Recap of Board Activity, Oct. 24

General: 2025 Reserve Study: MOVED to approve the 2025 Reserve Study as prepared by Association Reserve as presented.

General: 2025 Budget: FAILED to make an exception to the current policy 14-5061-2, regarding the utilization of Trust Property Use Fees, allowing for the increase in TPUF (Trust Property Use Fee) be directed towards Operating expenses for the 2025 fiscal year only, and to revisit policy 14-5061-2 in the November committee meeting to address an amendment that would invalidate that exception in the November open Board meeting before Jan. 1, 2025.

FAILED to add $594,600 to the Contingency Fund, which will result in an additional $7.50 PAPM (per apartment per month) to the proposed budgetary figure proposed of $230.51.

FAILED to add $594,600 to the Contingency Fund, which will result in an additional $7.50 PAPM (per apartment per month) to the proposed budgetary figure proposed of $230.51.

MOVED to make an exception to the current policy 14-50612, regarding the utilization of Trust Property Use Fees, allowing for the increase in TPUF (Trust Property Use Fee) be directed towards Operating expenses for the 2025 fiscal year only and to revisit policy 14-5061-2 in the November committee meeting to address an amendment that would invalidate that exception in the November open Board meeting before Jan. 1, 2025.

FAILED to approve the 2025 Budget as presented.