Minutes of the Trustee Meeting

Queensberry Condominium Trust

March 11, 2013

Pursuant to the Article V.  Section 5.9 of the By-Laws of Queensberry Condominium Trust,  a special meeting in lieu of the annual meeting of unit owners was held on Monday,  March 11,  2013, at 7:00PM at the offices of Boston Choice Properties, 125 Jersey Street, Boston, MA.

Those Present:  Ning Hernandez 111-05, Sheryl Kelly 111-19, Jeff Schwarz  111-17 and Michael Grappo 107-4 & 107-8, Trustees

Sarah Park  106-6, Max Compagnon  107-11 (proxy Michael Grappo), Michael Vounatsos  107-9 & 107-15 (Proxy Sheryl Kelly)  Robert Mersereau 111-12, Ria Jauw 111-14 , & Richard Bettano 111-15, Unit Owners

Pamela Pendias,  Modica Associates 

23.74%  of the beneficial interest was present either in person or by proxy.   Since a quorum was not present no formal business could be conducted.  An informational meeting was held for those owners who were present.

Pam  called the meeting  to order at 7:10 PM.  

OLD BUSINESS  

Owners were furnished with the balance sheet as of December 31, 2012,  reflecting $5,577 in the operating account and $59,373  in the reserve (savings) account.    At Year End the association was current with all operating bills and with the exception of one owner, everyone is current with their condo fees.

For the most part the budget was accurate and condominium fee revenues  are sufficient to meet operating expenses.    Line items that were significantly over budget include oil and capital repairs .   The building converted to gas last year so the line item for oil was eliminated in the operating budget for 2012.   However the association paid for December oil deliveries in January resulting in an overage of $9,409.   The other item that exceeded budget was capital repairs,$81,355,  since nothing was budgeted for this line item.    The association made two notable capital improvements to the building last year;  the courtyard at the rear of the property was replaced and new drainage installed  to eliminate standing water and the wrought iron  railing running along the perimeter of the property was replaced.   Both projects cost $15,100  each for a total of $30,200. 

The association had two insurance losses last year.   In January 2012 one of the heating boilers cracked.    A claim was filed under the master policy for the building to help defray the cost of furnishing and installing a new heating boiler $30,000.    There is a $15,000 deductible under the master policy,    There was also an insurance claim filed in June 2012 when  two different pipe  breaks were discovered  under the floor of 111-20A.    While insurance does not cover the cost of repairing the lines, it does cover the cost of cosmetic repairs in the unit, replacing carpet  and floors that needed to be removed in order to access the two breaks in the pipe under the floor.     Other capital expenses include  $22,200, final payment to the contractor for  replacing roof in 2011 and lining the chimney $2,650 associated with the converting the building from oil to gas heating.    

NEW BUSINESS

Along with the year end figures owners were furnished with a new operating budget for F/Y 2013, which for the most part remains the same with no increase in condo fees.     Owners were furnished with a balance sheet as of February

28, 2013 along with copies of the bank reconciliation and bank statements reflecting $5,340 in the operating

Minutes of the Annual Meeting

3-11-13

Page Two

 (checking) account and $62,088 in the reserve (savings) account.

At the end of February, the association has a net loss of $237.   Items over budget at this time include gas, and snow removal which will even out as the year progresses.    The financial statements are done on a cash and not accrual basis.

The next item of business was the election of five trustees to serve a one-year term.    The incumbent trustees all indicated that they would be seeking re-election.    Pam stated that she had heard from no other unit owner wishing to serve as a trustee.     The incumbent trustees were all re-elected by acclamation by those unit owners present.

OTHER BUSINESS

Pam noted that more often than not, the gates behind the rear of the property are left ajar.   Sara Park stated that tenants in the basement prop the rear doors and gate to the courtyard open to allow guests access for weekend parties and smoking in the courtyard.    The courtyard is a common area and smoking is not permitted in the common areas, hallways, stairwells, etc.   Sheryl Kelly suggested that Modica obtain a proposal for furnishing and installing door closers on all (3) gates as residents are not closing them.   Sheryl did note a problem with the gate at 107 Jersey Street not latching.   Pam stated she would look into it and have it repaired.    

Richard Bettano suggested the name of a local landscaper the association may wish to consider using this year to spruce up curb appeal.    Pam said she would call, Peggy Prentice at Green Pea Gardens for an estimate.  

Pam was informed that a new tenant moved into 111-16 recently.    Unfortunately investor owners often times neglect to inform management when there is a change in occupancy in their respective units.    Sheryl suggested that Modica draft a letter for new tenants informing them of the building rules governing trash, quiet hours, monthly pest control, removal of A/C’s and need to register bikes.     Pam to contact the owner of 111-16, get the name of the tenant ane charge the owner the requisite $150 move-in fee.     The only real control Modica has is when new residents call requesting to be listed on the directory located in the foyer of each building.  

Someone asked about the pipes in the courtyard.   Pam stated that they were kept for the insurance company so they could see the damage associated with the corroded steam pipes resulting in the most recent insurance loss for the association.   

Sheryl had questions about the costs associated with snow removal and did not see any consistency in the billing.   Pam stated that there were up charges for removing snow on weekends and holidays but will send Sheryl and all board members a copy of the snow removal services that Modica has been providing at the building.

Robert  Mersereau asked if something could be done about the ponding water on the sidewalk at the entrance to the courtyard suggesting that the drain should be checked in that area.   Modica will arrange for this.

There being no further business, the meeting adjourned at  7:50 PM. 

Respectfully submitted by:

Pamela Pendias

Modica Associates

For the Recording Secretary

Queensberry Condominium Trust