A G E N D A REGULAR MONTHLY MEETING OF THE BOARD OF ... · 1. NOTICE OF INTENT TO WITHDRAW (N01): This notifies the Mutual Corporation 1-12 or 14-16 of the seller's intent to sell

A G E N D A REGULAR MONTHLY MEETING OF THE BOARD OF DIRECTORS

SEAL BEACH MUTUAL EIGHT

June 24, 2019 Open Forum begins at 9:00 a.m. – Meeting begins at 9:30 a.m.

Building Five Conference Room B

(6.17.2019ka&ck)

1. CALL TO ORDER/PLEDGE OF ALLEGIANCE 2. ROLL CALL 3. INTRODUCTION OF GRF REPRESENTATIVE, STAFF, AND GUEST(S): Mrs. Fekjar, GRF Representative Ms. Hopkins, Mutual Administration Director

Mr. Swordes, Building Inspector Mrs. Aquino, Recording Secretary 4. APPROVAL OF MINUTES:

Regular Meeting Minutes of April 22, 2019 Organizational Meeting Minutes of May 28, 2019 (p. 3)

5. BUILDING INSPECTOR’S REPORT Mr. Swordes

Permit Activity; Escrow Activity; Contracts & Projects; Shareholder and Mutual Requests (handout)

6. GRF REPRESENTATIVE Mrs. Fekjar 7. CONSENT CALENDAR

a. Discuss and vote to approve the authorization of the transfers of funds for Mutual Eight (p. 4)

8. UNFINISHED BUSINESS a Discuss and vote to approve/deny the Buying and Selling Process

Handout (p. 5-14) 9. NEW BUSINESS a. Approval Mutual Monthly Finances (p. 15)

b. Committee Appointments for 2019-2020 (p. 16)

c. Discuss and vote to approve/deny the National Wash contract (p. 17) d. Discuss and vote to approve/deny the transfer of funds (p. 18)

STAFF BREAK BY 11:00 a.m.

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10. SECRETARY / CORRESPONDENCE Ms. Weisenstein 11. CHIEF FINANCIAL OFFICER’S REPORT Ms. Thompson 12. MUTUAL ADMINISTRATION DIRECTOR Ms. Hopkins 13. ANNOUNCEMENTS a. NEXT MEETING: Monday, July 22, 2019, at 9:00 a.m. Building Five, Conference Room B 14. COMMITTEE REPORTS 15. DIRECTORS’ COMMENTS 16. SHAREHOLDER(S)’ COMMENTS (2-3 MINUTES) 17. ADJOURNMENT 18. EXECUTIVE SESSION

STAFF WILL LEAVE THE MEETING BY 12:00 p.m.

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MINUTES OF THE ORGANIZATIONAL MEETING OF THE BOARD OF DIRECTORS SEAL BEACH MUTUAL EIGHT

May 28, 2019

The organizational meeting of Seal Beach Mutual Eight was held following the annual shareholders' meeting at Clubhouse 4. Ms. Hopkins, acting as chairperson, called the meeting to order at 11:11 a.m. The purpose of the meeting was to elect the officers for the 2019–2020 term of office and to ascertain the regular monthly board meeting location, day, and time.

Those directors present were Michael Banfield, Jeri Dolch, Claude John “CJ” Klug, Camille Thompson and Sandy Weisenstein. Also present were Mutual Administration Director Hopkins, and Mutual Recording Secretary Aquino.

Ms. Hopkins opened the nominations for the office of the president. Camille Thompson nominated Jeri Dolch for the president. There being no further nominations, Jeri Dolch was elected to the office of president for the 2019–2020 term of office.

The chair was turned over to newly elected President Jeri Dolch, who then called for nominations for the vice president. Jeri Dolch nominated Michael Banfield for the office of vice president. There being no further nominations, Michael Banfield was elected to the office of vice president for the 2019–2020 term of office.

President Jeri Dolch called for nominations for the office of the secretary. Camille Thompson nominated Sandy Weisenstein for the office of secretary. There being no further nominations, Sandy Weisenstein was elected to the office of secretary for the 2019–2020 term of office.

President Jeri Dolch called for nominations for the chief financial officer. Jeri Dolch nominated Camille Thompson for the office of chief financial officer. There being no further nominations, Camille Thompson was elected to the office of chief financial officer for the 2019–2020 term of office.

President Jeri Dolch state that Committees will be assigned at the next regular board meeting. President Jeri Dolch stated that the previous year’s Organizational Meeting minutes have already been approved.

