2022 Annual Meeting Minutes – March 30, 2022

Spinnaker Cove, HOA

Annual Meeting Minutes

Wednesday, March 30, 2022 at 6:30pm

Quorum Confirmation: 10% of 192 units = 20 homeowners. Quorum was met at 66 attendees.

Board Member Introductions: Joe Arnold, president of the Spinnaker Cove Board of Directors introduced the Board members and thanked the community for attending the meeting.

Your HOA Team Introductions: Joe Arnold, president of the Spinnaker Cove Board of Directors introduced Tim Plunkett, CEO and Jenna Plunkett, CFO of Your HOA as well as Katie Adams and Carrie Hicks of the Your HOA team.

SCHOA Attorney: Joe Arnold, president of the Spinnaker Cove Board of Directors introduced Brian DeHem, the Association’s attorney.

Status of the Community: Green Touch is doing a great job with the community. New pool furniture is coming in this summer. Improved security starts this spring. An updated reserve study has been completed to make sure capital improvements are funded. Joe recognized Dillon Buescher as the previous president of the Board of Directors and thanked him for his work and diligence as the president.

This meeting has (2) specific items and goals:

1. To vote and approve the budget

2. Vote on the Board members.

2022-2023 Budget Report: Treasurer Al Kozimor discussed the current proposed 2022-2023 budget as follows:

  • Your HOA prepared a first draft of the proposed budget 30-60 days prior to the meeting
  • Board of Directors met and identified the financial need for the next 30 years.
  • 42% of total revenue is being used for reserve funding. Primarily justified for future roof replacement. In June of last year, a hailstorm struck causing damage to 29 of the 33 buildings.
  • In August of last year, the Board of Directors requested the most recent reserve fund study and received the fifth draft that had not yet been finalized.  
  • Board then integrated Board funding requirements from the reserve fund study and included four improvements that the Board felt should be done in the next fiscal year as well as the expenses for those projects.
  • Al opened the floor for discussion:
    • Carmen Lau 9140 Backwater Drive: question on reserve funding. $152,000 is the projected contribution – prepared in January, projected through the end of this fiscal year. The current budgeted amount is $182,240.00. Al explained that currently we only have preliminary funding, per Carmen states we are currently $75,000 short. Brian stepped in and agreed this budget format is common with the actual and projected numbers. Projected for the end of year is $152,000. The budget is $182,240. General homeowner discussion was held on this topic.
    • Spiro Iraclianos 9272 Sea Pine Lane: stated there is a fundamental item missing (the year-to-date actuals). He stated that he has the actuals that he requested and that they are not showing on the budget
    • Joe stepped in and explained that the Board inherited a budget from the previous Board and it is not currently the budget that we are presenting and what they are asking the community to approve.
    • Ilene Block: stated the new Board inherited an HOA approved budget. Brian stepped in and stated that “as members of the HOA community they are entitled to the financials however they have to go into the management office to review the details.”
    • Carmen addressed the management fee budget vs projected numbers and that the amount increased.
    • Dan Young 9161 Sea Oats Drive: questioned an item that should be on the budget and where can we find out what the amount will be for the reserve fund study. Al stated that the balance can still change over the next 30 days as the balance sheet can change.
    • Al explained that the Nature Preserve account currently has a balance of $90,000 and has continued to separate from the Spinnaker Cove HOA and will eventually be converted into the reserve fund balance to continue to fund the Nature Preserve. Al also explained the “payout maintenance fee” over the next 30 years from Sanders Development that currently is in its 21st year and we will continue to receive $3,000 per year.
    • Connie Knoll 7045 Sea Oats Lane: questioned the audit of the Nature Preserve. Al stated that the BOD is working to identify the expenses that came out of the Nature Preserve and there are alot of questions because there had been no reporting in the past and the Board determined they need “a public accounting firm to audit this account.” The Board recognized there are 14.5 acres of the Nature Preserve that the Nature Preserve Committee is putting together a master plan to develop.
    • Dan Young: questioned the lake and pond treatments, stating it is not in the budget. Al said that it is budgeted for this fiscal year and that we have a contract in place for next year.
    • Beth Anstett 9162 Sea Oats Drive: $30,000 was added to the Nature Preserve and asked why there has been nothing spent out of that account. Joe stepped in and stated the current Board has not spent any money out of the account, however they have ideas and the Nature Preserve Committee is in place to address the needs of the area. The Committee is investigating municipal and state grant opportunities.

New in the budget:

  • Integrates Reserve Fund Study
  • No dues increase for 2023 (based on proposed budget)

The following (4) community improvements will be provided:

  • Nature Preserve and Conservation Area development funds
    • $3,000 in budget
  • New pool furniture
    • $7,000 to replace pool furniture
  • Power washing of driveways and sidewalks
    • Board feels this is a community improvement that should be done. $26,000 budgeted and will include all concrete.
  • Security enhancements
    • Currently engaged a security company to provide cameras for security on the clubhouse and entering and exiting the community entrance.
    • Brent Eckhart with Reserve Design Advantage: (reserve study analyst) joined the meeting and commended the Board for updating the current reserve study! Homeowner asked if he is planning to present the reserve study and Brent stated it has been presented to the Board and a digital copy is on the Spinnaker Cove website (60-page report).

Board of Directors Election:

  • Brian DeHem explained the process of the voting. Stated there will not be nominations from the floor because a clause in the bylaws states nominations are required seven days prior to the annual meeting. Brian stated there is one open position and the Board will ask anyone who is interested, please provide your information so the Board can consider all those interested in being appointed to fill the fifth position.
  • Joe apologized for this confusion and asked any interested homeowners to please come forward as the Board would like to have diverse viewpoints represented.
  • Brian explained there are currently five positions on the Board. The Board can decide later if they would like to work with the attorney on increasing the number of positions.
  • For the members who attended online, they do not have access to the ballots. Brian directed that they send a private message to Your HOA for who they are voting for and write “approve” or “do not approve” regarding the budget.
  • Al Kozimor who is up for re-election and Susan Nelson who is up for election (was appointed last year) each provided remarks on why they wished to remain on the Board.


  • Your HOA handed out the ballots and collected the completed ballots (along with the online votes).

Confirmation of Election Results:

  • Carmen assisted Jenna and Katie in counting the votes. Brian DeHem confirmed and announced the results: the budget passed 42-14. Al was re-elected to the Board and Susan was elected.

Meeting Adjournment:

  • Joe motioned to adjourn at 8:04 p.m. The motion was seconded and approved.

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