Minutes of the Pinnacle Mountain P.O.A. Board
Meeting October 23, 2004
Members Present: Tom Pfaffl, Riley Ethington, Ronnie Styles,
Cindy Maddox, James Hardin
Secretary's Report
The minutes of the board meeting of
July
17, 2004 were approved as written.
A certified letter will be sent to
the two
remaining property owners who have
not paid
their FY05 dues. It will also include
a reminder
to pay their assessments with the dues.
The
property at 1923 Pinnacle Parkway is
being
sold and the mortgage company has agreed
to pay all back due fees and the one
time
assessment.
We have checked out the use of a nonprofit
stamp to reduce mailing costs. It appears
to be a complicated process and there
is
doubt that we would be approved. We
will
not proceed at this time.
Treasurer's Report
There are 24 property owners who have
not
yet paid their one time assessment.
A letter
will be sent to these property owners
reminding
them of their requirement for paying
this
assessment.
As of the meeting we have approximately
the
following funds available;
Certificate of Deposits $9,788
Checking Account $13,974
Road Assessment $8,200
Total $31,962
Road Committee Report
Cindy reported that it is a North Carolina
law that every home must have displayed
a
standard three-inch high 911 address
number.
Also, the county will be furnishing
street
signs to help clarify directions for
emergency
and service people.
In order to move ahead with the FY05
project
for the erosion on Pinnacle Parkway,
it will
be necessary to expand the right of
way for
one of the lots owned by the Norris'.
The
board approved a motion for relief
of annual
dues for PN Lot #7 in exchange for
extended
right of way as requested by the property
owners. We need to complete an agreement
to proceed with this project.
Approximately $800 of the assessment
fund
was spent on the drainage project for
Doubleview.
This part of the project is completed.
Architectural Committee Report
Robert Johnson attended the board meeting
as chairperson for the architectural
committee.
At the last meeting, the committee
spent
considerable time clarifying the guidelines.
They will meet on 10/31/2004 to finish
the
balance of the guidelines. The finished
guidelines
will be presented at the next board
meeting
in January , 2005.
Ann Whitehead and Russ & Marge
Strickland
are new members on the committee.
Safety Coordinator Report
The dry-hydrant project is still on
hold
until Chalk Lake has been sold to its
new
owner. Once that has taken place -
estimated
to be in Jan 05, we will approach the
new
owner for right of way and permission
to
install a dry-hydrant.
Old Business
Covenants & Restrictions Riley
reported
that the lower association has experienced
legal problems enforcing their covenants
& restrictions. Their association
was
not specifically conveyed the right
to enforce
covenants & restrictions by their
developer,
and they were not under the North Carolina
Community Act. After discussion with
our
lawyer, an Assignment and Transfer
of Rights
and Responsibilities document was drafted
and signed by our developer on the
29th of
September 2004. This document specifically
conveys to our Association the rights
of
the developer to enforce covenants
&
restrictions. Our association was formed
prior to 1 Jan 1999, and we also are
not
under the North Carolina Community
Act; however,
we will adhere to its regulations.
New Business
Reserve Fund Cap A motion was approved to develop a reserve
fund cap policy for our association. This
policy would limit the amount in the reserve
fund to 50% of the expected income for that
fiscal year. If the fund exceeds this amount,
the money will be distributed to property
owners in the form of reduced dues. Riley
will draft the official regulation for the
next board meeting.
Line of Credit - Ronnie Styles reviewed with our bank the
possibility of obtaining a line of credit
to be used for emergencies. Our bank requires
a personal guarantee from the board members.
The board rejected this option but suggested
we look into the possibility of obtaining
a bond from an insurance company. With the
50% cap on our reserve fund, this credit
is needed to cover catastrophic expenses.
W-9's - All new contractors must submit a W-9 to
perform work for the association. Existing
contractors will need to comply beginning
in 2005. If the Contractor does not submit
a W-9, we will withhold 20% of their fee
for taxes as per federal regulations.
Security Gate - Riley has presented to PRSPOA's board
of directors our security gate project. They
have agreed in principle with the need for
a gate at Nanney Town Road & Pinnacle
Parkway. Their board will present this project
to their General Assembly and if approved,
we will start getting quotes. Also, we will
have to reach an agreement for sharing expenses.
This project is budgeted for FY06.
Tax Exempt Status - Ronnie investigated the possibility of
being classified with an exempt status to
eliminate the need for our association to
pay the state sales tax on our purchases.
There is only a remote possibility that they
would approve our request. The board voted
to not pursue this issue.
Committee Membership - The board discussed various methods of
regulating memberships on committees. The
purpose would be to insure no property owner
has undue influence in association business.
A regulation could not be approved because
of the missing board members. This will be
discussed at the next meeting.
Robert Johnson was granted special
association
membership as provided by section 2.1
of
our by-laws.
Riley informed the board that he would
not
be seeking re-election as a board member
for next year.
Next Meeting
The next board meeting will be held
on January
15, 2005 at 10:00 am at Ronnie Styles'
mountain
home.
Meeting Adjourned
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