MINUTES OF THE ANNUAL AND BUDGET RATIFICATION MEETING 

PRENTICE AVENUE TOWNHOME ASSOCIATION, INC.

November 2, 2009

6:30 PM 

The Annual and Budget Ratification Meeting of the Prentice Avenue Townhome Association, Inc. was held on the evening of November 2, 2009 beginning at 6:30 PM, at the home of Kenneth Suess, 653 West Prentice Avenue, Littleton, CO.  All homeowners had been notified of the time, date, and place of the Annual and Budget Ratification Meeting by mail at least 10 days in advance.  Meeting agenda and proxy notices, annual disclosure information and website provided to review the proposed 2010 Budget were included in the mailing. 

REGISTRATION/CALL TO ORDER/CONFIRMATION OF A QUORUM 

Homeowners attending the meeting were asked to sign-in.  The meeting was called to order by Ken Suess, Secretary/Treasurer at 6:34 p.m.  The following board members were absent: Mark Harris and Walt Weimer. Representing management:  Kim Maguire of Premier Property Management, LLC.  

Kim confirmed for the Association that a quorum of voting members to include proxies was present, with the total being 6 (six).  A quorum of 3 is required per the Bylaws of the Association.

APPROVAL OF THE MINUTES OF THE 2008 ANNUAL AND BUDGET RATIFICATION MEETING

The Minutes of last year’s Annual and Budget Ratification Meeting held on November 3, 2008 were approved, as circulated.  A motion for approval of the 2008 Minutes was made by Mr. Suess and seconded by Mr. Thatcher.  The motion was unanimously approved by a show of hands. 

PRESIDENT’S REPORT

In the absence of Walt Weimer, Board President, Community Manager Kim Maguire reported that the Association spent a little over $8,000 to paint the exterior of the townhomes and complete trim board repairs.  A Reserve Study will be prepared by a firm to ensure our Reserves are adequately funded.

FINANCIAL REPORT

Ms. Maguire, Premier Property, reviewed the Financial Statements of the Association.  The statements included the YTD Income Statement for the nine months ended September 30, 2009.  Ms. Maguire reviewed the proposed 2010 Budget to all homeowners.  The Budget was reviewed and approved by the Board in September.  The majority of the homeowners of the Association did not reject the proposed budget; therefore the 2010 Budget was ratified at the meeting.  It was noted that there will be no dues increase.

ELECTION OF ONE DIRECTOR 

It was noted that there is one position open, for a two year term.  The terms will end in 2012.

The following candidate elected to run for a Board position:  There were no nominations from the floor.

Walt Weimer

Nominations from the floor were open.  There were no nominations from the floor so the nominations closed.  Due the fact that there was only one candidate running for one open position, Mr. Suess motioned that a vote by acclamation be held rather than filling out of ballots.  Mr. Thatcher seconded the motion and the motion was unanimously passed by a show of hands vote.  Mr. Weimer will serve a two year term, expiring in 2012.

The following persons are on the Prentice Avenue Townhome Association and are authorized signers for all Bank Accounts.  Walter Weimer, Kenneth Suess, and Mark Harris.

UNFINISHED BUSINESS

There was no Unfinished Business.

NEW BUSINESS

Ms. Maguire opened the meeting to discussion and/or questions concerning general homeowner business.  Some of the items discussed were: (1) Snow removal; the Board will discuss purchasing a snow blower for a homeowner that volunteered to remove the HOA snow. Insurance coverage will need to be considered (2) Special thanks to the Board for taking care of the landscape (3) Owners are requested to park their vehicles inside of their garages (4) Ms. Maguire will solicit bids for tree prune (5) Ms. Maguire will request organic fertilizer for Tru Green to apply next season. (6) The renewal on the trash removal bid was accepted.

ADJOURNMENT:

The meeting adjourned at approximately 7:03 P.M.  

     Respectfully submitted, 

     Kim Maguire 

     Community Manager

     Prentice Avenue Townhome Association, Inc. 

Attachments:  Incorporated herein by reference – (1) Prentice Avenue Annual Meeting Agenda, (2) Prentice Avenue Townhome Association Financial Statements dated September 30, 2009, (3) Prentice Avenue Townhome 2010 Operating Budget.