2019 ANNUAL MEETING MINUTES
NOVEMBER 16, 2019
AT 10 A.M. GEORGETOWN PRESBYTERIAN CHURCH
Present: Jacky Walton, Bob Garrison, Larry McMillin, Peggy Phillips, Bob McMahan, and Adam Anderson, Butch Williams
Absent –John Walton
Secretary Larry McMillin confirmed that a Quorum has been met, and; There are 202 verified ballots without what came in today Proof of Mailing – In the office
Motion to Proceed with the Election Process – made by Bob Garrison, Seconded James Bennett, Motion carried
Secretary- Larry McMillin made a call for Nominations from the floor 3 times. No motions from the floor
Election Committee: Shirley Peterson, Carolyn McBride, Nina McMahan, Johana Garrison, Sue Hasting, Marion Cuttino, Kathleen Hayes, John Sasso, Mary Sasso, Barb Nichols, and Bob Nichols.
Larry McMillin made the Motion to Approve Mary Sasso as Inspector of Elections Seconded -Bob Garrison, All in Favor, Motion Carried
Collection of ballots – Election Committee retired to count. Larry McMillin read the 2018 Annual Meeting Minutes.
Bob Garrison moved to approve Annual Meeting Minutes, Adam Anderson Seconded and Motion carried.
Officer Reports
President: Jacky Walton reported that this will be his final meeting. This is your meeting. You have a right to vote on the issues in the community.
He feels after 9 years its time to pass the gavel to someone else. He feels honored to have served as your president. He is thankful for all the support of the community and especially his wife. Jacky says he thought this would be an easy job, but once you get on the other side you see how wrong you are.
Vice President: Bob Garrison reported that he was glad to see so many people at the meeting. It is custom to provide overview of the previous year, he was going back to 2010, when Wedgefield Plantation was in turmoil.
Wedgefield made the local paper. The plantation was $700,000 in debt and everything had been mortgaged. There was $150,000 in unpaid past assessment. It was a hostile environment in 2010.
Fast-forward to 2019, Wedgefield Plantation carries no long-term debt and has a healthy reserve. Our assessments are lower that 2010 and we were able to complete a successful dredge without a lawsuit. He would like to thank all the members of the Board, especially the president for all the work they have done together.
Secretary: Larry McMillin reported, Once again we are meeting to discuss the previous year and our expectations for the future. Some very significant projects have been accomplished, with more in various stages of planning and completion. Due to the foresight of previous boards, the canal dredging project was accomplished with no increase in assessments and very little concern from the property owners. The large paving project, still to be started, is fully funded and awaiting the contractor. The emergency fund had been depleted due to Hurricane Matthew, but provisions were made to increase it’s amount. We were lucky this year with Dorian, but a major impact could have been more than the reserve would cover. This is how reserves are established and funded through our assessments to predict the needs of the community and hold these monies in readiness. The board members have, through their participation placed the Plantation on solid footing to deal with the future while keeping our annual assessments stable and attractive compared to other communities.
Treasurer: Peggy Phillips reported that the approved budget for 2019 was mailed with the annual meeting material’s packet and the assessment for the next year will remain at $525.
Invoices will be mailed the last week of December and assessments are due by February 1st. Any assessments not paid by the last day of February will be assessed a late charge of $20 per month beginning March 1st until the assessment and late charges are paid in full.
Each board member was given an opportunity to contribute in the preparation of the budget along with the Finance Committee which consisted of Gary Dreher, Bob McMahan, Bob Garrison, Jacky Walton and Larry McMillin. We base anticipated revenue to be 100% collection of the assessments. These assessments are used to pay the operating expenses of the Plantation. Our Operating Account with South State Bank has a balance of $116,950 as of November 13, 2019. Any monies not used for normal operations are placed in Reserve Accounts. Currently the Reserve Account balances are: Edward Jones, $369,106.33, South Atlantic, $219,427.67, TD Bank, $58,207.49 for a total Reserve of $646,741.49.
The Reserve categories are presently accrued at the following percentages and the current balances are: Roads: 67%, $467,718.81, Drainage, 12% $51,036.70, Marina, 2%, $14,058.75, Emergency, 2%, 38,350.87, Canal, 15%, $61,398.98, and landscape, 2%, $14,177.38 for a total of $646,741.49.
Additionally, we have an account with South Atlantic for use with a Debit Card. The current balance is $2,227.64. We also have an account with South Atlantic used as an Escrow Account for the refundable portion of ARC deposits. This account currently has $10,550.00
As per policy, we do not exceed $250,000 in any bank account in order to comply with FDIC Insurance.
All checks from any account requires two signatures of the Executive Board Members. Checks are prepared by our Office Clerk, Michelle Blythe and reviewed and balance twice monthly by Kathy Browy, Bookkeeper. All data is forwarded to Mr. Jim Young, CPA who also reviews the data and prepares out monthly financial statements. Mr. Young’s fee for this service is $150 per month.
