Board of Director Meeting

Renaissance Ridge Homeowners Association

August 1, 2009

 

Members present:         Michael Rose, Director-at-Large

Yogesh Gupta, Treasurer

                                    Beverly Day, Secretary

 

-                     Yogesh presented the draft audit report of the financial statements and supplementary information for the year ending December 31, 2008.  The financials were deemed in conformity with accounting principles. 

-                     Yogesh also presented a bid of $2,000 (later lowered to $1800) by Reserve Consultants on updating the Reserve study done in 2003.  The study provides a timeframe as to when it is anticipated such items as fencing will need to be replaced, the cost involved and therefore giving the Association the amount of money that should be held in reserve for these repairs and replacements.  After some discussion it was decided that the study could wait a year.