Annual MeetingNovember 12, 2011
Galveston Country Club, Galveston TX
1
Submit all proxies to the secretary at the registration table to receive all of your ballots and ballots for your proxies.
2
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
PLTA Board Secretary:Victoria Staff
4
Board Treasurer:Kevin Foley
5
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
6
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
7
Current Financial Status
8
Accounts Receivable
9
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
10
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
11
Board Members:Sallie Waters
12
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
14
Brian Beck - Landscape architect
Scope
Cost
Board Members:Kevin Foley and Mike Callahan
15
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
16
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 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
18
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 .
19
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
20
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
21
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.
22
Maintenance & Repair Committee: Kevin Foley and Mike Callahan
23
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
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
26
Board Members:Mike McDonald
27
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?
29
Board President: Mike Callahan
30
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
32
PLTA Website
www.pltagalveston.orgYou will find:– Insurance policies
– The covenants
– The By-Laws
– PLTA rules and regulations
– Forms
33
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
35
Board President: Mike Callahan
36
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
38
From the Floor
39
Discussion/Questions?
40
Adjournment:Thank you for coming!
41