ARC: Bob McMahan reported that, This year the ARC had 36 permits, 15 of which are still open with 21 completed. There were 11 new houses of which 7 have been completed with 4 still ongoing. There has been permits issued for sheds, reroofing, and driveways. We will be updating some ARC forms this year. Residents need to be aware that sheds do require a permit from the county. They are responsible to check to see if their projects require a permit from the county or state. Jacky and Bob have done an outstanding job and keeps up with every detailed. They will truly be missed.
Legal: Bob Garrison stated that we have had a fairly easy year. Most of what we have dealt with is delinquent accounts in which we have had only 2 or 3 new ones this year. We have some chronic delinquents accounts. We were able to sell one lot that we had foreclosed on. We still have one for sale on Francis Parker. The lawsuit we had pending was settled this year with no expense to the plantation.
Jacky Walton thanked Bob Garrison for all his hard work and lets him know he has done a good job.
Finance: Peggy Phillips reported that in 2018 we had an updated reserve study completed by Reserve Professionals. They state “The Board of Directors of an association has a legal and fiduciary duty to maintain the community in a good state of repair. Individual unit property values are significantly impacted by the level of maintenance and upkeep provided by the association as well as the amount of the regular assessment charged to each owner.
A prudent plan must be implemented to address the issues of long-range maintenance, repair and replacement of the common areas. Additionally, the plan should recognize that the value of each unit is affected by the amount of the regular assessment charged to each unit.
There is a fine line between “not enough”, “just right” and “too much.” Each member of an association should contribute to the reserve fund for their proportionate amount of “depreciation” (or use) of the reserve components. Through time, if each owner contributes his “fair share” into the reserve fund for the depreciation of the reserve components, then the possibility of large increases in regular assessments of special assessments will be minimized.
It has been pointed out that at the time of the Reserve Study the balances constituted 125% of the full funded reserves, a strong level of reserves. However, it should be noted, this Reserve Study did not take in account our reserve for Emergency. After spending $12,348 this year for Dorian clean-up we now have a balance of $38,350 in this category. In 2016 we spent approximately $74,000 for clean-up of Hurricane Matthew. Since we have no way of knowing when a storm will happen or the expense we will incur, I feel we are not overfunded.
This year, we have spent the following from Reserves: Roads, $6,212, Drainage, $24,325, Marina $8,190, Emergency, $13,177, Canal, $74,392, and Landscape $0.
In the near future, road repairs will begin. The Board has approved an expenditure from the Roads Reserve in the amount $357,600 to Coastal Asphalt. This will leave a balance in the Roads Reserve of $110,118. Also, there are additional large drainage projects to be completed.
Communication: No Report
Welcome Committee: Butch Williams reported, The welcome committee has welcomed 30 new families. Instead of people moving out, people have been moving in. Jacky says Butch has done a great job.
Website Committee: Jacky Walton reported that we had discussed starting Facebook page last year. This page was set up and has about 146 members joined on the page.
Drainage Committee: Jacky Walton reported, there are several very large drainage projects that have been done this year. We are still trying to find out why the contractor has not started on the one job.
Water Amenities Committee: No Report
Roads Committee: Adam Anderson reported that we are under contract with Coastal Asphalt for a major road project that will bring our roads up to date with all known problems being addressed. The work was scheduled to begin November 11th but has been puched back to mid- December because of weather delays on other projects. We ask that everyone be patient during the construction as there will be delays. Coastal has assured us they will have the traffic patterns organized and it will be as smooth as possible.
Grounds: Larry McMillin reported our maintenance contract will be coming up in March for renewal. This will be discussed at the February meeting, ahead of schedule. We will hire another contractor to the flower and maintenance at the gate. If you have any problems call the office.
Larry tells Jacky Walton that it has been a pleasure to work with him.
| Compliance: No Report | |
| Old Business: No Report | |
| New Business: No Report | |
| Election Results: | |
| Vickie Lee Beard | 32 |
| Connie Downs | 78 |
| Gary Dreher | 138 |
| Tom Macedo | 111 |
| Peggy Phillips | 175 |
| Jonathan Rutsein | 105 |
| Write-in
Bob Garrison |
2 |
| George Washington | 1 |
| Abe Lincoln | 1 |
| By Law Change | |
| In Favor | 185 |
Opposed 35
Resident Comments
Mike Downs asked if they would give us the culvert that was made for the drainage project? Jacky Walton said they are looking into that.
Beverly Aberly asked if anyone else was having trouble with teenagers in the neighborhood not wanting to move out of the way of traffic.
Bob Buice tells everyone that The Manor house has a membership program that gives you that amount back in food. Said everyone needs to be supporting The Manor House if they want to keep it.
Eileen Kramer says that her and her husband Stan are running a Georgetown Theater Orchestra and they will be performing at Winyah Auditorium on December 5th. Tickets are free.
Mike Macedo asked What is the bad debt in the budget for? Bob Garrison lets him know that it is an estimate of what money we won’t be able to collect each year.
Bob Garrison made motion to return future meetings to WPA Office. seconded motion, and Motion carried
Next Board Meeting on December 18th at the WPA Office.
Meeting Adjourned.