HOA BOARD MEETING

28 Apr. 2011 @ 8:30pm
(lexingtonhoaboard.blogspot.com)

Those in Attendance: Board Members: Edward Takacs, Mike Scales, Gene Cosper, Jeremy Fong
Review Minutes & Assignments: 24 Mar. 2011 HOA Board Meeting (All board members agreed)

Management:
- Reviewed Lexington Estates HOA finances.
-- Lexington Estates HOA
Balance Sheet
Transaction 02/28/2011
Assets
Operating Accounts
LEXE SS - CHECKING 12,430.27
Total Operating Accounts 12,430.27
Accounts Receivable
A/R 15,374.74
Total Accounts Receivable 15,374.74
Total Assets 27,805.01
Liabilities & Equity
Liability
Prepaid Assessments 29.46
Total Liability 29.46
Equity
Open Balance Equity 22,596.84
Reserve (13,073.07)
Net Income 18,251.78
Total Equity 27,775.55
Total Liabilities & Equity 27,805.01

Financial Audit bids.
- Carver Florek and James CPA/LLC $2000.00 - $3000.00.
- Adams and Petersen CPA $2000.00 - $3000.00. But is willing to work with us.
- Chilshon Bierwolf Nilson and Morrill CPA $2000.00 - $3000.00.
- Vote placed before all board members. All board members voted for Adams and Petersen CPA.
-- Mike Scales will contact them to get started.
- Board members & our Management Co. are working on 2012 Budget to be presented at our Annual meeting

SB 117: Community Association Act.
- modifies a provision prohibiting a homeowner association's governing documents from requiring an amendment to be approved by more than 67% of the voting interests; and requires previously adopted governing documents to be amended to be consistent with that provision.

- I called our attorney Paul H. Olds about SB 117 and he looked into it. This bill does not really affect our HOA. This bill set a 2/3 vote to amend our bylaws and how we govern our HOA. We still require 100% of the home owners to vote to get read of the HOA. Because the HOA is recorded against each homeowners deed (title). It is part of the property. Each homeowner has a vested interest in the HOA and they may have bought their home knowing and wanting an HOA.

- I also called Clinton City Planner Lynn Vinzant. He looked into SB 117 and thought that it will not affect our HOA. He thought it would still require a 100% approval, but told me to get with our attorney to get a better answer. He also said we would also need to go before the city to petition the disbandment of our HOA. Because that is how our community was plotted and setup in the beginning.

- FCS Community Management (Thomas H. Barra CMCA) spoke to one of the attorneys form Vial Fotheringham about the all the new laws that are coming up for the associations, they are one of the best HOA attorney firms in Utah, about disbanding our HOA and they told him that would still required the approval of 100% of all the owners. He also said that the reason why it’s because some homeowners probably bought in there just for the fact that it was an HOA and I understand that your HOA does not have amenities but there are other HOA that have them and that is the reason why the law was written like that, he also said that there are some cities that require the HOA to get their approval for that, Clinton might be one of them.

Annual Meeting:
-Clearfield library is unavailable, because they have a summer reading program every Thursday all summer long. Fridays are bad also because we have to be out of there by 5:30pm
- The Clinton city meeting room is available. Cost is $60.00 an hour, and there is a 2 hour minimum. Plus a $250.00 deposit (refundable).
- West Clinton Park (2650 W 2000 N) is available. Cost is $30.00.
- West Clinton Elementary School might be open, I still need to check. Cost is $50.00.
- All board member agree to have it at West Clinton Park (2650 W 2000 N) on the 9 June 2011 @ 7pm.

Landscape:
-Edward Takacs, Mike Scales, Gene Cosper meet with our landscaper and told him what we wanted done with our landscape easement.
- Gene Cosper, Jeremy Fong will be checking on the sprinklers to make sure they all are working.
- Gene Cosper, Jeremy Fong will be working with our landscaper.

Next HOA Board Meeting: To be announced.
Review of notes: All Board members agreed.
CLOSED: 10:00 pm