MADWA Board Meeting Minutes January 22, 2008 at Dick Merrill’s Home

Attendees were Dick Merrill, Ralph Kloiber, Gary Reinecke and Cindy Pedersen.

The meeting was called to order at 7:00pm and the meeting minutes from the October 25th board meeting were read and approved as written.

It was suggested that a committee be appointed to review and approve the November 29th annual meeting minutes so they could be posted prior to the next annual meeting. A motion was approved to ask Orv Bratland and Karen Sturm to review and approve the minutes of the annual meeting.

Treasurers report: The following motions were made and passed concerning our various accounts:

  1. Move the $17,640.73 of reserves in a Money Market account into a CD at Village Bank. Our reserves will then be separated from general funds in 3 CD’s.
  2. Consolidate the $129,236.94 and $93,491.85 insurance proceeds into a common savings account or money market account at Village Bank.
  3. Roll over the three CAB CD’s coming due on 1/29/08, 1/30/08 and 2/28/08 into new 3 month CD’s.

4. Accept the treasurer’s report. The interest earned from the insurance proceeds invested in CD’s will be put into the general checking account. There is a tax liability on interest earned. Cedar Management will prepare the required tax returns.

General Discussions:

  1. Our initial down payment for the roof repair is $102,000 payable at the start of construction. The balance for each home completed is paid upon final inspection. Downspout locations should be checked for proper drainage. The insurance adjuster will be back to recheck on the roofs this spring. The contractor gets the total amount that the insurance company paid us but we keep the interest on the money.
  2. We discussed calking all the buildings. Ralph will check into what should and should not be calked with a specialist he works with.
  3. Moisture testing is the responsibility of each home owner. We will look into developing a list of inspectors that home owners can contact if they want to have their building moisture tested.
  4. The tree pruning bid totaled $2,260. Cindy was directed to determine if the tree pruning work could be done for our budgeted amount of $2,000.
  5. Pest control is the responsibility of each home owner.

Future Board Meetings: