Temple Lofts HOA
General Board Minutes
(12 January 2021)
- Earthquake Example Attached: 20210112__GeneralBoardMinutes
- Reserves Analysis: Temple Reserves Analysis__Alan__v3_wMarkup
Call to order: 06:30 am/pm
In Attendance: ⬛(present) ⬜ (absent)
- ⬛ (Off Site Property Manager) – Itay Zigdon
- ⬛ (On-Site Property Manager) – TBD
- ⬛ (President) – Chris Higgins
- ⬛ (Vice President) – Daniel Yousef
- ⬛ (Treasurer) – Kirsten Severson
- ⬛ (Secretary) – Mark Friedman
- ⬜ (Member) – Travis Alexander
Residents Present:
Introduction:
- On-Site Manager Updates
- Resumes done, Interviews happening, then Hiring:
- 164 and 3 interviews so far with great potential candidates
- Collected another 40 in order to try and see if there is more familiarity with building and maintenance
- Resumes done, Interviews happening, then Hiring:
- Historical Numbers – Expenditures, Reserves, etc.
- Gathered materials – Financial Statements, Budgets, Reserve studies
- Finalized: 20210111__reserveAnalysis/ Temple Reserves Analysis__Alan__v3_wMarkup.xlsx
- Dues Increases: 0% increase in 2020
- Reserves: Spending (30%), Legal Settlement (), Replacement costs (20%), Dues (5%)
- Reserve study 2020: Received! Digging into it right now…
- Insurance (EQ, Flood)
- EQ Example:
- If people get CA EQ Insurance personally, they pay 12.5k and the next 14.1M will be covered (with a 10M policy)
- CA EQ Policy of $350, $10M is about $700/unit cost –> About $1k/year
- HOA Assessments
- NOTES:
- There was 0% increase in 2020
- COMPLETE: understand historical reserves and expenditures
- Reserve studies and 100% funding plan in a reasonable time
- Decision on EQ insurance
- Likely we’ll see about a 5% assessment, with payment plans, that will become permanent at end of 2021
- PROCESS:
- Minimizing reserve study #s – big part driving the budget. Ex: timeframe to get to the required 100% of $1M vs. $1.7M reserves
- Ex: 5% dues increase is only helping with $25k, $520 average, 83 units
- $90k budgeted for Reserves with current dues increase
- Potentially find $25-50k in savings OR reduce our Reserve Needs
- NOTES:
- CC&R Updates
- In progress…
- Maintenance Contracts Updates
- In progress…
- Fire Inspections
- Trash Chutes: Itay
- Elevator Inspections: Itay
- Emergency Lights in Staircases – bad ballasts, receiving quotes
- Hot Water Trade Study
- Working on getting quotes at present – ripping out tank, waterproofing floors (leak #6), waterproof walls, repiping, new tanks
- Items:
- Flag – Replacement and Size
- Given the extra tension from a larger flag, we could not up the size
- Keys
- YEEEES!!! Organizing the keys… this is exciting for Higgins. OCD much?
- Mills Act
- Continue investigating…
- Water Issues (Cartridge issues)
- Plumber is coordinating with residents for X11/X13/X15
- Misc.
- Ejector Pump: Delays in quotes and getting back to us, going for quotes…
- Fire Alarm Team: Need to update training and sign-up a “team”
- Power Strips: Have yet to try it out
- Cartridges: Potentially require replaceable on incur expense of replacement
- Water Leaks: On-site persona task
- Garden: Butterfly Garden on track with gardeners
- Electrical Bill: Pete Bruno helping out to figure out why our bill is so high, purchased an Clamp Ammeter
- Waterproofing a few windows up on floors 4-5 – Need to get lift to complete waterproofing – Aruba Construction to complete as soon as we can schedule.
- Electrical Room Leak: Completed
- AllstateHOA Financials completed: I got in!
- Voting! Nobody is running
- Flag – Replacement and Size
- Open Forum
- Question – How we spend money and getting community involved in major expenditures – Chris to check legal
- Earthquake – Discussion of options – To be followed up on
- Discussion of assessment strategy – Noted 5% is possible depending on Eq insurance and outcome of reserves.
CCR – Updates In progress with lawyer - Boiler Room – Copper replacement and tank removal. Will discuss at next meeting
- Fire Survey – Workin on e-lights, Bob Peters working on elevator and trash latches – Within 1month likely
- Hot water trade study- Issues with crossover – Plumber rescheduling
- Flag – same size – operation complete
- Keys- Organizing
- Ejector pump – cleaning and maintenance to abate smell
- Fire alarm Team – training
- Power stirps – no progress yet
- Water leaks – 611 / garage / storage
- Butterfly garden – Kiersten – working
- Power – bought meter to look for culprits
- Windows south tower waterproof – tbd
- Electrical room – ok no leak noticed
- Financials- Allstate on site.
- Voting – No candidates
Other:
Previous Action Items:
Date | Person | Action |
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Action Items:
Adjournment: 7:33pm
Prepared by: Name (Title) Mark Friedman (Secretary)
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