Minutes of Meeting of the Board of Directors
January 26, 2011
The meeting was called to order by Pablo Villagra @ 7:10 PM.
A quorum was established with all 5 Directors being present.
Mr. Villagra made a motion to waive the minutes of the last meeting. Mr. Finfer seconded the motion. There being no discussion, the motion was passed unanimously.
ELECTION OF OFFICERS: Mr. Chase made a motion to nominate Pablo Villagra as President. The motion was seconded by Mr.Leviyev. There being no discussion, the motion was passed unanimously. Mr. Villagra made a motion to Nominate Ms Alla Sapozhnikov as Vice President. Seconded by Arkady Chase. There being no discussion, the motion was passed unanimously. Ms Sapozhnikov nominated Mr Robert Leviyev as Treasurer. Seconded by Mr.Villagra. There being no discussion, the motion was passed unanimously. Mr. Lelviyev nominated Mr. Paul Finfer to be Secretary. Seconded by Mr. Villagra. There being no discussion, the motion passed unanimously. Mr. Villagra moved to nominate Mr. Chase as Director. The motion was seconded by Ms. Sapozhnikov. There being no discussion, the motion was passed unanimously.
BANK SIGNATORYS: Mr. Villagra moved that there be two prime signatories for bank checks; the President & the Treasurer, and that the Vice President be a third signatory, able to sign checks in the absence of either the President or the Treasurer. Mr. Chase seconded the motion. There being no further discussion, the motion was passed unanimously.
STATUS OF RESERVES: Manager Steve Francis stated that 144 votes were cast on whether or not the Association should waive the Reserve reqirement, and that those 144 voted represented a quorum. There were 139 votes cast to WAIVE a Reserve, and 5 votes cast FOR a Reserve; resulting in the requirement for a Reserve being waived.
BUDGET: Mr. Villagra moved for the proposed Budget for 2011, be adopted. The motion was seconded by Mr. Leviyev. There was a brief discussion after which the proposed 2011 Budget was approved unanimously by the Board.
OTHER BUSINESS: Brief discussions were had with respect to some of the Trump money being used to subsidize the 2011 Budget income; Flood insurance; the possibility of the Association’s electric costs being 18% more than is proposed in the Budget and ways to reduce electric use; and for the Board to reprise the “Weekly Meeting With A Board Member” sessions.
There being no further business to be brought before the Board, Mr. Villagra adjourned the meeting at 7:35 PM, and on behalf of the Board, invited all Unit Owners present to move to the Green (Card) Room for food and drink, courtesy of the new Board Members.
Paul M Finfer, Secretary