BOARD OF DIRECTORS MEETING
OFFICER REPORTS
President – Jerry Vasile reported that he has been very impressed with the level of expertise and dedication of the Pelican Sound Board of Directors, NVRs and the management team supporting them. He also complimented the Masters Board members on their capabilities and willingness to serve on the Board of Directors. Jerry spoke to overall spirit, sense of community and strong neighborhood involvement in of the Masters Community as a whole.
Jerry then spoke of the Holiday Decorations and his gratitude to Kay Howard who has been leading this effort for the past 6 years. Kay has elected to step down next year and the Masters Social Committee has volunteered to take this on going forward. Our sincere thanks to Kay for all her hard work to make the Masters “shine” during the Holiday season.
Vice President – George Monahan reported that Greenscapes pricing increased one percent and that they have modified the contract to include 9 inspections of the Masters per year. All other contracts remained the same. George recommended that the contracts be added to the Frankly Coastal website for our members’ convenience and Frank Parrish agreed that this would be done.
Treasurer – Scott Gallagher asked Frank Parrish to address the current financial status of the Masters and the balances in our accounts with Fifth Third and 1st Horizons banks.
ARC – Celeste Eaton issued a report to the community on November 15th 2023 and it has also been posted to the Masters web page.
NEW BUSINESS
2024 Budget – The proposed 2024 budget was sent to all residents on November 2nd. There are two notable changes to the budget for 2024. The first is an increase to the Contingency Account 40117 to improve our equity position so that we have two months of operating expenses in the account. The other change is a three percent increase across all Reserve Accounts to better position us for increased costs due to inflation. The overall impact to our Quarterly HOA fees is a $100 increase effective January 1st, 2024. As the Hurricane Ian quarterly assessment of $102 ends in December, the quarterly HOA basically remains the same for 2024. The Board adopted the proposed 2024 budget and it will go into effect January 1st, 2024.
Consolidation of Banking Institutions – The Board agreed to have Frankly Coastal consolidate and transition our bank accounts with Fifth Third and 1st Horizons to Truist and migrate to the Truist payment processing systems. This will help eliminate manual processing errors, minimize monthly processing fees and provide the Masters with flexible payment options. Frankly Coastal will be sending detailed information about the transition process to our members in advance.
Reserve Investment Options – The Board agreed to have Frankly Coastal research short and long term investment options for our Reserve Accounts and report back on them at the January Board meeting for review and potential approval. It is estimated that we may be able to earn approximately $4000 in interest payments on these accounts. There was also agreement to look at the structure of the Reserve Accounts and present any proposed changes to the members for vote at the Annual Meeting in March.
Electronic Voting – A form to agree to electronic voting was included with the Proposed 2024 Budget package that was distributed on November 2nd. Unfortunately, many of our members missed it and so it was agreed that this should be re-sent and encourage everyone to sign up for this option. Electronic voting reduces our costs and is more efficient. It also ensures that our residents are able to submit their vote regardless of where they are residing at the time.
Future Meeting Dates – The next Board of Directors Meeting will be held on January 18th, 2024 at 3pm. The Annual Meeting is scheduled for March 11th 2024 at 3pm. Notice of both meetings will be provided in accordance with Florida Statute
Roof Cleaning/Dirty Roofs – Concern was expressed that the PSGRC ARC performs inspections in the morning when the roofs are wet and may appear dirty. There is an appeal process that can be used if you feel your roof has been incorrectly identified as being dirty or if cleaning the roof could violate your warranty. The Board was also made aware that there is an effort underway to determine what constitutes a “dirty roof”. Frank Parrish offered to reach out to Denise Williams to find out more about this effort and report back to the Board with his findings.
Respectfully Submitted,
Lynelle Reney (Moscaritolo)
Board Secretary