Woodbrook Homeowners’ Association

2022 Annual Owners’ Meeting (town hall)

Wednesday, 14 December 2022, WebEx Platform

 

I. Call to Order

Meeting was called to order by HOA President Jeong Lee at 7:15 PM and the board introduced. Michael and Eydie Leighty from MYHOA (Woodbrook’s management company). The meeting start was delayed due to a limited number of Homeowners who signed onto the platform. This new annual meeting date was approved at the July 11th Annual Meeting Whereby Homeowners and the Board of Directors agreed to a change from Fiscal to Calendar Year with a meeting on 14 December 2022. The management sent the notification out on 21 November 2022.

 

II. Quorum was not established

Seven households were represented either in person and one proxy. Based on guidance from management Company no votes could be taken to approve the budget and conduct any elections necessary to preserve functioning of the Board of Directors without quorum, the budget automatically ratifies per RCW.

 

III. Approval of 2021 Annual Meeting Minutes was Deferred due to lack of Quorum

 

IV. Financial Report

Tom Harker presented the Financial Report from the past 12 months. As of 11/21/2022:

 Operating Account Balance $ 54,159.74

 Reserve Account Balance $ 109,213.47

$ 163,373,21

Due to a positive cash flow and reduction in monthly expenses, the financial outlook for the community is that the Cash Flow is sufficient to cover 2023 expenses and the our future capital needs are 100% funded. The Board postponed an audit this year. Expenditures were up last year due to the annual picnic and annual yard sale. We allocated more money in this year’s budget to restore the annual yard sale, picnic, and budget 25K to replace the small playground on the cul-de-sac. The playground was replaced in October 2022 at a cost of 29 K and the increase had no adverse impact on reserve capital or operating funds. 

 

V. New Business: No New Business was conducted due to lack of Quorum

 

VI.        Tom Harker was the only Board Member whose Term expired and due to lack of Quorum the Board members present agreed to reappoint him for another Term and he agreed to serve.

.

 

Adjournment at 19:33 pm

 

 

Submitted for Approval by Frank Bannister, Board Secretary