January, 2024 Meeting

 

Victoria Village Atrium Association Board of Directors’ Meeting January 8, 2024

Board members present: Sarah Wise, president; Larry Sagstetter, vice president; Margie St. Jacques, treasurer; Hank French, secretary; Ann McNattin, member at large.

Also present: Mike Severson, building manager.

1. Call to Order: The meeting was called to order at 6:30 p.m.

2. Secretary’s Report: Moved, seconded, and voted to approve the minutes

   for the November 2023 board meeting as written.

3. Treasurer’s Report: For December 2023, the opening balance was

   $443,718.71 and the closing balance was $458,449.03. This represents an increase from the opening balance of $14,730.32. As of the end of December, we had $53,896.01 in our operating checking account, and $404,445.37 in reserve accounts. (Note: The reserve accounts are one operating CD with North American Bank, a money market account with Premier Bank, a Premier CD, an NAB CD, a savings account with Royal Credit Union, and three CDs with Royal Credit Union.) Moved, seconded, and voted to approve the Treasurer’s Report.

4. Committee Reports:

   1. Welcoming Committee: There have been no new residents since the

      Annual Meeting in December.

   2. RecreationCommittee:ThecommitteeheldaChristmasGatheringin

      December with 40 plus attendees, and a New Year’s Game and Pizza Night. It was noted that, during events in the common area, music— live or recorded—should be discontinued at 9:00 p.m. in accordance with the Rules and Regulations I. A. 1. a. which calls for “quiet hours” between 9:00 p.m. and 8:00 a.m.

5. Management Report: Mike reported that he will be arranging for an independent review of our financial statements for the 2023 tax year. For independent financial reviews and audits, we have been on a three-year schedule with independent financial reviews for two consecutive years and a full independent audit in the third year.

6. Old Business:

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1. Preliminary Discussion on Special Assessment: We anticipate that the roof and skylights will be replaced in either 2025 or 2026 and that a special assessment will be necessary to cover the cost. The amount of the special assessment will be based on both a projection of actual costs and a projection of how much our reserve funds will need to be augmented to cover those costs at the time of replacement. Mike is currently in conversation with Eric Jeanotte of United Roofing Minnesota to get a projection of costs to replace both the roof and skylights in 2025 or 2026. (Mike will report to the Board when the projection is received.) Once we have that projection, the Board will calculate how much we will need to increase our reserve funds over the next two to three years in order to ensure that we can both cover anticipated costs and maintain a reserve fund large enough to cover any unanticipated emergency costs going forward. Any special assessment recommended by the Board must be approved by a majority of owners voting either in person or by proxy at a meeting called by the Board for a vote on the special assessment.

2. ExteriorLightsUpdate:MikecontractedwithBlueskyElectricto purchase and install two replacement exterior light poles—one near the main entrance and one by the sidewalk leading to the east side entrance. (The light poles have been received and were installed on January 10th.)

VII. New Business:

1. Handyman Tasks and Supervision: A list of handyman/custodial tasks

   was given to Doug Copas whom Keller has hired to work part-time as needed at the Atrium. Keller is responsible for overall supervision of Mr. Copas and onsite supervision, if needed, will be provided by available Board members.

2. Rules and Regulations Enforcement: It was noted that the Rules and Regulations about storage in the garage are frequently not being followed. According to HOA Rules and Regulations (III. A. 4.), “Storage is NOT permitted in the garage stall or garage area except in the storage cabinets or as approved by the Board.” Exceptions to this Rule are non-motorized 2-wheel bicycles and medically necessary items such as walkers. If anyone needs to temporarily store other items in the garage stall or garage area, they should ask for Board approval by contacting the Board President, Sarah Wise.

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c. Savatree Proposal: Mike is in conversation with Savatree (the company we use for treating our trees to prevent or address tree diseases) about their recommendations for 2024 treatments. He will report back to the Board at the next meeting.

8. The meeting was adjourned at 8:15 p.m.

9. The next Board meeting will be on February 5th at 6:30 p.m. Homeowners

are invited to attend.

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Respectfully Submitted Hank French, Board Secretary