Chesterfield Homeowners Association, Inc.
Board of Directors Meeting
January 20, 2005

Board Members Present:
Mark Bozik, President
Kevin Fatten, Vice President
EJ Klages, Vice President
Michael Savini, Treasurer
Cate Sullivan, Secretary

Call to Order
A quorum of the Board was established, at 7:08 pm on January 20th, 2005 and the meeting of the Chesterfield Homeowners Association was called to order by President Mark Bozik.

Approval of the Minutes
Inasmuch as the December 2004 meeting was the annual meeting of the homeowners, minutes for this meeting will be approved by the homeowners at the December 2005 Annual Meeting but are attached hereto for informational purposes only.

President's Report
With no business to report, Mark Bozik turned over the meeting to Michael Savini for the Treasurer's report.

Treasurer's Report
Michael Savini reported that operating income for the month of December 2004 amounted to $505.21 with expenses totaling $6,285.45, creating a net operating deficit as of ($8,211.46). Reserves were not funded during the month of December 2004 leaving an ending balance of $11,617.09 in savings.

Operating expenses worthy of note for the month of December were $5,341.00 to Pizzo and Associations for installment on the wetland maintenance, and $697.50 to OAM for management services. Utilities paid amounted to $88.71 to ComEd for common area electric service.

Mr. Savini reported that invoices for 2005 assessments were in the mail. EJ Klages stated that the proposed insert to the assessment invoices regarding the procedures to amend the Declaration was not yet compiled by Mr. King, the Association's legal counsel and therefore was not distributed with the assessment statements. The declaration amendment information will need to be remitted under separate mailing. The request was brought forward at the 2004 Annual Meeting with regards to the Association's ability to change the fence requirements as detailed in By-Laws.

Old Business

Landscape Bids
EJ Klages reported that two bids have been received for the continuing maintenance landscape contract for the 2005-2006 season. A third bid was still outstanding and should be available for review at the next regularly scheduled Board meeting.

Retention Pond Signage
Further information is still pending with regards to the retention pond signage. Michael Savini reported that all information should be complete and ready for Board approval at the next regularly scheduled Board meeting.

Web Site
Kevin Fatten thanked Barbara Young for her dedication and follow through on delivering the website at its new address: www.chesterfieldhomeowners.com. The website is now permanently registered to the Association.

Management Company Bids
Mark Bozik reported that inasmuch as the existing contract expires with OAM in June 2005, [we have] the opportunity to collect additional bids. Cate Sullivan reported that additional bids from qualified management firms had been requested and proposals would be provided to the Board for review and approval at the next regularly scheduled Board meeting.

New Business
Fences & Architectural Controls
In a pro-active effort to avoid potential problems, discussion was held amongst the Board members that a Spring reminder notice of the procedure and protocol for fence installation would be in order. Article VII, Section 1, Paragraph (l) [Declaration of Covenants, Conditions and Restrictions] defines fence requirements to be “made of the same type of material [cedar] and is the same color as the fence installed by Declarant [Centex Homes] along Butterfield Road.” All fence installations must be approved by the Board prior to installation and must be submitted on the Architectural Control application that can be found on the website.

Late Fees
Discussion was held amongst the Board regarding the implementation of a fee structure specific to late assessments. Michael Savini reported that timely payment of bills and funding of reserves is inhibited when homeowners are delinquent with their dues. General discussion was held amongst the members regarding other areas of concern that could also fall under the umbrella of violations, and that these should be addressed via Rules and Regulations. EJ Klages stated that the formation of an Ad Hoc committee to prepare a draft document for Rules and Regulation might be in order. Mark Bozik reported that counsel will be contacted regarding implementation of assessment late fees and all input and suggestions from Mr. King will be forthcoming to the board for consideration.

Rules & Regulations
Discussion was held by the Board regarding the creation of an Ad Hoc committee to gather and prepare a draft of community Rules and Regulations for the Board to review. Mark Bozik advised that the Board should move to create an official committee to present Rules and Regulations at the next Board meeting.

Adjournment
With no further action items pending Board review or approval, a motion to adjourn was made by Mark Bozik and was seconded by EJ Klages. Motion was unanimously approved and the meeting adjourned at 7:41 pm.

Submitted By,
Cate Sullivan, Secretary
Chesterfield Homeowners Association