October 13, 2020

Hickory Farms Community Association Board of Directors

Date: October 13, 2020 at 7:00 PM Eastern Time (US and Canada)

Location: Zoom Meeting, https://us02web.zoom.us/j/85047870724?pwd=dHlZYXpyYnNYTks5TXExZUdLYmUzQT09

Attendees: Chuck Stewart, Kathie Schmidt, Carlie Mensen, Pam Barrett, Jim Bever, Melissa Stark, Telah Jackson, Debbi Buchanan, William Berg, Ken Sorg, Bruce Bernhardt, Meredith Perkins

Agenda Items:

7:00 - Start of October Budget Board meeting

7:05 - Training: Continue Chubb’s Directors & Officers Liability Loss Prevention Guidelines, Business Judgement Rule, Pages 10 -11

7:15 - Financials, Reserve Fund, and Budget: 

• Reviewed summary slides prepared by Chuck
• Discussed the possibly of late annual assessment payments due to Covid. Ken Sorg suggested that we consider payment plan if needed.
• Reviewed the current status of the 2020 budget and remaining funds for each line item. A majority of funds are obligated at this time.
• Discussed options for adjusting spending.
• Reviewed 2021 items for repair/replacement items on the capitol reserve study and options for reducing the cost.
• Reviewed the health of the reserve study funding and discussed that maintaining a $9000 into the reserves/year would maintain the reserves at the current rate of ~25%.
• Reviewed adjustments to proposed 2021 budget, insurance is increasing to provide more coverage, discussed printing cost reduction options
• Agreed to hold a follow on budget meeting in 2 weeks once the insurance costs for 2021 are received.
• Motion to make the capitol refresh budget line item a minimum of $7500 by Jim and 2nd by Bill; Vote Count - Yes: 8 (all attendees with exception of Pam Barrett who was not online at the time); No: 0

8:00 - Fix Annual 2021 Dues

• Proposed annual dues of $250, discussed raising at a minimum of inflation, and potential additional increases to better fund the reserves.  No immediate need to increase, especially during the Covid pandemic.
• Motion to maintain 2021 Assessment at $250 by Chuck, 2nd by Jim; Vote Count – Yes: 8 (all attendees with exception of Pam Barrett who we could not hear due to technical reasons); No: 0.

8:30 - End of Meeting

• Motion to close by Debbie, 2nd by Kathie, All in agreement.
• Closed at 8:40