Minutes of the Meeting of the Board of Directors
August 17, 2004
I. Call to order
The President called to order the quarterly meeting of the Board of Directors of Stonebridge Homeowners
Association at 6:35 pm on August 17, 2004.
The following directors were present: Shane, Lee, Kevin, and Theresa. A quorum of directors was present.
III. Approval of minutes from last meeting
a)The minutes from the meeting of the Board on May 19, 2004, were included in the Reporting Package
distributed to all Directors. These minutes were unanimously approved.
b)On August 4, 2004, the President called to order a special meeting of the Board of Directors of
Stonebridge Homeowners Association at 8:15 pm at Cibola High School, Albuquerque, NM. The
purpose of the Special Meeting of Directors was to elect officers to serve until the next annual
meeting of members pursuant to the provisions of the bylaws. After nomination and election by
majority vote of directors, the following individuals were elected to hold the following officer
positions until the next annual meeting of members or until duly replaced by the board of
These minutes were unanimously approved.
IV. Monthly Business
a)The board conducted a financial review, discussing the financial statements included in the
It was noted that for the current period (07-01-04 07-31-04) total income
was $20,162.03 and total expenses were $17,160.76. The total amount in the interest-bearing
account is $50,197.05. The total amount in the reserve account is $34, 164.73.
It was noted that $126.54 (extra mailing charge in April) was credited back in May.
[Action Item] A request was made that Lee W. of HOAMCO obtain a price sheet of
supplies (showing a breakdown of pool supply prices) from pool service.
[Action Item] A request was made that Lee W. of HOAMCO obtain a list of all current
contracts and expiration dates.
[MOTION] Quarterly, all monies in SHOA operating account in excess of $60,000.00 will be
moved to the SHOA money market account. This motion was approved unanimously.
b)A review of the delinquent homeowners accounts as reflected in the Reporting Package was
[Action Item] A request was made that Lee W. of HOAMCO sort the delinquency report
by totals not in alphabetical order.
The board discussed redesigning the procedure for sending on delinquencies to the collection agency.
[Action Item] It was proposed to have Shane contact Lee W. of HOAMCO to
send a collection agency fee proposal to the Board of Directors to vote on this issue.
It was noted that Washington Mutual Bank (item on page 4 of delinquency report) will be written off
as bad debt.
The delinquency report was unanimously accepted.
c) A review of violations of property restrictions and ACC report as reflected in the
Reporting Package was conducted.
Discussion of a specific violation on Serpentine Ct. was tabled. It was decided that the board
would drive by within the next ten (10) days, observe the vehicle in violation and then vote via
email on the issue.
d) Committee Reports: Theresa reported that the Newsletter/Activities Committee would hold
their first meeting August 18, 2004.
V. Unfinished business
a) Lee presented three Reserve Study bids for review by the board of directors.
[Motion] A reserve study will be done by Association Reserves. The reserve study will be
a Level 1 Full Reserve Study with turnaround at economy 10 weeks in the amount of $2,990.00.
b) The board discussed the management agreement with HOAMCO. Shane will research CPI
trends. If a flat fee increase is proposed this should be validated by Lee W. of HOAMCO.
A SHOA proposal will be forthcoming to include clarifying phrasing of $300.00 fee, 50/50 split
of late fees, use of June CPI for annual budgeting, and leave in 60 day escape clause.
c) Shane updated the speed hump study indicating research is still being conducted
for needs of the community. Discussion was held regarding the top five (5) streets that may
warrant speed humps. Shane will provide location proposal on speed humps.
VI. New business
a) Lee reviewed the 2005 proposed budget review. Lee will contact Lee W. of HOAMCO
for questions on specific line items. Lee will follow up and finalize 2005 budget.
b) [Motion] A request was made that Lee W. of HOAMCO will follow up on the city tax on
land. This was unanimously passed.
c) [Motion] To replace dead plants identified on Bandelier, Quarry, Corundum Ct. and lower
Stonebridge. A bill for lower Stonebridge plant replacement will be sent to Centex for payment.
The board unanimously passed this motion. [Action Item] Lee W. of HOAMCO will contact
landscape company to complete the plant replacement project to include purchase and labor of
d) [Action Item] The board nominated Steve to draft a letter to the City regarding a turn
lane off Unser at Black Arroyo.
e) [Motion] We do not enact a lifeguard that we retain a security guard at the pool. The
board unanimously passed this motion.
f) [Action Item] The board nominated Steve to research the feasibility of opening the common
wall by the park to allow access from Rose Quartz to the park area.
VII. Open Discussion
a) No homeowners were present for open discussion.
The President adjourned the meeting at approximately 9:00 PM.Back Home Back to Board of Directors Page
Minutes submitted by: Theresa, Secretary
Anyone wishing to contact any of the members of the Board of Directors may do so
by contacting Lee at HOAMCO via email: email@example.com or phone:
888-4479, ext. 17.