vacant
Treasurer: Ginger Hall
Secretary: Peggi Lopez
Members: Steve and Cindi Collamore, Marina Garcia G., Juan Lopez, and Jim Wolf
Absent Board members: President, Karl Ruether, and Trustees, Lisa Estey and Susan Raley
Minutes: A MOTION to approve the minutes of the May 2023 meeting as presented was made, seconded, and passed. The minutes of the annual meeting and the short executive meeting that followed the annual meeting were approved by email.
Treasurer’s Report
The Summary of Checking and Cash/Asset Accounts as of June 20, 2023 showed a water checking account balance brought forward of $59,071.85. After accounting for all deposits and checks, the balance was $112,988.65. The Dedicated Repayment Account balance was $1,174.72. The Community Dues Checking Account balance was $12,903.72. The savings account balance was $1,351.42. The Capital Reserve Checking Account balance was $5,196.11. The Reservoir Replacement Account balance was $500.00. The CD balance was $50,203.16. After factoring in the accounts receivable of $42,007.52, our total assets as of June 20, 2023 were $226,325.30. Taking into account our current DWSRF Loan liability of $233,078.44 and our total equities, retained earnings, and income of minus $6,753.14, our total liabilities and equity are $226,325.30.
The Water System Operating income for May was $76,620.12; expenses were $3,986.09.
The Community Dues income for May was $8,203.66; expenses were $1,310.65.
The Summary of Checking and Cash/Asset Accounts as of July 19, 2023 showed a water checking account balance brought forward of $112,988.65. After accounting for all deposits and checks, the balance was $117,277.59. The Dedicated Repayment Account balance was $1,174.77. The Community Dues Checking Account balance was $12,494.76. The savings account balance was $1,351.48. The Capital Reserve Checking Account balance was $5,196.11. The Reservoir Replacement Account balance was $500.00. The CD balance was $50,203.16. After factoring in the accounts receivable of $36,764.85, our total assets as of July 19, 2023 were $224,962.72. Taking into account our current DWSRF Loan liability of $233,078.44 and our total equities, retained earnings, and income of minus $8,115.72, our total liabilities and equity are $224,962.72.
The Water System Operating income for June was $5,412.23; expenses were $2,369.87.
The Community Dues income for June was $660.00; expenses were $1,111.86.
Ginger reported that more members are beginning to use PayPal. A MOTION was made, seconded, and passed to accept the May and June 2023 financial statements as submitted.
Water System
Reservoir Replacement Project Funding: There is nothing new to report.
Unfinished Business
Generator: This is still in limbo, and we are still looking for a rental generator to use in figuring out what the problem is.
Special Meeting to Authorize Special Assessment for New Reservoir: We cannot move forward with a new loan until the old loan is paid off, so a special assessment may be the only option left to us. After a discussion of the many options for a special assessment, its consequences, and ways to make it affordable for everyone, the Board decided to send a survey-type letter to the membership for input as to who would be willing to participate with a certain dollar amount, and who would be willing to participate in a 12 or 24-month payment plan. Setting a goal date, phoning, and door knocking were also put forward.
New Contract with Water Manager: This is still in development. Tom has been reviewing several pertinent documents with Jason to aid Tom in rewriting our CCC Program. He, Tom, would then take on the CCC survey work, and Jason would sign off on any documents used when reporting to the State DOH.
New Connection: After discussing the issue, the Board decided to send this person another letter.
CD: Our CD was pulled out and put in a savings account. We are waiting for information on what documentation is required to move it to a new account with a higher interest rate of 3.5%.
New Business
Delinquent Accounts and Water Shut-offs: This needed to be discussed in executive session, so it was tabled.
New Emergency Contact for Water Issues: Jim Wolf agreed to fill the soon-to-be-vacant emergency contact slot.
2023 – 2024 Budget: Danielle provided the Board a draft 2023-24 Budget via email. After reviewing the proposed budget, and getting clarification on certain items, a MOTION to approve the budget as submitted via email was made, seconded, and passed.
New Contract with Accountant: The Board approved this new contract via email and signed it at this meeting. The original will be sent to Jim Weins. A copy will be kept in Valleyhi files.
Letter of Demand: In order to address the issue with the member that issued the Letter of Demand, it was decided to engage counsel, and a MOTION to that effect was made, seconded, and passed.
Recruitment for Open Secretary Position: This will be posted on the bulletin board, website, and in a newsletter.
Members’ Concerns
Sprinkler System for Commons Area: Jim Wolf still has the plans and parts list for this project and wanted to know if the Board wanted them. Mike and Tom will confer with Jim about this project.
Reducing Number of Years Left on Current DOH Loan: There was an in-depth discussion of how we could make an extra payment on the principal of our loan thereby taking one year off our amortization schedule. The Board will discuss this further at a meeting in August.
After a motion to do so, the meeting was adjourned at 7:49 P.M.