9/5/2020 Annual Meeting Minutes
Chinquapin Homeowners Association Annual Meeting Minutes
Saturday, September 5, 2020
Carriage House, Chinquapin
3600 North Lake Blvd - Tahoe City, CA 96145
Charles Quaglieri, President
Terry Sarvas, Vice President
Steve Giacomi, Treasurer
Annie Mitchell, Secretary
Chuck Langham (newly elected board member)
- 12:00 noon - Call to Order
- President’s Report
- 2020 Board Election Results
- Anthony Miles and Carl Bertelsen were re-elected
- Chuck Langham elected
- New officers:
- President-Steve Giacomi
- Vice President- Terry Sarvas
- Treasurer—Annie Mitchell
- Secretary—Chuck Langham
- Update: Good News
- Financially sound
- No lawsuits
- Improved infrastructures over the 5 years—new pier, restoration of Dollar houses, south recreation area. Recently: new pool furniture, bocce courts, new kayak racks, swim platforms, and tennis courts are being resurfaced. Overall property is in good condition.
- Insurance Renewal—Fire insurance will likely continue to rise. We have shopped this extensively. Our current insurance broker is working on it as well as two others. We are hoping to get the bids very soon before budget meeting.
- Property Usage this year is very high, likely due to Covid. We have had concerns around parking and dogs. However, we have been working to alleviate the issues.
- The contracts for GM and WMC are up in December. We are reaching out for bids.
- Sewer Upgrade. Awaiting permits. Once we get permits, we can get bids.
- Treasurer Report
- Finished 2019 within budget in both Operating and Replacement fund, except for insurance and snow removal categories.
- Financial Statements were reviewed by McClintock and we received a favorable letter. They are posted on the website.
- Federal and State tax returns have been filed with a total liability of $132.00.
- In December of 2019, the HOA Operating Account needed to borrow $575,000 for one year from the Replacement Account to pay for the lump sum insurance payment that was due by the end of December.
- In early 2020, the HOA voted for an assessment for $2,800 per unit to prepay the majority of this loan. The balance of the repayment would come from dues collection.
- Currently, the Operating Account owes the Replacement Account $377,500. Depending on what our next insurance premium is for 2021, these funds will be repaid by the end of the year, or the loan will be extended for a short period of time in to 2021, so we do not incur any interest charges.
- Other than funds owed to ourselves, the Association is debt free.
- Our 2020 Operating Budget of $1,935,000 is currently within budget, except in the insurance category.
- Our 2020 Replacement Budget of $639,000 is currently within budget and we expect to be within budget ant the end of the year.
- Reserves: We have been working toward increasing reserves and as of 8/31/20 we have $416k in Charles Schwab and $417K in Plumas Bank. Including the $377,000 owed by the Operating Account, we have a total of $1,211,144 in our Replacement Account. We will spend approximately 300k by end of the year resulting in close to 900K in reserves, getting us close to our current stated goal of 1M.
- Our Board of Director’s Budget meeting will be schedule for early November. We will do our best to be conservative in our budgeting while still maintaining the safety, beauty, infrastructure and quality of Chinquapin. We will once again be challenged by the unknown insurance premium. Therefore, it is likely that our dues will increase by 20%.
- Homeowner QA
- Peter Blatman: If we increase budget by 20% will that eliminate special assessment? If our fire insurance goes down, could the dues go down?
- Yes, unless there are unexpected circumstances beyond our control. We will revisit the dues if fire insurance goes down.
- Peter Blatman: I understand there is unused property and rumor of selling it?
- Long history to the situation. Charles has written history of the situation and will email to Peter Blatman. In sum, the unused property is tabled and not for sale.
- Chris Wedekind: Regarding the insurance, have we looked at pooling with other HOAs and/or self-insurance?
- We have looked at self-insurance and it was not an option for CHOA. Pooling with other HOAs is also complicated as every property has different needs. We were pooled years ago with HOAs in Southern California but we were ejected from the pool because of the uniqueness of the property.
- John Wilkerson: Are there any occupancy limits for the units?
- For rentals, 2 adults per bedroom plus 2 adults per living space. And no limit for under 15. However, no rules for homeowners. Placer County is very diligent about enforcing rentals have permits.
- Tom Popek: Thank Charles for his extraordinary service.
- Tom Popek: Would we restrict use of facilities for renters? Asked the board to consider limiting facilities to renters.
- While we had high occupancy this summer, rental traffic was lower. Usually rentals in the summer are at 50-60% capacity. This summer, Packard Realty rentals were only 30%.
- Robin Kelley: Agree about kayak dragging. How could we prevent dragging of equipment towards lake? Suggested that if individuals took on more of their personal insurance, it could bring down overall insurance. Thank you Charles for your service to the board.
- Tom Kasten: Thank Charles for tremendous leadership over the years and the time and interest. Congratulations Steve on new presidency. Recognize and thank Terry on work on grounds.
- Colleen Crowley: Can we store kayaks/boats/watercraft on beach?
- Only rule is owners must remove watercraft in the Fall and store in their property.
- Meeting Adjourned at 1pm