CASWELL COVE MARINA MINUTES OF MEETING October 11, 2016
1. Attendees: Board members present were David Brickley, President; David Crowle, Secretary; Paul Viscount, Treasurer, and Tony Faresich, V. President. The meeting was called to order at 7:08 PM. A quorum of the Board was present. Dave Phillips of SMS Property Management was present. Unit owners Scott Savo, Mike Pecararo were also present.
2. Minutes from Previous Meetings: A motion to approve the minutes from the September 13, 2016 Board meeting was made by Paul Viscount. Dave Crowle seconded the motion. All members present voted in favor of the motion and the motion was carried.
3. Manager’s Report: a. The AR Aging Summary Report to 9/30/16 was reviewed. Dave P noted that 12 unit owners were behind in their payments on 9/30. Of these, 3 units were with the Attorney for collection. Late notices have been sent to those unit owners who are behind in payments. Thirty-six unit owners’ accounts are paid in advance. b. The Summary of Checking/Savings Accounts was reviewed. Total cash on hand in the various accounts as of 9/30 was $402,098.98. Of this amount, $12,230.80 is in the Chase & Milford Bank operating/checking accounts and $389,868.18 is in the Chase & Milford Bank reserve savings accounts. c. A copy of the check detail report through 9/30/16 was distributed and briefly reviewed. There were no questions or comments. d. A summary of expenditures vs. budget for FY 2016 to 9/30/16 was presented and reviewed.
4. Old Business a. Dock Waler Replacement– Dave P. noted that the start-up for D-Dock is still scheduled for the week of October 17. Beaver Marine has been on site and completed the re-tightening of all the walers on A, B & C docks. b. B-02 sailboat eviction/disposal – Dave P noted he has talked with the slip owner’s attorney who has filed suit against the owner of the sailboat to get it removed. There still has ben no affirmative action to resolving this issue. c. FY 2017 Budget – Dave P. presented a final version of the proposed FY 2017 budget and 10 year plan updated through the close of FY 2016. With no further changes the Board unanimously voted to adopt the proposed FY 2017 budget and forward to the unit owners to ratify the budget at the November unit owners meeting. d. Annual Decommissioning Party – The annual de-commissioning party will be held on Saturday 10/22/16. Roseann Santamaria is working on coordinating the party theme and catering.
5. New Business a. Annual Meeting and Board Elections – The annual unit owners meeting will be held Tuesday, 11/1/16 at 7 PM – Dave Crowle and Tony Faresich’s terms expire this year. Dave Crowle will rerun for the Board, but Tony F. has opted not too. Unit owner Scott Savo indicated his willingness to volunteer for the board and will submit a nomination form.
Page 1 of 2 b. Revised Collection Policy – Dave P. presented a revised collection policy/rule for the boards consideration. He noted that, based on advice of counsel, CCM needs to adopt a collection policy as a rule based on recent requirements set forth by CT State legislature. The requirement is now that the policy has to be adopted in the same manner as rules, requiring that it be sent to all unit owners for review and comment prior to being adopted by the Board.
6. With no further new business to discuss, Dave Brickley made a motion to adjourn the meeting and the meeting was adjourned at 8:30 PM.
The Annual meeting will be November 1, 2016 - The Next Board meeting will be in January – Date TBD (no December Meeting)
Prepared By: SMS Property Management, LLC. 1/05/17
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