Present: Fran Oroson, Gary Petersen, Jim Curley

Absent: Amy Watson, Joey Supak

Guest: Gary Kovolchuk

Date: November 20, 2008

Location: Deerfield Clubhouse @ 6:30 pm

Gary Petersen called the meeting to order.

As of October 30, 2008 our balance sheet was:

Current Assets
Cash - operating
$22,722.00
Cash in reserve
$21,302.49
Insurance claims
$2,498.37
Assessments received
$8,083.67
TOTAL ASSETS
$54,606.53
 
Long-term Liabilities
Escrow streets
$5,500
Escrow roofs
$33,000
TOTAL LONG-TERM LIABILITIES
$38,500
 
Capital
Beginning Balance Equity
($3,269.89)
Retained Earnings-close
$14,289.86
Net Income
$5,086.56
TOTAL CAPITAL
$16,106.53
Total liabilities and Capital
$54,606.53

The Association has ten unit owners who are delinquent on their Association Fees totaling $10,103.65. Of this total, $8,155.68 is in foreclosure or bankruptcy.

Jim Curley reviewed the October financials, noting there were no unusual repairs or other expenses. However, we will have higher expenses on the November financials due to a number of roof leaks, which are now fixed.

Gutter cleaning and leaf removal are scheduled and will begin shortly, this is part of the monthly lawn care fees we pay.

Fran Oroson reported the Nominating Committee had received a number of names of Association Members who are interested in running for one of the three positions that will be voted upon at the Annual Meeting:

Natasha Blackshear Gary Kovolchuk
Mindy Schwartz Joe Supak
Amy Watson Bill Wheeler
Bob Wolfgang  

Nominations will also be accepted the night of the Annual Meeting and anyone who gives their name to Fran between now and the Annual Meeting will also be added to the ballot. The Annual Meeting is scheduled for Thursday, January 15, 2009. Gary Peterson will call the library to reserve their meeting room.

Jim Curley distributed the proposed budget for 2009. Because all the Board Members were not able to attend the meeting, it was decided not to vote on an approval at the meeting. As soon as all the Board Members have reviewed the budget, it will be voted upon, and if approved, will be presented to the Association at the Annual Meeting.

Respectfully submitted, Fran Oroson