Hickory Woods

Board of Directors Meeting  

February 15th 2023 at 1:30PM

Present: Paul Ramsay, Bob Medeiros, Cherryl Gordon, Phil Lee, Anne Slaney, Bill Lannigan;

NewStar - Sted Holton

I.  Election of Board Officers

• President/Chair - Paul Ramsey
• Treasurer/Vice Chair - Bob Medeiros
• Assistant Treasurer - Bill Lannigan
• Secretary - Cherryl Gordon
• Assistant Secretary - Anne Slaney
   

II. Approval of minutes from November 2nd, 2022: Approved 7-0

III. Review of 2022 Year-End Financial Statements (Documents available on NewStar website)

• Year End - previously reviewed at the Annual Meeting; will be “short” this year because of the increase in landscape and snow contracts. Hope to offset with investments in Fidelity Money Market (4.4%). Will look at longterm CDs.
• January - Charge for audit shows as a negative, but the bill was not sent in 2022. Budgeted for audit in that year. Approved 7-0
• Discussion: Any plans for after $16K in contingency fund - what after? We are “borrowing” from the capital reserve (not at the level recommended by the Capital Reserve Study). We are relying on $50K in fund balance. At the end of this year, will we owe the capital fund $65? No - in the past few years, we have not had the return on investments so are we operating in a deficit? Capital Reserve study needs to be updated to take into account inflation, changes in interest rate. Then, we will see if our figures need to be updated.
• Rolling 10K discretionary fund to be spent by the board. Probably will not be spent.

IV. 2023 Board Meeting Schedule (Board reserves the right to change/add meetings.)

• February 15, 2023
• April 19, 2023
• June 14, 2023
• August 16, 2023
• October 18, 2023
• December 6, 2023 (Annual Meeting)

V. Property Report (Sted)

a. Snow removal/salting update: Sod, curbing damage will be repaired in the spring.

b. Mailbox post damage, Church Ln damaged by trash collection. Temporary wood mailbox installed. Bill for a new granite post will be sent to Waste Management.

VI. Clubhouse Committee Report (Bob McGrath)

a. Clubhouse needs assessment will need to be done for the Reserve Study

b. HVAC will be serviced - Hughes Mechanical

c. Fitness equipment needs to be serviced

VII. AAI Requests

a. None

VIII. Old Business

a. Financial review update: Auditors due to review - draft report will be released soon

Draft conclusion: Not aware of any changes that should be made to stay within generally accepted accounting practices. NewStar practices are consistent with other HOA practices. Recommend to stay with what is understood and make changes in the final report.

b. Route 102 Development: Londonderry has lost their Town Planner and assistant; are not aware of any planning activity. Will notify us if this changes. Phil will monitor along with Bob.

IX. New Business

a. Age Affidavit update needs to be done this year to keep our status as a 55+ community. Cherryl and Anne will take this on.

b. Reserve Study has been bid by two firms. Third firm withdrew; Sted will look for a third bid. Will review and award the contract.

c. Meeting with Comcast. Certain HOAs are given $10K if they are 100 homes. We are not big enough, but Phil, Bill and Paul will meet with Comcast to see what can be done.

X. Community Comments

• Bartlett Tree inspection - where is it? Should we call in other companies? No commitments made. Has been included in the budget.
• Clubhouse furniture needs assessment - is there a committee? Will NOT be considered in the Reserve Study. Pass thoughts on to Bob McGrath and the Clubhouse Committee. Consider how the clubhouse will be used in the future and then talk about replacement furniture.
• How many fertilizer applications and what ones will be done this year? With the early spring, recommend pre-emergence crabgrass early. Sted will talk with Alliance.

XI. Adjournment @ 2:11 PM