Member's Meeting

Residents had the opportunity to meet Rick Commons, the CPA who will serve as the new Regency Cove accountant beginning Jan. 1, 2011. He described the coupons that will be mailed out shortly, and explained new payment options. You will  have to tear off a coupon, and mail it directly to First Community Bank, or set up an Auto-Pay account allowing the bank to debit your account on the day you specify. Rick fielded many questions from the shareholders. He will be back in December.

The Shareholders' meeting was called to order by President Paul McCumber at 2:13pm. It was well-attended, and it was great to see so many new faces in the room. The necessary Proof of Meeting Notice was read by Cheri. Paul did a t-h-o-r-o-u-g-h explanation of the need for the meeting, explaining fully funded and not fully funded reserves, and finally called for a motion from the membership. I move that the Homes of Regency Cove shareholders waive the reserves required by section 719.104 (4) (b) for the 2011 fiscal/calendar year. Ellen Nimon so moved, and Ron Jeffries seconded the motion. Proxies already counted numbered 325, and another dozen or more shareholdeers voted Yes at the meeting, firmly establishing a majority in favor of waiving. Marie Avant introduced the women who made phone calls to absent shareholders. After lots more discussion and comments from the members, this meeting adjourned.

A Board of Directors' Budget Meeting followed immediately at 2:50. Paul asked for approval of the 2010 Income Forecast and also the 2011 proposed budget. We would have thought that this was already agreed upon by the members of the board, but we learned otherwise. Rose questioned the new format used. Later Marie questioned the amount to pay down the loan, Patti commented on the utilities, and residents voiced many concerns. Some do not want to see excess pre-paying  the mortgage. Several defended the employees disliking their wage freeze and benefits reduction.

More than an hour of discussion and negotiations resulted in $3,000 set aside for employee Christmas bonuses, $38k to the mortgage, and a little over $30k to undesignated contingency.

At the meeting's conclusion, Paul made a startling announcement, and resigned from the office of president. He quietly explained that three grandchildren have moved into their home, and he will be unable to spend the time here in the park that the presidential office demands. He will remain on the board, however. Betty Ridge has assumed the office of president at the end of the meeting, and requested cooperation from all of the board.