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
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