BOD Meeting Minutes 07_22_2024

SEAGLASS VILLAGE BOD MEETING

July 22, 2024

6:00 PM

MINUTES

The Chair called the meeting to order at 6:00 p.m. and a quorum was declared. All Board members present: Sandra Weymouth (in the Chair), Lorraine DeVaux, Mickey Meza, Judy Moseley, Howard Raff. Staff present was Jim Hoyt, General Manager.

Minutes were approved from the June 23, 2024, Board of Directors Meeting.

Key Takeaways

• President reminded all owners about the check in/out process required by the Town of Wells

• Ad hoc rental committee presented recommendations to improve rental program efficiency and fairness.

• Financials reviewed, including rental income and reserve funds

• Decision to roll over 2024 rental contract terms for 2025, with some updates like electronic payments

• Announcement of 3 board candidates for upcoming election: Jerry Schlessel, Randy Broomhill-Dillard, Larry Abatiell

• Owners are to pick up packages when notified, and are not to call Danica to find out if the package has arrived. Occasionally packages are sent to the post office, and may indicate that they have been “delivered” – staff will pick up from post office and notify owners when they have arrived on property.

Topics

Ad Hoc Rental Committee Recommendations

• Create self-sustaining rental program, reduce Seaglass role as innkeeper

• Make program fair to renters and non-renters

• Reduce board's time spent on rental issues

• Key recommendations:

  • Empower rental manager to set/adjust rates dynamically within constraints

  • Improve violation handling process involving rental committee

  • Stop using projected rental income for current year's operating budget

  • Eliminate 4% resort fee, incorporate into pricing

  • Reduce commission fee from 35% to 30% by 2026

  • Install digital locks on rental cottages

  • Provide updated list of required cottage items

Financials

• Operating account balance $143K, rental account $205K

• Reserves at $1.04M

• Rental income $18K under budget for 6 months

• Motion passed unanimously to invest excess rental funds into a new, separate money market account whereby the interest goes into reserves, with a $15K minimum to always remain in the account.

2025 Budget Preparation

• On track for board review before August meeting

• Increased funding for road work, fence upkeep, tree removal

Rental Program Contract 2025

• Motion passed unanimously to rollover 2024 contract terms for 2025, with the change to update to electronic monthly payments to owners

• Financial numbers subject to approved 2025 budget

Golf Cart Rentals

• Analysis shows rental profit of $8K through 2023, $3.6K projected next few years

• Motion passed unanimously to reaffirm that golf cart rental income goes into rental program

• GM to create laminated signs to be put under steering wheel clips which re-state the speed limit and driving age.

Insurance Update

• Association insurance policy being re-quoted

• May need to increase budget for proper coverage based on declarations

Next Steps

• Schedule BOD study session to vet rental recommendations

• Refer relevant recommendations to committees for analysis

• Finalize and approve 2025 budget

• Announce "Meet the Candidates" event for August 4th

• No live security hired for this year

Action Items

• Move rental holding account funds into an interest-bearing money market account, while maintaining a $15,000 minimum balance, and direct the interest to reserves. Have attorney review and approve policy, then implement. 

• By end of July, install laminated signs on all golf cart steering wheels stating that drivers must have a valid driver's license -

• Reschedule 'Meet the Candidates' event from August 3rd to August 4th and notify candidates and committee 

Meeting adjourned 7:48pm

Minutes respectfully submitted,Lorraine DeVaux, Secretary