1105 Massachusetts Avenue Condominium Trust
Board of Trustees Meeting
April 25, 2024
The meeting of the 1105 Mass. Ave. Condominium Trust Board of Trustees was held on Thursday, April 25, 2024 via zoom.
Present for the Board were Rick Landau, Roger O’Sullivan, Brad Settle, Peter Sullivan, and Bev Thornton.
Also in attendance were Elder Nunez and Myra Miller
PREVIOUS MONTHS MINUTES: The minutes of the March 28, 2024 meeting were amended to say : “that he has seen used in his building”
Approved as revised, all in favor.
FINANCIAL STATEMENT AND ACCOUNT STATUS: There were several questions on the account status. There was a question on the interest earned on the different bank accounts.
BUDGET: There was a question as to why fidelity interest income does not show up in the year-to-date figures? We believe it is because it is not yet received, and is variable based on market rates. There was some discussion about whether it should show in the budget to offset the operating costs? Myra explained that interest income is not always guaranteed and should not be reported in anticipation of its receipt. In any event, it should stay in the Fidelity reserve account or CTC savings account and not be used for operating expenses. Note: there is an increase in the income tax category on the budget to offset the rental income.
The Board voted to finalize the budget at 3% in condo fee increase and $10 additional cost per month for parking spaces.
GARAGE DOOR DAMAGES: the repair bill was sent on March 17th for the owner to submit to her insurance company. It will be sent again.
CAPITAL NEEDS STUDY; Brad would like to see an update on the capital plan to see where we stand with the items listed in the plan
.
BEUDO: No news. Except there is a condominium coalition meeting about electric vehicle charging station meeting – on May 6th. Several board members are attending.
CORPORATE TRANSPARENCY ACT: This is a federal law requiring corporations with capital assets to submit and maintain a recording of the ownership of the capital. This means our Board must be reported. Alcock and Marcus think the government might start fining those who do not comply after the deadline of December 31, 2024. Alcock and Marcus have created a secure website to keep information current. There is a talk tomorrow morning by Allcock and Marcus on the subject that several Trustees will attend.
9B: executive session, discussion about a response to this owner’s issues about package deliveries. We commend our staff on their work on packages.
UPCOMING POWER OUTAGE: Myra explained the upcoming cleanup of the Eversource electrical sub-station room (located below the grate on the ramp) and the power outage in 1105 needed for Eversource to work on their equipment.
WATERPROOFING: Myra will get a price for next drop (East elevation), to continue to waterproof the bricks.
FOLLOW UP ON WATER LEAKS: Allstar suggested repairing the through wall flashing on the PH-A unit. See if we can use a dye to trace the water and see how it might be ending up on the 10th floor?
INSURANCE: We received the initial proposal for the renewal of the master policy. We will go back to the agent to see what the savings there might be if we increase the deductible to 15 and 25K
(Also find out what is the item called temperature change)
Also ask if there is a savings for both individuals and 1105 if all insure with our agent (Brown and Brown).
3B WASHING MACHINE: It was requested that this owner submit more information about the actual machine she is thinking of purchasing. She has not gotten back with answers to several questions.
CONDO DOCS; A request for help in updating our condominium documents was sent to MEEB. They will be back in touch with us tomorrow
2F LEAK: The window company made repairs, caulking the frame. But it was reported that it is still leaking. We still need to do a water test to narrow down where the water is coming in.
NEXT MEETING DATE: May 23rd, 4 PM note time change
Respectfully submitted,
ELN Management
Myra Finn Miller