Ellingson Hotels Case Study
1. Rick Everist welcomed Jeff Howe, the new owner of the Lodge and Cabana.
2. Minutes from the March 11, 2015 Annual Meeting were reviewed. On a motion made by Mark McCulloch and seconded by Ted Odle, the Minutes were approved as written.
3. The 2016 Budget, Balance Sheet and P&L Statement were discussed:
a. Income: $50,000
b. Expenses: $32,000
c. Cash Balance: $26,000
d. Receivables: Meriwether has a fair amount of receivables. It will be up to the Board of officially write off unrecoverable receivables.
i. Mark said Big Hole Properties claims to have made a deal with Ellingson whereby they do not have to pay association dues. Whether or not Ellingson made a side deal, HOA rules supersede. If Big Hole sells, the HOA wants to be able to collect. It is not worth the …show more content…
Per Jeff, there is no intent to create additional lots or buildings; the intent is to create a saleable plan, liquidate, and move on. The Lodge can be marketed as a single family residence in order to recover as much money as we can.
c. Mark suggested Jeff put together a narrative that can be presented to the HOA for approval. Jeff agreed. Rick suggested a deadline for submittal of February 5 or 6 and a general meeting in March. Jeff will submit his proposal to Rick.
7. Open Forum: Mark asked if there were any problems looming on the Ranch:
a. Rick said the sewer line going into the structure in the southwest corner has been a problem – it is shallow and it freezes. Someone has to live in it to keep it from freezing or we need to tear it down.
b. Other than that, the Ranch is in great shape.
8. To Do List:
a. Mark will put out a memorandum to all members regarding board seats.
b. Dana will check on our tax bill.
c. Rick will file a lien on Big Hole Properties.
d. Jeff will put together a narrative on the plans for the Lodge and Cabana lots by February 5 or 6 and send it to Rick. Rick and Mark will present this plan to the HOA at a general meeting in
2. Minutes from the March 11, 2015 Annual Meeting were reviewed. On a motion made by Mark McCulloch and seconded by Ted Odle, the Minutes were approved as written.
3. The 2016 Budget, Balance Sheet and P&L Statement were discussed:
a. Income: $50,000
b. Expenses: $32,000
c. Cash Balance: $26,000
d. Receivables: Meriwether has a fair amount of receivables. It will be up to the Board of officially write off unrecoverable receivables.
i. Mark said Big Hole Properties claims to have made a deal with Ellingson whereby they do not have to pay association dues. Whether or not Ellingson made a side deal, HOA rules supersede. If Big Hole sells, the HOA wants to be able to collect. It is not worth the …show more content…
Per Jeff, there is no intent to create additional lots or buildings; the intent is to create a saleable plan, liquidate, and move on. The Lodge can be marketed as a single family residence in order to recover as much money as we can.
c. Mark suggested Jeff put together a narrative that can be presented to the HOA for approval. Jeff agreed. Rick suggested a deadline for submittal of February 5 or 6 and a general meeting in March. Jeff will submit his proposal to Rick.
7. Open Forum: Mark asked if there were any problems looming on the Ranch:
a. Rick said the sewer line going into the structure in the southwest corner has been a problem – it is shallow and it freezes. Someone has to live in it to keep it from freezing or we need to tear it down.
b. Other than that, the Ranch is in great shape.
8. To Do List:
a. Mark will put out a memorandum to all members regarding board seats.
b. Dana will check on our tax bill.
c. Rick will file a lien on Big Hole Properties.
d. Jeff will put together a narrative on the plans for the Lodge and Cabana lots by February 5 or 6 and send it to Rick. Rick and Mark will present this plan to the HOA at a general meeting in