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RDCOA Board Meeting Minutes

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					                     RDCOA Board Meeting Minutes
Date:          January 19, 2003
Time:          1:00 p.m.
Location:      Champion’s Run HOA Office

Attending:

Board Members
Bob Lester, Billy Ross, Paul C’DeBaca, Hiram Muse, Ila Vehmeier, Wesley Linder.
Gale DeRollo was excused.

ORE Representative
Bret Lacey

On Site Manager
Barbara Jones

Minutes:

Call to Order and Recognition of Quorum
Bob called the meeting to order at 1:00 p.m. and welcomed everyone in attendance. Gale
was excused from the meeting to care for an ill family member. A Quorum was present
to conduct business.

Bob reminded board members not all expenditures would be approved by board
members. When the board approves the budget this gives ORE representatives the
authority to make spending decisions for the association.

Bret told the board that generally he and Barbara would discuss the need to make
purchases from the operational account or the day-to-day operations of the association. If
expenditures are over $500, Bret will contact the board president. If the funds for an
expense come from the reserve account, Bret and Barbara will obtain board approval
before making the purchase. ORE does not have authority to spend reserve funds without
prior board approval.

Insurance Discussion
Gilbert from the Master Board asked to be heard. He informed the board that the
insurance policy the Master Association held had expired. The Master Association is
working hard to find new coverage but is having difficulties. The reason for the
difficulties is the number of claims recently filed, snow and ice removal and possible
water leakage and usage issues. Representatives from the Master Association are
meeting with several insurance representatives in efforts to secure insurance coverage.

Bret reminded the board that the insurance policy carried by ORE insures the timeshare
association for contents, liability and directors and officer’s coverages.


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       Assignment: Bret to contact Stu to see if his brokerage could provide insurance
                   or if he knows of someone that might.

Approval of September 28, 2002 Minutes
Board Members reviewed the minutes and made one change.

Billy made a motion to approve the minutes with the change, Wesley seconded the
motion. The motion passed.

Review of Assignments
Bret reviewed the assignments from the previous meeting and property inspection. All
assignments have been completed.

       Assignment: Bret to send all the board members a 2003 annual scheduling
                   calendar.

       Assignment: Bret/Barbara to contact a locksmith and ask them to inspect the
                   front door knobs and deadbolts. To determine if they can be
                   serviced and operate for several years or if they need to be
                   replaced. If they just need servicing go ahead and complete the
                   job. If they need replacing, get a price estimate and contact Bob
                   for approval.

       Assignment: Bret/Barbara to get some bids for the installation of good quality
                   screen doors on the units much like the one Barbara has on her
                   unit. Get bids and contact the board for approval of this project.

       Assignment: Bret/Barbara to get prices for the cost of sliding screen doors for
                   the sliding glass doors that open to the balconies and present to the
                   board for approval.

Wesley made a motion to purchase a computer for the office, Billy seconded the motion.
The motion passed.

       Assignment: Bret/Barbara to purchase a computer for the office so Barbara can
                   take her personal computer home. Get the office set up with the
                   Internet and e-mail.

       Assignment: Bob will ask the Master Association if they will split the cost of
                   the new computer.

       Assignment: Bret/Barbara to set up a Ruidoso Downs timeshare web site. Bret
                   will work with Steve and set up a site similar to the one for Powder
                   Ridge Village. The board approved the cost of $400 for set up.




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Property Report by Barbara
Barbara reports that the units have been nearly fully booked lately. She reports that the
stucco project is proceeding and is past all of our units. She calls the master association
and contractor regularly asking them to reinstall the railings on our balconies. Barbara
has placed a sign on the double sliding glass doors that prevents guests from opening the
doors (without damaging the sign) and reminds them that the railings are missing. She
also puts a warning flier in their check in packets that addresses the missing railings.

ORE Report by Bret
Bret first reported on the status of maintenance fee collections. 2003 fees are due
February 1, 2003.

Bret reported 21 timeshare interval owners are more than one-year delinquent. Quinn
Pace owns eight of the intervals. Bret has repeatedly called Quinn but has yet to receive
a return the call. Three of the late owners are making monthly payments in efforts to
become current with their fees. Barbara said that three of the intervals might have been
turned back to the association.

       Assignment: Barbara to check with the County to determine if three of the
                   delinquent owners intervals have been returned to the association.

Bret has contacted several Attorneys for information on the judicial foreclosure
procedure in New Mexico. The first step is to send a letter and Warranty Deed to the
current owner asking them to sign the interval back to the association so it can be resold.
For those Deeds that are returned because the owner is no longer at the address, Chuck
Hawthorne, an Attorney in Ruidoso can attempt to trace their new location. If these steps
fail, then foreclosure procedures must take place. Each foreclosure is estimated to cost
about $1,200.

After some discussion, the board authorized ORE to send by certified mail Warranty
Deeds to those 21 delinquent owners in the attempt to have them return their interval to
the association with the least amount of cost.

       Assignment: Bret and ORE will send Warranty Deeds to the 21 delinquent
                   owners.

