Summary of ECA Board Meeting November 28, 2017

Board Present: Zlatan Beca, Makarand (Mac) Dehejia, Monique Fridell, Al Muller, Connie Row, Lyle Schwartz, Rhonda Taller

Others Present: ECA General Manager MaryAnn Hall, Assistant Manager Romaine Cureton, Gates Hudson Portfolio Manager Larry Hirschman, Jeremy Tucker (ECA legal counsel, Lerch Early & Brewer, Chtd.)

HIGHLIGHTS OF THE MEETING

President’s Report

Rescheduled Special Meeting for Bylaw Amendments—January 23, 2018 is the new date for the Association to vote on changes to two bylaws that address board terms and special assessments. The original meeting scheduled in November was canceled because it was uncertain that the required 51% quorum would be met. All proxies continue to be in effect through to the January 23 meeting. Voted proxies may be taken to the management office.

Ethics Training for the Board—The ECA Board will be given ethics training on December 4 to ensure each Board member is acting in the best interest of the Association.

Holiday Party—There will be an official holiday party for residents on December 17. Dress to impress is encouraged.

Board Secretary Elected

Monique Fridell has agreed to serve as Secretary of the ECA Board.

Financial News

The draft audit report shows our financial picture making positive gains.

Motions

Loan Reporting—Board unanimously approved returning to GAAP principles related to accounting for payments on our loan. Generally Accepted Accounting Principles (GAAP) are widely accepted accounting principles, standards, and procedures that companies follow when they make their financial statements. Why this practice had fallen out of use seems to have been a measure to placate a resident who had been a past Board member.

Service fees for in-unit work orders—The Board tabled a motion to raise the fee charged for such services as repairing a leaking faucet.  The proposal was to raise the fee to $50 per hour which is similar to what other condos charge for such services. The Board asked for more clarity on cost of services, which the General Manager will work up.

Strategic Financial Plan—The Board voted 6 to 1 to approve the long-term project and financing component to complete the Strategic Financial Plan. This plan outlines two options to return The Elizabeth to fiscal health while addressing current capital needs: 

• recommends a special assessment be used to pay off the existing loan as the preferred option subject to a separate owner vote. (This is only feasible if the pending bylaw amendment reducing the size of the required vote passes.)
• or, if necessary raising condo fees for the next several years.

Under current conditions, refinancing of our large loan is not feasible.

General Manager’s Report

Water off in Building on November 30—To repair the cooling tower. The time the water will be affected is from 8:30 am to 4 pm. It may be that cold water will be running but not the hot.

Elevator Inspection: Inspection completed. It is now expected that we can delay major renovations to the elevator for several years.

Cleaning Main Sewer Lines—Lower floors continue to be a problem.

EPipe Inspection—Montgomery County is close to completing inspection of EPipe work with no problems reported.

Holiday Fund—Pam Dillon and others will collect donations to the Employee Holiday Fund. Stay tuned for further details.