The new Board of Directors for the Hickory Wood Condominium Association began their term in office on February 25, 2016
The first board meeting will take place on Thursday, March 10th.
(Board meeting notes will be taken.)
Below is a reproduction of the official announcement concerning the 2nd Condominium Association Meeting on 2/25/16.
HICKORY WOODS 2ND CONDOMINIUM ASSOCIATION MEETING
FEBRUARY 25, 2016
John Kalantzakos hosted the 2nd Hickory Woods Condominium meeting at the Hickory Woods Clubhouse on February 25, 2016
The meeting was called to order at 6:10 PM.
The main purpose of the meeting was to elect a new Board of Directors. We received several resumes from talented residents of diversified backgrounds. The resumes were sent out in advance to all members of our community for review. After reviewing the resumes, the residents were asked to vote for up to 5 people. At the end of the evening, a group of residents were selected to count the votes and report the findings. A total of 53 ballots were cast, and once the votes were in, Dick Loschi announced the new Board as follows:
Mary Ferris
Bob McGrath
Jim Shearer
Brian Wells
John Kalantzakos
Initial topics for the new Board will be as follows:
1. Familiarize each member with the budget and projections.
2. Appoint a President, Treasurer and Secretary.
3. Research, select and hire a property management company to collect condo fees, hire vendors for property maintenance, etc.
4. Schedule and hold annual meetings each year with community residents.
5. Discuss terms for Board members.
The final discussion was regarding the condo budget and associated expenses emailed to all residents for review prior to the condo meeting. John discussed in detail the expenses, including actuals vs. budget for 2015, 2016 and a projection for 2017.
Some key points restated and summarized by John were:
1. Hickory Woods condominium will have a potential surplus of funds estimated In the amount of $41,145 for the year 2017.
2. Condo fee of $225 per month not artificially low.
3. Projection for reserves at the end of 2016: $83,710. It was pointed out that many condominiums have been turned over to the residents with zero funds available!
4. In 2015 Hickory Woods, LLC contributed $35,210 for models and unsold lots, leading to a surplus of funds in the amount of $13,684 which will be added to the Association reserves.
5. It was noted that some of the expenses in the 2016 budget may not be spent and may be high.
In conclusion, John congratulated the new Board of Directors.
The meeting was adjourned at 7:00PM.