The board had requested a quarterly report that outlines all the expenses for the
association per quarter. Bret provided this report in the board packet.

Bret reviewed the November 2002 financial statements and indicated the ORE
Accounting Department will have the December 2002 Year End statements done within a
week or two.




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The November statements indicate the association collected $52,000 more in revenue
over budget projections. This was accomplished by successfully selling all of the HOA
intervals and collecting the maintenance fees. Expenses are very close to budget. NOI is
$54,928 over budget projections due to the increased revenue. The association started a
reserve account with $15,000 and will have an estimated $20,000 in the operating
account at the end of the year.

Bret reviewed all the projects completed since the last meeting. They included:

              Re-vent the dryers for better operation
              Clean all window blinds and all carpeting
              Install showerheads in units 504 and 508
              Replace 5 water heaters
              Purchase 18 fireproof rugs
              Purchase bigger and better quality towels
              Install ceiling fans above dining tables
              Replace furnace filters regularly
              Replace all oven gaskets
              Replace the smoke detector in 507
              Purchase quality hangers for closets
              Purchase new cooking pans for unit 303
              Purchase and install paper cup holders
              Replace washing machine lines with no burst lines
              Purchase stepladders for use in cleaning in each unit
              Install fire extinguishers and emergency flashlights

Annually Meeting
The board set the annual meeting date as April 12, 2003 at 2:00 p.m. The board reviewed
the annual meeting agenda and proxy from last year and approved the same format for
this year’s meeting.

       Assignment: Barbara will secure a room at a local hotel for the annual meeting.
                   She will let Bret know of the address for mailings to owners.

New Business
Bret provided the board with details of purchasing good quality mattresses for the units.

Bob made a motion to replace all the mattresses with the VIP Ultra Pillow Top from
Spring Air. Unit 510 will replace two twin beds with one queen bed set. Also replace all
bed frames with a solid wood frame. This will give better support to the mattresses,
prevent guests from leaving personal items under the bed, and prevent dust under the
beds. Paul seconded the motion. The motion passed.




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       Assignment: Bret to purchase new mattresses and bed frames and coordinate
                   their shipping and installation and the removal of the old
                   mattresses.

       Assignment: Bret/Barbara to coordinate the purchase of new sheets, pillows,
                   pillow covers, pillowcases and mattresses covers.

The board approved $2,500 to purchase additional towels like the ones previously
purchased.

       Assignment: Bret to purchase $2,500 of towels including the bath towels,
                   washcloths, hand towels, and bath mats.

The board is concerned that some information lists describe the Champion’s Run
Condo’s as a destination resort and guests arrive with the wrong impression.

       Assignment: Bret to ensure that all association and condo information
                   accurately represents the property and amenities.

       Assignment: Bret to determine why the association does not have a picture in
                   the RCI vacation resort book.

Adjourn
Billy made a motion to adjourn the meeting at 4:00 p.m. The meeting was adjourned.




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         RDCOA Assignments-January 19, 2003


Assignment: Bret to contact Stu to see if his brokerage could provide insurance
            or if he knows of someone that might.

Assignment: Bret to send all the board members a 2003 annual scheduling
            calendar.

Assignment: Bret/Barbara to contact a locksmith and ask them to inspect the
            front door knobs and deadbolts. Determine if they can be serviced
            and operate for several years or if they need to be replaced. If they
            just need servicing go ahead and complete the job. If they need
            replacing, get a price estimate and contact Bob for approval.

Assignment: Bret/Barbara to get a bid for the installation of good quality screen
            doors on the units much like the one Barbara has on her unit. Get a
            bid and contact the board for approval of this project.

Assignment: Bret/Barbara to get prices for the cost of sliding screen doors for
            the sliding glass doors that open to the balconies and present to the
            board for approval.

Assignment: Bret/Barbara to purchase a computer for the office so Barbara can
            take her personal computer home. Get the office set up with the
            Internet and e-mail.

Assignment: Bob will ask the Master Association if they will split the cost of
            the new computer.

Assignment: Bret/Barbara to set up a Ruidoso Downs timeshare web site. Bret
            will work with Steve and set up a site similar to Powder Ridge
            Village for an estimated cost of $400.

Assignment: Bret and ORE will send Warranty Deeds to the 21 delinquent
            owners.

Assignment: Barbara will secure a room at a local hotel for the annual meeting.
            She will let Bret know of the address for mailings to owners.

Assignment: Bret to purchase new mattresses and bed frames and coordinate the
            shipping and installation and the removal of the old mattresses.

Assignment: Bret/Barbara to coordinate the purchase of new sheets, pillows,
            pillow covers, pillowcases and mattresses covers.


                                                                                  6
Assignment: Bret to purchase $2,500 of towels including the bath towels,
            washcloths, hand towels, and bath mats.

Assignment: Bret to ensure that all association and condo information
            accurately represents the property and amenities.

Assignment: Bret to determine why the association does not have a picture in
            the RCI vacation resort book.

Assignment: Barbara to check with the County to determine if three of the
            delinquent owners intervals have been returned to the association.




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