The meeting was called to order by Brian Barnes.

Main discussion at hand tonight will be the financial stability of The Greens. With the many expenses we incur on a regular basis, and with many factors contributing to the ongoing expenses, The Greens should expect financial hardship in 2010 and beyond. All members present were provided a copy of last year's financial statement (10/1/08 through 9/30/09). Sally Taylor went over all expenses from 2008 and brought us up to date with any expenses outstanding and within the 2009-10 agenda. Income to The Greens last year was $56,000 and we had $81,000 in expenses. Several CD's belonging to The Greens were cashed to balance the budget. Roofing expenses are the greatest. All condos in The Greens are approximately the same age, and the roofs are deteriorating and in need of replacement/repair. To eliminate duplicate efforts, all roofing concerns should be directed to DJ Smith, as DJ has an ongoing agreement with Eastern Iowa Roofing. Using DJ as a "go to" person for roofing needs, will also ensure consistent repairs, replacements and any follow-up concerns after the work is complete. Along with roofing, there are additional needs The Greens association is responsible for. The homeowner fees of $125 each month not only pay for the new roofs, yet the streets, the sewers, all lighting, trees (including removal and maintaining), plants, bushes, signage, and so on. As a board, it has been recognized The Greens needs to immediately generate income. The board proceeded from here with bringing forward ideas to reduce expenses or/and generate income. A reserve fund is likely the best idea we should pursue to aid The Greens financially. In the current state The Greens is spending all incoming monthly association fees to pay monthly expenses, with virtually nothing remaining for unexpected incidentals.

Ideas proposed:

• Assess a one-time assessment of $200-$500 to any new homeowner buying into The Greens. This is being done with many condo associations in the Cedar Rapids area and beyond. Many times when a condo is purchased there may be things the perspective owner wants completed and this one-time assessment would help fund this need. Otherwise, it is also a small way to help us generate additional funds.
• The Board agrees that skylights are windows, although The Greens have incurred expenses with regard to skylights being directly associated as part of the roof, and a skylight is not clearly defined in the by-laws as a window. This may be something to look at updating the by-laws, and could potentially eliminate any further expenses associated with skylights.
• Suggestion that The Greens pay the insurance bill as a one-time yearly payment. This is a less expensive way, yet without any reserve capital The Greens is unable to act on this.
• Suggestion that The Greens pays for snow removal yet leave the chemical products used for ice be left up to the homeowner to provide. As homeowners are responsible for the cement sidewalk, driveway, and garage, that individual consideration of the products used would be less of an expense for the association.
• Energy efficient bulbs are used in the lighting that The Greens provides. It will be further researched if we are using the most economical electrician service for repairs and maintaining of the street lights.
• Consider replacing more roofs at each event. Granted, it is less expensive to replace 4 roofs at a time than one, as the rates are lower when more roofs are done...yet again, this would require more funds than what The Greens has available.
• Increase the monthly homeowner fees from $125.00. The board agrees this would not be as favorable option for many homeowners, yet it may be the best option to consider. As with expenses in our personal finances are in a constant increase, these increased expenses greatly affect The Greens as well.
• Assess a one-time association fee of $200-$500, which would provide The Greens with an instant reserve fund.

The Board members clearly understand the concerns that will arise with any financial decision, yet to keep the association afloat, all suggestions need to be considered. It was agreed that all parties present at this meeting would leave for tonight and seriously consider these options and any additional options or suggestions they may come up with. We agreed to meet again on Monday, November 12th to narrow down our options. Several comments were made suggesting all Greens homeowners encourage their neighbors to participate in The Greens financial stability. All homeowners are and should be, encouraged to actively participate in The Greens meetings to ensure a broad range of ideas, suggestions, concerns, and so forth, for our community. Bob Schmitz motioned for adjournment, was seconded and favored by all. The meeting was adjourned.

Minutes submitted by: Secretary Mary White #1629