BOARD OF DIRECTORS MEETING, HeatherRidge Umbrella Association (HUA), May 26, 2008

These minutes have not yet been approved by the HUA Board.  Any corrections, additions, or deletions  will be made at the next regular HUA Board meeting prior to official approval.

Acting President Todd Campbell called the meeting to order at 7:00 pm.  Present:  Todd Campbell, Sam Dent, Rick Francisco, Paul Kelly, Patrick Perry, Jim Petkus, and Jim Servis.  Gordon Lind and Carol Marker were absent. 

APRIL 22, 2008 MINUTES:  Patrick Perry made a motion to approve the April 22, 2008 minutes, seconded by Paul Kelly.  At vote, all aye, motion carried.

ACTING PRESIDENT’S REMARKS:  Todd Campbell noted Carol Marker’s leave of absence for the next month, she is expected to return in late June 2008.  Mr. Campbell also welcomed Patrick Perry back from a brief illness, wished Gordon Lind a quick recovery after surgery, and noted that our Accountant Deb Garcia’s Grandmother passed away and HUA offers their sympathy.  Todd Campbell mentioned the tax liability bill that HUA received this past month for $290,000.  Apparently the annual paperwork to retain common area land value (open space) status was not filed and the tax bill increased over $270,000.  HUA has secured a tax attorney to resolve this problem, hopefully within the next month.  HUA is also investigating obtaining a line of credit to finish the streets most in need of paving as the costs of petroleum and asphalt have, and will continue, to escalate the prices exorbitantly.

PRELIMINARY Treasurer's Report for April 30, 2008
UMBRELLA CASH POSITION	Totals 3/31/08	Operating 4/30/08	Reserves 4/30/08	Totals 4/30/2008	Change from Prev. Month
	$469,149.10	$121,685.29	$396,535.25	$518,220.54	$49,071.44
UMBRELLA OPERATING INCOME & EXPENSES	Actual	Budget	Current Month Difference	Actual YTD	Year-to-Date Budget YTD	Difference YTD
INCOME	$119,246.66	$118,950.69	$295.97	$478,364.05	$475,802.76	$2,561.29
Landscape	$59,589.38	$57,828.62	($1,760.76)	$201,744.13	$199,332.21	($2,411.92)
Security	$21,403.55	$21,233.58	($169.97)	$74,585.56	$85,659.32	$11,073.76
Administration	$19,683.92	$18,037.78	($1,646.14)	$69,687.84	$69,721.63	$33.79
Maintenance	$19,762.27	$18,481.17	($1,281.10)	$107,102.41	$82,367.18	($24,735.23)
INCOME (LOSS)	($1,192.46)	$3,369.54	($4,562.00)	$25,244.11	$38,722.42	($13,478.31)
CRF CASH POSITION	Totals 2/29/08	Operating 3/31/08	Reserves 3/31/08	Totals 3/31/2008	Change from Prev. Month
CRF	$23,075.70	$10,711.01	$11,249.09	$21,960.10	($1,115.60)
CRF-Clubhouse	$10,772.61	$8,150.25		$8,150.25	($2,622.36)
Golf	$110,249.34	$33,606.14	$66,589.74	$100,195.88	($10,053.46)
TOTALS	$144,097.65	$52,467.40	$77,838.83	$130,306.23	($13,791.42)
CRF & CLUBHOUSE OPERATING INCOME & EXPENSES	Actual	Budget	Current Month Difference	Actual YTD	Year-to-Date Budget YTD	Difference YTD
INCOME	$11,139.57	$12,287.90	($1,148.33)	$46,188.49	$50,401.60	($4,213.11)
EXPENSES	$11,360.01	$8,946.46	($2,413.55)	$45,833.48	$47,058.26	$1,224.78
INCOME (LOSS)	($220.44)	$3,341.44	($3,561.88)	$355.01	$3,343.34	($2,988.33)
CBRC CASH POSITION	Totals 1/31/08	Operating 2/29/08	Reserves 2/29/08	Totals 2/29/2008	Change from Prev. Month
	$71,358.99	$22,729.58	$49,422.91	$72,152.49	$793.50
CBRC  OPERATING INCOME & EXPENSES	Actual	Budget	Current Month Difference	Actual YTD	Year-to-Date Budget YTD	Difference YTD
INCOME	$2,670.19	$2,569.68	$100.51	$10,983.12	$10,278.72	$704.40
EXPENSES	$2,146.72	$2,332.78	$186.06	$10,916.64	$9,937.12	($979.52)
INCOME (LOSS)	$523.47	$236.90	$286.57	$66.48	$341.60	($275.12)
HHRC CASH POSITION	Actual	Budget	Current Month Difference	Actual YTD	Year-to-Date Budget YTD
	$44,304.48	$12,690.48	$27,827.10	$40,517.58	($3,786.90)
HHRC  OPERATING INCOME & EXPENSES	Actual	Budget	Current Month Difference	Actual YTD	Year-to-Date Budget YTD	Difference YTD
INCOME	$3,639.20	$3,624.83	$14.37	$14,829.19	$14,754.32	$74.87
EXPENSES	$1,776.82	$2,379.15	$602.33	$7,989.22	$11,620.35	$3,631.13
INCOME (LOSS)	$1,862.38	$1,245.68	$616.70	$6,839.97	$3,133.97	$3,706.00
SBCRC CASH POSITION	Actual	Budget	Current Month Difference	Actual YTD	Year-to-Date Budget YTD
	$58,608.22	$24,793.02	$40,337.79	$65,130.81	$6,522.59
SBCRC  OPERATING INCOME & EXPENSES	Actual	Budget	Current Month Difference	Actual YTD	Year-to-Date Budget YTD	Difference YTD
EXPENSES	$1,746.46	$1,710.42	$36.04	$6,997.86	$6,841.68