Annual Meeting 2012

Attendance – 29 total residents from 23 households; Board members Chet Mayflower, President; Dr. Robert Stewart, Vice President; Russell Young, Treasurer; Michael Lowden, Member at Large; Karen St.Clair, Secretary; and PSG Managers, Larry Edwards and Susan Keene

I.               Call to order and Reflections/Prayer by Chet Mayflower at 7:00 p.m.

II.             Review of last year’s board minutes by Karen St.Clair (handout)

Patricia Walton made the motion to accept the minutes. 2^nd by Joyce Pierce.  Motion passed.

III.           Annual Reports

A.    Property Report by Larry Edwards from PSG Management

1.     List of homes served in community this year (handout attached)

2.     Tree Report – offer accepted from DuPont for $80,000 for trees that died due to the Imprelis weed control that Allen & Scott Lawn Care applied to the lawns this year. Once the money is received the HOA will have the affected trees removed and the contaminated dirt replaced. The remainder of the money will be given to the individual property owners who had trees affected to use at their discretion.  DuPont’s report has a dollar amount assigned to each tree to be replaced. The HOA will retain the money for trees to be replaced within the common areas.

 Q/A   What about other dead trees on properties that are not due to Imprelis damage?     Homeowners are responsible for dead trees and bushes on their property.

B.    Investment Report by Russell Young

1.     Currently, there is $75,000 in an Ameriana Bank CD, paying 2%. This rate was given to Westover Woods when several CD’s matured and a new account with Ameriana was opened in 2011.  

2.     $100,000 invested with Morgan Stanley Municipal Bond Funds this year.

66% with Nuveen Investments Municipal Bond Fund

34% with Western Asset Managed Municipal Funds

Interest averaged 1.7% in first 3 months of investing.

Bond Funds track record for 10 years = 3-4%

 Bond funds are tax-exempt, so we don’t have to pay corporate tax rate of 38%.

C.   Covenant Update by Dr. Robert Stewart

A Lawyer was hired to review our covenants.  He found the following to be homeowner’s responsibilities.

1.  The courtyard fences between homes are to be repaired and maintained.

2.   Driveways and sidewalks to door and in front of lots.

A Maintenance Responsibilities handout was provided for those in attendance and will be put on Westover’s webpage.

D.   Financial Report by Susan Keene

A 2012 Operating Statement was provided for all in attendance

Currently there is no collection problem

1.     Net worth = $231,613.88

2.      YTD income for October = $16,651.30

10,000 of this will be put in Reserve years end

3.     Home Insurance with State Farm increased 25% which has happened nationwide

New bids were received from Travelers and Cincinnati was both $10,000-15,000 more/year. Hail claims are hitting insurance companies heavy.  Many companies are beginning to have customers pay a percent of hail damage.

IV.           Budget for 2013 by Russell Young

A proposed budget for 2013 was provided for all in attendance.

A.   Maintenance Fee for 2013 will remain at $145.00

B.    Contracts ended with several companies. The following new bids were received and accepted:

1.     Mowing by Switzer Lawn Care

2.     Fertilization by Outdoor Solutions 

3.     Snow Removal by Rob Cox from Switzer Lawn Care

Q/A   Why the increase in Common Area?  Budget for trimming, flowers, etc… to be done by Property Services Group since this service will not be done by the mowing company. 

Bill Slykas made motion to accept the budget. 2^nd by Sherri Lowden. Motion passed.

V.             New Business

A.   New Policy - Chet Mayflower made the motion for homeowner’s to keep trash container in garage or courtyard. 2^nd by Sheri Lowden. Motion passed.

B.    Neighborhood Watch meeting to be held at home of Bill and JoAnn Slykas on Monday, November 19^th at 7:00 p.m.  Avon Police Officer will talk about protecting yourself around your home and wherever one goes.

VI.           Election of Officers by Susan Keene

 Dr. Robert Stewart and Karen St.Clair were up for re-election and willing to serve another 3 year term.  No other nominations. Bill Slykas made the motion to keep Dr. Robert Stewart and Karen St.Clair on the board. 2^nd by Alice Culver. Motion passed.

VII.         Next Year’s  Annual Meeting

Date:  November 12, 2013

Time: 7:00 p.m.

Place:  Light-N-Life Methodist Church - Motion by Joyce Pierce. 2^nd by Sheri Lowden. Motion passed.

VIII.       Adjourned at 8:55 p.m.

                      Submitted by Karen St.Clair