Notes from the Annual Owners' Meeting on February 15, 2011

Attending:

Pam McNeil (MA) --Modica Associates
Ning Hernandez (NH) --Trustee, Queensberry Condominium Trust
Yelena Chigirinskaya (YC) --Trustee, Queensberry Condominium Trust

Douglas McClennen (DM) --Trustee, Queensberry Condominium Trust
Bill Gentz (BG) --Trustee, Queensberry Condominium Trust

Distribute to:

David Sherf (DS) --Trustee, Queensberry Condominium Trust

Financials' Review 

• Cash flow at the end of 2010
• Associations' reserve was grown to $23,00

Reviewed 2010 budget

• Revenue (e.g. condo fee income)
• Mandated that 10% of the annual budget is set aside in the reserve
• Expenses
• Manager fees - small but acceptable increase
• Utilities are the big expenses
• Question:  What are we paying for oil?
• $2.699/gallon (capped).  MA can provide a spreadsheet with the history of oil consumption and payment for the buildings
• Board is investigating converting to gas as a cost saving measure
• Question about efficiency of converting to gas?gas com
• Repaires
• Over budget because of the sewer leak outside
• Leaks in the common areas due to skylights and roof problems
• Building insurance
• Question:  What does it cover?
• Catastrophic loss.
• $15,000 deductible total for both buildings
• Owners express concern that the insurance premium is too high for the deductible

Reviewed 2011 Budget

• Assessment to replace the roof
• Question: Who establishes the operating budget? 
• The board
• Some owners express concern about not being presented with bids and contracts reviewed and/or signed by the board
• Question:  What is the timeline for replacing the ceiling in the common area? 
• Will be replaced along with the roof, probably after the roof is replaced.
• Question:  What will happen to the funds remaining from the roof replacement assessment? 
• They will go to the reserves and other repairs.
• Upcoming projects:
• roof
• 107 laundry room
• pipe issues in the basement
• front doors

These minutes are written to Yelena’s best recollection. Please notify her of any discrepancies immediately.

February 9, 2011, ("January") Meeting

Attending:

Dave Modica (MA) --Modica Associates
Ning Hernandez (NH) --Trustee, Queensberry Condominium Trust

Douglas McClennen (DM) --Trustee, Queensberry Condominium Trust
Bill Gentz (BG) --Trustee, Queensberry Condominium Trust

Yelena Chigirinskaya (YC) --Trustee, Queensberry Condominium Trust
Distribute to:

David Sherf (DS) --Trustee, Queensberry Condominium Trust

107 Laundry Room Floor

Same. To be repaired in March/April once the streets are clear from snow.

Bad Smell in 107

Same.  The repairs for the broken steam pipe in the basement will be attempted in March/April once the streets are clear from snow. 

Roof Replacement

• MA is talking to the engineer, discussing the scope of the work, including how to solve the problem with people coming out on the roofs--the doors out to the roof will be connected to our the alarm system
• Unit 11-19 had a small leak which became a bigger leak after the snow storm
• MA has been clearing snow off the roof
• Now the snow is melting off the roof 

Miscellaneous

• Snow/water accumulation in the courtyard - David Modica checked the drain, and it was fine.
• The board discussed agenda for the Annual Owners' Meeting

These minutes are written to Yelena’s best recollection. Please notify her of any discrepancies immediately.