Friday, July 16, 2010

Tenaya Estates, Inc. Board meeting minutes - July 15, 2010

A meeting of the Tenaya Estates Board of Directors was held Thursday, July 15, 2010 at 6:30 p.m. at the Downing residence.

Board members present:
Vern Grant
Cynthia Downing
Paul Heath
Michael Jenkins
Jim McKelvey
Janice Normart

Board member absent:
Brad Stevens

A quorum of the Board of Directors was called to order at 6:35 p.m. with Vern Grant, President, presiding.

The minutes of the July 15, 2010, Board meeting were approved as presented.

Paul Heath presented the financial report for the period July 1, 2009, through June 30, 2010. Income was $27,755,11. Expenses included $15,000 on Park maintenance; $2,878 on facilities and grounds repairs; $672 on new trees; $2,589 on irrigation water; #765 on electricity; $1,361 on liability insurance; and $1,180 on administrative expense. There is approximately $10,350 remaining in the Tenaya Estates checking account. The bank statement was included in the financial report and tied back to the financial statements.

It was noted that the IRS had waived $1,941 in penalties that had been imposed due to late filing of tax returns. Tenaya Estates will not have to pay any fines or penalties for late filings.

The State Franchise Tax Board has approved non-profit status.

A proposed 2010-2011 budget was presented for discussion. It was agreed that one garage and bake sale and the Fourth of July Festivities will be used as fund raisers for the Park in 2011. It was noted that although the water is metered, it doesn’t appear that anyone is reading the meter. The proposed budget includes reserving $5,000 for major repairs; this reserve would be at our ready access and would not require us to request the reserve funds on deposit with the County.

Paul Heath will talk to County staff about the possibilities of tapping into reserves on deposit with the County to replace the playground flooring.

It was m/s/c to approve the proposed budget as presented.

Vern Grant discussed proposed improvements to the Park. One drainage project per year for the next 3 years is proposed. It was m/s/c to approve drainage improvements at a cost of about $500 per year over the next 3 years.

Vern Grant wants to plant ficus vines along the Lazarus fences. The vines cost $15 apiece. A budget of $200 for planting focus vines was approved.

Sharing the expense of installing rocks in front of the Heath’s house to prevent vehicles from driving into the Park was discussed. This is the last area of access to the Park that would be needed. The Heaths will pay half and Tenaya Estates will pay the other half for the rocks and installation. The Board authorized and expenditures of up to $400 for this purpose.

A draft Rules of Engagement was presented for review.

The Board agreed to sponsor an ice cream social on Saturday, October 2, from 5:00 p.m. to 7:00 p.m.

There being no further business to discuss, the meeting adjourned at 8:20 p.m.

Respectfully submitted,

Cynthia Downing, Secretary