The annual meeting of Loma Topkie Property Owners Association was held Monday, November 6, 5:00 p.m. at the home of Elizabeth and Jack Welsh.
Those in attendance were:
Elizabeth and Jack Welsh
Lee and Olin Philips
Mildred and Don Corsette
Mary Rita and Horacio Shakespear
Herb and Betty Martin
The secretary read the minutes of our last meeting, together with the treasurer's report, showing a present balance of $1,652.26 in Valley National Bank, West Sedona Branch Account #3858-6334 (savings). Motion made by Jack Welsh, seconded by Olin Philips that minutes and Treasurer's Report be accepted as presented.
There was discussion regarding the amount in our savings account, and if there is a limit for a non-profit organization before being questioned by the IRS. Secretary subsequently contacted Bill Ellison of Ellison Accounting in West Sedona and was told that as long as Association is reporting annually on form #1120-H (U.S. Income Tax Return for Homeowners Associations) that Association is doing the proper and required reporting. Secretary told Mr. Ellison that earned interest stays in the savings account and money is used for repairs and maintenance if needed.
There was discussion regarding the condition of Topkie Drive, and Secretary will write to the City of Sedona and request repairs to the potholes forming, and deepening cracks in the pavement; and also request Yavapai County to replace "No Parking" sign and correct the situation at our entrance where road equipment created an area where water stands fairly deep after a rain.
Everyone present paid their $50 annual dues.
Elizabeth made a motion to close our meeting; seconded by Olin. Meeting adjourned about 5:30, by president Herb Martin.
Respectfully submitted