Meeting called to order Wednesday, June 30, 2010 at 7:05 p.m. in the 870 Inman Clubroom by the Association President, Hunter Ford; quorum established.

Attendance

Hunter Ford, Darius Hodge, Kayron Warren, and Brad Davis

Brandon Burke, absent, gave prior notification

Business

Approval of Previous Minutes

Minutes of Tuesday, April 6, 2010 Board of Directors meeting approved.

Inman Park Village Master Association

Hunter Ford met with Jordan Tenenbaum, President of the IPV Lofts, to discuss some clarifications and additional details of some issues that were raised at a recent meeting of the Inman Park Village Master Association meeting. The outcome of this was that there was clarification that there has been no increase in spending out of the security budget. The budget item for Security Patrol for the IPV Master Association appeared to have doubled. The reality was that the special line item of roving patrol for the Inman Park Festival was coalesced into the security patrol line item. Also, there is a dues delinquency from several of the town homes that are unoccupied and in various stages of construction. The developer is not in a financial position to pay these dues at this time but has pledged to pay them in full once the units are sold. Additionally, although there was some discussion concerning a need to increase dues to the Master Association to cover new expenses, no decision on raising dues has been made as of this time.

Carpet Cleaning

The Board determined that many of the carpets in the 870 common elements are in need of cleaning. The Board determined that spot cleaning these carpets was more economical than a complete cleaning and would mostly remedy any issues. Spot cleaning will proceed.

Exterior Window Washing

The Board determined to go ahead with cleaning the exteriors of all windows in the complex. This will be scheduled immediately, and Kristy Cowell will schedule and oversee this project and ensure that all residents receive prior notification so that screens can be removed before washing occurs.

Pool Chairs

The Board determined that additional pool chairs (approximately 8-10) are desirable and that Kristy Cowell will obtain current price quotes for this purchase. The Board will resolve this issue via email once price quotes are obtained.

Property Management Expenses and Other Budget Items

The developer has informed the Board that 870 Inman will be responsible for $280 in additional monthly expenses to cover a portion of the cost of phone and insurance for 870 Inman?s property manager. Before acquiescing to this additional expense, the Board will obtain further clarification of other property-management expenses currently in the budget to ensure that this expense is not currently earmarked under any other line item. The Board will also review the current budget for any other items in need of clarification and will compile a list of questions for further discussion with the property manager and developer.

Property Manager And Board of Directors Relationship

As the Board of Directors has taken over more oversight of 870 Inman within the past year, the Board discussed refining and clarifying the respective obligations and duties of both the property manager and the Board, including the areas where both parties share responsibilities. The Board discussed ways to balance its responsibility to oversee day-to-day operations of 870 Inman while not micro-managing or otherwise intruding upon the property manager?s efficient performance of her duties. The Board has been very satisfied with Kristy Cowell?s performance as property manager.

Receipt of Monthly Budget Reports

The Board discussed the desirability of receiving some form of a monthly operating budget. The Board determined to further discuss the details of this with the property manager.

Reserve Interest

The Board discussed options for moving the capital reserve into a different account that would yield higher interest. Brandon Burke will look into these options.

Budget & Utilities Meeting

The Board discussed the need to hold a meeting with the property manager to obtain additional details on utility items in the budget. This year, there have been unforeseen increases in utility charges, including natural gas, water, and sewer charges, and the Board intends to ensure that these increases are being factored into the budget appropriately. The Board will arrange a meeting with the property manager, and if necessary, may pursue a meeting with the developer if any outstanding issues remain.

Reserve Interest

The Board discussed options for moving the capital reserve into a different account that would yield higher interest. Brandon Burke will look into these options.

Adjournment

Meeting adjourned at approximately 8:10 p.m., with the next meeting to occur two months later or at such time as the Board deems necessary in accordance with the bylaws.