The meeting was called to order by Rita at 6:50 pm.  All board members were in attendance Rita Pierson, Carter Rowles, Michelle Parriott, Helen Bennett  and Swayne McCauley.  Adriane Carbajal, our property manager from Beck & Co. attended.

Carter made a motion to accept the minutes from our July 13th meeting and Michelle seconded.  They were approved unanimously.

Adriane provided an up-to-date balance sheet. She also presented our 2010 operating budget and as the property ages general property maintenance and repair will increase.  She indicated that our net operating income after improvements are estimated to be $46,862.00.  Our total expenses, after improvements are projected to be $210,018.00.  Carter made a motion to approve the proposed budget. Helen seconded and the board voted unanimously to approve it.

Most comments about our roofing contractor, Roof Time, have been favorable.  No leaks have been reported after recent rains. The few problems that were mentioned seemed to be handled in a timely fashion.  The board unanimously agrees that the right company was selected for the task.  The board approved the final invoice for $80,470.00 to be paid in September on a motion made by Helen and seconded by Carter.  Total cost was $236,470.00.  Nancy Stied chairs a committee to inspect for possible problems.

The board approved payment of $1050.00 to Beck & Company covering the roof project since it was a Capital Improvement.  Capital Improvements are defined as any expenses not included in the operating budget and/or financial statement.

There are no Capital Improvements slated until 2013, when new paint will be considered so no special assessments are planned until then.

Adriane is searching for longer term CD's to allow our money to earn more interest.  She is also seeking bids for plaster and sealant repair in the pool area.

Proscape is continuing to mulch and landscape beds.  Red mulch was used in the entry way for more impact.

Carter made a motion to adjourn the meeting at 8:10 pm and Helen seconded and the board voted to accept the motions.