MINUTES

OF

MASTERÕS BOARD MEETING

ON

OCTOBER 25, 2007

AT

DICK MERRILLÕS HOME

 

The meeting was called to order at 7:00 p.m.  Present were the Board members and Cindy Pedersen of Cedar Management.

 

The first item of business was Cedar ManagementÕs monthly report.  Cindy reported that a standard AIA contract had been prepared with Chismar Construction to repair the damage to home described in State FarmÕs Claim No. 23-Z086-047.  The Board reviewed and approved the contract.  Due to the delay in getting the claim approved, the work will not commence until next spring.  The funds have been received from State Farm and have been deposited in a separate interest-bearing account at Village Bank.  Cindy also reported that some homeownersÕ problems had been resolved.  Cedar Management was directed to look into a pest control firm to control the invasion of ants and spiders following the complaints of several homeowners.  The results will be discussed at a later meeting.

 

Karen Sturm presented the TreasurerÕs Report.  A motion was made to invest any operating funds in excess of current needs in short-term CDs.  The Board agreed to delay any capital expenditures to the buildings, such as painting, etc. until 2009.

 

The Board reviewed Cedar ManagementÕs proposed budget for 2008 and made some modifications.  The operating budget totals $68,400.00, of which $7,500.00 will be deposited to the reserve account.  Monthly dues will remain at $190.00 per month for 2008. 

 

The Board approved the agenda for the annual meeting, which will be held of November 29, 2007 at the TPC Clubhouse at 7:00 p.m.  The next scheduled Board meeting be at the conclusion of the annual meeting on November 29, 2007 to elect officers for 2008.

 

The meeting adjourned at 9:10 p.m.

 

Respectfully submitted by Dick Merrill.

 

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