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

Annual MeetingNovember 12, 2011

Galveston Country Club, Galveston TX

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

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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

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PLTA Board Secretary:Victoria Staff

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Board Treasurer:Kevin Foley

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Financial Status and Update

Current Status – Plan at previous homeowner’s meeting

– Status of monies to spend

– Accounts Receivable

– Expenses during year-to-date 2011

Plan for 2012

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Plan at Previous Homeowner’s 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

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Current Financial Status

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Accounts Receivable

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DollarsHomeowner A 8,753.00Homeowner B 5,165.00Homeowner C 1,815.00Homeowner D 842.00Homeowner E 786.00All Others 244.72

17,605.72

Expenses during 2011

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DollarsAccounting & Bookkeeping 5,000.00 Dues & Memberships 275.00 Hurricane Ike 4,720.72 Landscaping and Grounds keeping 12,374.14 Legal Fees 3,512.50 Office Supplies 249.96 Postage and Delivery 40.12 Repairs and Maintenance 204,024.73 Taxes and Fees 24.00 Trash Removal 4,309.97 Utilities 5,281.39 Total Expense 239,812.53

Maintenance assessments were $9,165 through September and$13,865 for October for a total of $96,350

Plan for Remainder of 2011 and 2012

Replenish insurance reserveSlow spending to match assessments

Paint buildings to protect the wood as work is complete

Pray for settlement funds

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Board Members:Sallie Waters

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Landscaping

Current Contract – Good through 2012.

Common areas onlyResponsibility of the owners

Personal gardens, decks and driveways

Contract TermsCutting grass 43 times per year

• Weekly March 1st to October 31st

• Twice per Month November through February

Trim palms and sound fence twice per year

Weed and feed two times a year 13

Beautification

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Brian Beck - Landscape architect

Scope

Cost

Board Members:Kevin Foley and Mike Callahan

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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 1970’s design of the units.

Each Home Owner should check their current square footage as assessed by www.galvestoncad.org

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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

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Written in Homeowner’s name.

Written in PLTA’s name for each homeowner.

New Content Insurance Requirements

– One policy per address

– Has to be written through GIA

Insurance

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Insurance

Owner’s ResponsibilityFlood &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 .

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Insurance

Owner ResponsibilityAdditional 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

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Owner ResponsibilityWhen 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

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Insurance

Record KeepingFor 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; www.III.org

– 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.

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Maintenance & Repair Committee: Kevin Foley and Mike Callahan

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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

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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 pltagalveston.org

Prioritization of projects1.Structural2.Safety3.Cosmetic 25

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

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Board Members:Mike McDonald

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Painting the Buildings

Immaculate Paint  

–$248,000

Metro Paint 

–$150,000

NVJ Construction

–$130,00028

Painting the Buildings

What the painters will do?

What will the owners need to do?

How long will it take?

When will it start?

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Board President: Mike Callahan

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Insurance Settlement, PLTA new website, PPOA information, New laws affecting HOAs

THE Settlement

The settlement includes a confidentiality clause prohibiting us from

disclosing the amount and terms of the

settlement.31

THE Settlement

See handout

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PLTA Website

www.pltagalveston.orgYou will find:– Insurance policies

– The covenants

– The By-Laws

– PLTA rules and regulations

– Forms

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PPOA Membership

Membership has been discontinued as of January 1, 2010.

We offered by attorney’s 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

New Laws Affecting HOAs

See handout

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Board President: Mike Callahan

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Election of board members

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

Board Election Results

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From the Floor

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Discussion/Questions?

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Adjournment:Thank you for coming!

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