View the official pdf version of the minutes

# Willamette Towers Board Of Directors Meeting ## TUESDAY, January 15th, 2018, 5:15pm Board Members: Lauren Dame, Jean Kern, Clyde Horn, Rick Lowen, Jesse Fittipaldi BMC Personnel: Diane Sollinger, Tom Weaverling In attendance: Christi Cooper, Phyllis Fisher, Esther Konop, Lisa Bostwick, Rebecca Humble, Traci from AmFam Insurance ### Call to order 5:18 PM ### December Minutes Approval: Jean Moved to approve, Jessie 2nd – unanimous. ### Insurance Committee – Recommend that we renew our policy with AmFam with the increased value of the building and the increased costs. Clyde moved to purchase the renewal [$12,223.00], Jean 2 nd ed - unanimous. Traci explained the option to purchase an earthquake insurance coverage rider. This will be addressed at a special Board Meeting next month prior to the Annual Meeting allowing time for Board members to evaluate the rider’s cost/benefit. ### Treasurer's Report: Month ending 12-31-18 #### Operating Funds Opening Cash Balance 12-1-18 $2,495.67 Closing Cash Balance 12-31-18 $2,153.68 Total Operating Income: MTD Actual $28,668.93; YTD Actual $358,831.44 in budget guidelines Total Operating Expense: MTD Actual $14,031.17, YTD Actual $200,799.84 in budget guidelines NET 2018 OPERATING INCOME :$158,031.60 VS Budget $138,576 +$19,455.60. $15,000 was transferred to Reserves in December #### Reserves CASH FLOW: December Opening Balance $227,951.85, Contributions $15,000.00, Withdrawals $0.00, Interest $24.56 December Closing Balance $242,856.41 Reserve plan anticipated 12-31-18 balance $222,324 +20,532.41 ### Rick moved to allocate $10k from year end surplus to add to the roof safety project. Jean 2 nd ed – unanimous. ### BMC: Fire equipment upgrade and test completed. Garage pole lights replacement of one burnt out bulb and two other fluorescent bulbs with LED lamps will be done this week. ### Owners Forum: none ### OLD Business: Graffiti on alley wall has prompted letter from neighbor asking that it be repainted. Painting will be done only after the daily temperature reaches 50 degrees F. for at least 2 days running. Tom will research paint or coating to repel graffiti as the special paint hasn’t done a good enough job. Painting will likely wait until after the construction work is completed. We may opt to ask for volunteers and provide lunch to them. ### NEW Business: Animal Policy re-vote is going forward in tandem with the Yearly Meeting Owner’s Packets. The Proxy form could include a y/n vote for this as well as the roof safety project expense. Lauren will follow up with Diane to craft a document to send. ### NEXT REGULAR MEETING Will be February 5th AT 5:15 PM ### ADJOURNED 6:35PM