There was a good turnout for the Annual Meeting. There were 3 seats up for election and three nominees. Your new Board consists of Danielle Clark, Josh Williams, Charlie Wilson, Phyllis Moseley and Corinne Geyer. Some of the topics brought up in the discussion portion are listed below.
Q: What is the maximum recommended contribution for the Reserve Fund?
A: The Reserve Study uses two methods of calculating the forecast. The Retreat adopted the Cash Flow method. The Reserve Study will be updated in the next year or two.
Q: In the event of a catastrophe is the deductible going to come out of the Reserve Fund and if so is it adequate.
A: One approach is to assess only the affected unit owners. Another approach would be for the HOA to cover the deductible.
Q: Why can’t the Board make this decision ahead of time so owners can be prepared?
A: Most owners have an HO-6 policy which includes special assessment insurance. If you don’t have it, contact your agent. Reference was made to the insurance letter that was distributed at the meeting and prepared by HUB International Southeast Limited, the Association’s insurance agency. (NOTE: The letter can be downloaded from the website at www.cmgcharleston.com/retreat_riverland.htm)
Q: Does every homeowner understand the risk?
A: The owners were reminded that the Board has provided a letter from the insurance agent for the last several years so owners have been made aware of what’s covered under the HOA policy and what they should have covered under their individual HO-6 policy.
Statement: Some owners are of the opinion that the entire community should share the expense, not just the affected units. Several owners agreed that they would support the HOA sharing the cost as a whole.
Statement: The maximum that each unit could be assessed is $5,000. 2% (deductible) of $5,500,000 (building’s insurance coverage) is about $110,000 which divided by 24 (number of units in the building) is roughly $4,500 per unit.
Q: Can pressure washing be postponed until after pollen season?
A: There is a substantial cost savings to do pressure washing in February or March and waiting doesn’t seem to make a difference.
Q: Who is responsible for cleaning the dryer vents and how do you know which vent belongs to which unit?
A: Homeowners are responsible for their dryer vents. To find out which one belongs to your unit you can turn the dryer on and go outside to see which flap is moving. The dryer vents can be cleaned from the inside out by using a low pressure blower. There are many companies that provide this service as well. The dryer vents should be cleaned out annually to avoid any buildup and potential fire hazard.
Q: What is the current percentage of renters?
A: 18%
Respectfully,
Jennifer Seabrook
Community Manager
Certified Manager of Community Associations (CMCA)
Association Management Specialist (AMS)
Accredited Association Management Company (AAMC)
349 Folly Road; Suite 2B
Charleston, SC 29412
843-795-8484 x329
CMGCharleston.com