2008 Annual Meeting

Pinnacle Gardens Council of Co-owners

PINNACLE GARDENS
COUNCIL OF CO-OWNERS ANNUAL MEETING
JANUARY 15, 2008

The meeting held at the Grace Evangelical Free Church was called to order at 10:00 am by President, Ben Lampton.
Additional board members present were Joe Jordan, Nancy Chaplin, and Jenny Brown. Dan Rapp of Ky. Realty was also present. A count showed thirteen unit owners present and sixteen signed proxies which did not constitute a quorum. Since a quorum of owners is needed on a vote to make the proposed changes to the Master Deed/Bylaws, the proposals were not brought forward for a vote.

The minutes of the January 2007 annual meeting were discussed. The only amendment change included in last year’s meeting was the ‘Renter’s Amendment’ and this was explained. Nancy Chaplin moved and Josh Kopecky seconded the motion to accept the January 2007 minutes as written. Approved unanimously.

In the absence of Erin Hazelwood, Dan Rapp gave a Treasurer’s report. As of December 31, the bank balance was $18,313.38 and a reserve bank balance of $4455.74. There are end-of-year invoices still outstanding for the pumping station repairs. These were delayed so the insurance premium could be paid with no gap in coverage.
A question was raised regarding a reserve study and discussion followed noting the study done by Sandy Athanasakes last year. Jenny Brown moved and Estelle Fink seconded the motion to accept the Treasurer’s Report as read. Unanimously approved.

Ben then read the 2008 budget (attached and a part of these minutes). Questions and answers followed. The increase of maintenance fees that went into affect in January 2008 were discussed. Ben explained the fees being based on recorded square footage of the units.

Nominations of Board Members followed with Joe Jordan as Chairman of the Nominating Committee presenting the slate. All offices are for a one year term. They are as follows:

President - Ben Lampton
Vice President - Peggy Sullivan
Secretary - Nancy Chaplin
Treasurer - Erin Hazelwood
Member at Large - Jenny Brown

Since there were no other nominations from the floor, the slate was unanimously approved.

There were no other Committee reports.

Open discussion by owners followed.
1) A request was made for help and input from the owners to possibly serve on committees such as budget, landscaping, newsletter input, etc. It was noted Angela Louden is currently responsible for the Newsletter.

2) A problem with garage door openers of several units on one street was reported. It seems to be a radio frequency problem. Dan will contact Cunningham Doors to check the frequency.

The meeting was then recessed until Tuesday, February 5, 2008, at 7:00 pm at the same location. Proxies will be valid for the continuation of the Annual meeting.


Submitted by Nancy Chaplin, Secretary






PINNACLE GARDENS
PROPOSED BUDGET 2008

INCOME $154,015

EXPENSES

Electric $ 3,385
Water & Sewer 40,000
Trash Removal 9,300
Snow Removal 3,500
Termite Service Contract 1,100
Grounds Maintenance 16,500
Landscape Replacement 3,000
Irrigation Maintenance 1,000
Repairs/Maintenance 5,000
Legal/Professional 500
Insurance 30,950
Management Fee 12,980
Misc 1,000
Postage Duplication 800
Bad Debt 5,000
Audit 2,500

TOTAL $ 136,515