2023 ANNUAL MEETING OF THE OWNERS

The Annual Meeting of the Molokai Owners Association was held :

2:00 PM, Sunday, January 15, 2023

Molokai Association Office

Diamondhead, MS, 39525

Annual Meeting Report 2023

 

Dear Owners,

 

 

The Annual Molokai Association Owners Meeting was held on Sunday January 15, 2023 at the Association Office. Present were fifteen (15) Owners, which included four (4) Board Members and thirty-one Owners were represented by proxy. This accounted for 46 owners present which constituted a quorum.

 

Topics covered:

 

• President Greg Goodson thanked and welcomed owners for attending the meeting. Board members introduced themselves; Jim Simmons, vice-president, Vern Bourgeois, Secretary, Michael Matthews, Director at large. Treasurer Mike Burge was absent. President Goodson reminded all Owners should submit current emergency contact information to the office. Lack of this information has resulted in confusion concerning the legal disposition of an apartment. Also, please ensure the office has a copy of the current key(s) and or lock codes to your apartment. This is also for emergency use by first responders and management. If the door cannot be unlocked, first responders will have no option but to break down the door. Door replacement will be the responsibility of the apartment owner. Until the door is replaced, the apartment will be subject to the ravages of both nature and humanity. Also, this is required by the By-Laws.  

 

• Election of Board- Two (2) seats were open for election. Vern Bourgeois and Jim Simmons were unopposed and were elected by acclamation.

 

• Treasurer’s Report-Treasurer Mike Burge is signing the checks and conducting a monthly audit and check reconciliation. Also, $30,000 was transferred from the Operating Account to the Reserve Account. This brings the Reserve Account Balance to $120,000, which is required for our insurance deductible.

 

• Manager’s Report- Manager Bill Farrell reported that the Association ended the year with a cash balance of $136,480, with $120,000 in the Reserve Account and $16,480 in the Operating Account. Due to the increase of insurance, without an increase in revenue, the Association operated at a loss of $8670. The difference in budgeted insurance cost and actual cost was $13,000. Due to diligence and fiscal restraint, the loss was reduced to $8670. This necessitated the increase in dues to the current rate.

 

• Budget- Manager Bill Farrell reviewed the proposed budget and the Owners approved the budget by acclamation.

 

• The meeting was then open to discussion. Mainly, Owners were concerned about attempted break-ins of their apartments and thanked Manager Farrell for sending out a letter advising locking of doors and cars. Also, thanks for contacting Diamondhead Police which resulted in increased patrols. No further incidents have been reported since patrols increased. Owners expressed concern about late dues payment and lack of adequate penalties for such. They were informed increased penalties would require a By-Law change and suggested we do so. Owners asked what could be done to reduce insurance costs. Insurance companies have informed us that they favor that all owners have HO6 insurance, working smoke detectors (preferably hard wired) and in date fire extinguishers. Owners are responsible for repairing the interior of their apartments and a HO6 policy will provide coverage. Lack of coverage by some owners will result in unrepaired apartments and lower property values.  Also, an owner suggested apartments have electrical inspections of outlets and breaker boxes. He shared that changing his breaker box significantly reduced his HO6 premium.

 

• Meeting was adjourned.

 

Executive Session

 

The Board elected;

   Greg Goodson     President

   Vern Bourgeois    Vice President

   Mike Berge          Treasurer

   Jim Simmons       Secretary

    Mike Matthew     At Large

 

The Board agreed to conduct above mentioned inspections that could reduce insurance premiums.

 

Executive Meeting adjourned.