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Annual Meeting November 12, 2011 Galveston Country Club, Galveston TX 1.

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Presentation on theme: "Annual Meeting November 12, 2011 Galveston Country Club, Galveston TX 1."— Presentation transcript:

1 Annual Meeting November 12, 2011 Galveston Country Club, Galveston TX 1

2 Submit all proxies to the secretary at the registration table to receive all of your ballots and ballots for your proxies. 2

3 Agenda Minutes of 2010 Annual Meeting Submit and Verify Proxies Financial Report Committee Reports –Landscaping- Insurance –Maintenance- Painting Old Business –TWIA lawsuit- PLTA website status –PPOA update New Business –Election of Board Members 3

4 PLTA Board Secretary: Victoria Staff 4

5 Board Treasurer: Kevin Foley 5

6 Financial Status and Update Current Status –Plan at previous homeowners meeting –Status of monies to spend –Accounts Receivable –Expenses during year-to-date 2011 Plan for 2012 6

7 Plan at Previous Homeowners Meeting Spend $18k or less per month –Spend $9,165 of monthly assessment –About $3k for operating expenses; remainder for maintenance & repair –Spend $5k to $9k from reserves left over from the hurricane Paint as each building is completed 7

8 Current Financial Status 8

9 Accounts Receivable 9 Dollars Homeowner A8,753.00 Homeowner B5,165.00 Homeowner C1,815.00 Homeowner D842.00 Homeowner E786.00 All Others244.72 17,605.72

10 Expenses during 2011 10 Dollars Accounting & Bookkeeping5,000.00 Dues & Memberships275.00 Hurricane Ike4,720.72 Landscaping and Grounds keeping12,374.14 Legal Fees3,512.50 Office Supplies249.96 Postage and Delivery40.12 Repairs and Maintenance204,024.73 Taxes and Fees24.00 Trash Removal4,309.97 Utilities5,281.39 Total Expense239,812.53 Maintenance assessments were $9,165 through September and $13,865 for October for a total of $96,350

11 Plan for Remainder of 2011 and 2012 Replenish insurance reserve Slow spending to match assessments Paint buildings to protect the wood as work is complete Pray for settlement funds 11

12 Board Members: Sallie Waters 12

13 Landscaping Current Contract – Good through 2012. Common areas only Responsibility of the owners Personal gardens, decks and driveways Contract Terms Cutting grass 43 times per year Weekly March 1 st to October 31 st Twice per Month November through February Trim palms and sound fence twice per year Weed and feed two times a year 13

14 Beautification 14 Brian Beck - Landscape architect Scope Cost

15 Board Members: Kevin Foley and Mike Callahan 15

16 Insurance Square Footage Implication PLTA home owners are assessed insurance costs based on the original square footage of each unit. The square footage is from the original 1970s design of the units. Each Home Owner should check their current square footage as assessed by 16

17 Current Insurance Package –Flood Insurance –Windstorm Insurance –Fire Insurance –Umbrella Insurances –Insurance Provider Galveston Insurance Associates (GIA) (409) 740-1251 or (281) 442-1892 Insurance 17 Written in Homeowners name. Written in PLTAs name for each homeowner.

18 New Content Insurance Requirements –One policy per address –Has to be written through GIA Insurance 18

19 Insurance Owners Responsibility Flood &Wind is vague about who covers what. To Assure replacement, each owner should consider Build Out or Alterations and Improvements coverage in addition to contents coverage. Coverage for items not normally moved upon selling: –Instant Hot Water appliances- Wine Coolers –Extensive Tile Coverings- Fireplaces –Built-in Bookshelves/Cabinets –Tub/Shower Fixtures of Higher than Normal Pricing –Intercom or Sound System and Security Systems GIA Insurance Representatives consider such items to be Alterations and Improvements or Build Out Items for definition of coverage. 19

20 Insurance Owner Responsibility Additional Structural Features Typically NOT Covered –Ground Floor unit and content Hot water heater, refrigerators, electronics, … –Privacy Fencing –Outside Shower, Sink, and Cabinets –Outside Special Lighting and Ceiling Fans –Built-in Benches –Porch Swings –Plants and Shrubbery 20

21 Owner Responsibility When the Townhouse is a primary residence, supplemental insurance should be specified to pay for temporary living quarters while the unit is under restoration. If Townhouse is a rental unit, a Loss of Income rider may be requested. (Difficult to obtain). Golf Carts are rarely covered under a Home Owner Contents policy. Discuss the options regarding insurance on golf carts with your insurance agent. Insurance 21

22 Insurance Record Keeping For improved coverage and recovery of loss, the homeowner should maintain a written inventory of contents and attributes. An online Home Inventory worksheet can be found on the Insurance Information Institute (III) website; –The Home Inventory Worksheet provides for descriptions, serial numbers, costs and photos of items and features covered by the supplemental policy. –A copy of the inventory details should be stored offsite in a secure place. Dealing with the insurance company is easier and faster when you have detailed information on covered items. 22

23 Maintenance & Repair Committee: Kevin Foley and Mike Callahan 23

24 Exterior Maintenance 2011 Approximately $200,000 spent last year (November to November) Most of the major repairs have been completed Beams, bolts, trim, warped siding, and window boxes are now priorities Pray for settlement funds 24

25 Exterior Maintenance Process Current policy is that Association contracts for all maintenance. Covenants require owners get HOA permission before ANY modifications are made. (5.01) Request form – on website Prioritization of projects 1.Structural 2.Safety 3.Cosmetic 25

26 Owner/Renter Responsibility Maintaining quality of the community and property value. Owner is ultimately responsible for infractions of rules stated in our covenants and by-laws even if property is occupied by renter 26

27 Board Members: Mike McDonald 27

28 Painting the Buildings Immaculate Paint –$248,000 Metro Paint –$150,000 NVJ Construction –$130,000 28

29 Painting the Buildings What the painters will do? What will the owners need to do? How long will it take? When will it start? 29

30 Board President: Mike Callahan 30 Insurance Settlement, PLTA new website, PPOA information, New laws affecting HOAs

31 THE Settlement The settlement includes a confidentiality clause prohibiting us from disclosing the amount and terms of the settlement. 31

32 THE Settlement See handout 32

33 PLTA Website You will find: –Insurance policies –The covenants –The By-Laws –PLTA rules and regulations –Forms 33

34 PPOA Membership Membership has been discontinued as of January 1, 2010. We offered by attorneys letter in June, 2011, to donate $2,500 per year for the good works PPOA does if PPOA drops all claims. PPOA has never responded. 34

35 New Laws Affecting HOAs See handout 35

36 Board President: Mike Callahan 36 Election of board members

37 Elections Two open positions Nominees: –Michael Callahan- From the floor –Tom Koval - From the floor Guidelines for voting –One vote per unit per position. –Per the covenants (2.02), A voter MUST be the owner of record or proxy holder. 37

38 Board Election Results 38

39 From the Floor 39

40 Discussion/Questions? 40

41 Adjournment: Thank you for coming! 41

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