The board discussed the monthly meeting location, day, and time. Upon a MOTION duly made by Camille Thompson and seconded by Sandy Weisenstein, it was

RESOLVED that the Mutual Eight regular monthly board meetings will be held in the Administration Building Conference Room A on the fourth Monday of each month at 9:30 a.m. immediately following the open forum at 9:00 a.m.

The MOTION passed with one “no” vote (Klug).

There being no further business, the meeting was adjourned at 11:17 a.m. ____________________________________ Attest, Sandy Weisenstein, Secretary SEAL BEACH MUTUAL EIGHT (ka 05/28/2019)

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Mutual Corporation No. Eight

MEMO

TO: MUTUAL BOARD OF DIRECTORS

FROM: MUTUAL ADMINISTRATION

SUBJECT: DISCUSS AND VOTE TO APPROVE THE AUTHORIZATION OF THE TRANSFER OF FUNDS FOR MUTUAL EIGHT (CONSENT CALENDAR ITEM A)

DATE: JUNE 24, 2019

CC: MUTUAL FILE

I move that the Board authorizes the following transfers of funds, per detailed and dated Resolutions, by consent calendar.

Transfer/ Invoice Date

Amount Originating/Destination Accounts or Payee

05/06/19 $126,667.28 ACH Direct Debit from Multiple Shareholders to US Bank Checking

05/06/19 $80,726.08 US Bank Checking to GRF – US Bank Checking

05/07/19 $53,582.80 US Bank Checking to US Bank Impound

05/17/19 $26,333.33 US Bank Checking to US Bank Restricted Money Market

06/01/19 $10,992.16 BrightView Landscape (Check #10892)

06/05/19 $15,000.00 US Bank Non-Restricted Money Market to US Bank Checking

06/05/19 $125,686.25 ACH Direct Debit from Multiple Shareholders to US Bank Checking

06/05/19 $93,616.32 US Bank Checking to GRF – US Bank Checking

06/06/19 $53,588.55 US Bank Checking to US Bank Impound

4


MEMO



SUBJECT: DISCUSS AND VOTE TO APPROVE/DENY THE BUYING AND SELLING PROCESS HANDOUT (UNFINISHED BUSINESS ITEM A)

DATE: JUNE 24, 2019

CC: MUTUAL FILE

At the December 6, 2018 Presidents Council meeting the Buying and Selling Process Handout was submitted to all Presidents for review. It was asked of the Council that this be placed on all January agendas for approval by all Mutual Boards. At the January 15, 2019 Regular Board Meeting it was the consensus of the Board to postpone discussion regarding the Buying and Selling Process Handout until the next Regular Board Meeting pending further revisions.

At its April 8, 2019 meeting, the Mutual Administration Committee moved to recommend the Golden Rain Foundation Board of Directors accept the revisions to the Leisure World Seal Beach Buying and Selling Handout. Further, the Committee recommends the GRF BOD approve distribution of the Handout, by the Stock Transfer Office, to realtors and post on the Seal Beach Leisure World website.

At the June 24, 2019 Regular Board Meeting the Board of Directors will vote to approve/deny accepting the revised Seal Beach Leisure World Buying and Selling Handout with revisions.

I move to approve/deny that the Buying and Selling Process Handout, prepared and submitted by GRF, be placed on Seal Beach Leisure World Website and further to be submitted to all Real Estate Agents and be included in the new buyer packet.

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INTRODUCTION

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(SBLW) is a gated, active adultcommunity. Golden RainFoundation (GRF) is theManagement Services provider.The following are theprocedures and information youwill need to successfully list, sellor buy a unit in this community.

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1. NOTICE OF INTENT TO WITHDRAW (N01):This notifies the Mutual Corporation 1-12 or 14-16 of the seller'sintent to sell the share of stock.

1.1. The N01 may be obtained from the escrow company. The N01 isvalid for 180 days.1.2. When the seller has signed the N01, the escrow company courierdelivers the signed form to the GRF Stock Transfer Office to be signedby the Mutual President. This may take approximately 10 working days.1.3. After the President signs, the signed N01 goes back to the escrowcompany. The escrow company sends the original N01 and the Pre-Listing Inspection (PLI) form to the GRF Physical Property Escrow clerk.A set of keys for all unit doors, patio and carport storage units arerequired to be submitted with the PLI Report Form.This authorizes the PLI.

1.4. Mutual 9 PLI process is different. Check with the Stock TransferOffice for details.1.5. Mutual 17 are condominiums and follow some common realestate processes but you must consult with Stock Transfer Officepersonnel.

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2 PRE-LISTING INSPECTION (PLI)This process identifies repairs that the seller is responsible forcompleting prior to the close of Escrow.2.1. Pre-listing inspections differ from Mutual to Mutual.2.2. When the inspection is completed the PLI is sent to the escrowcompany for the signature of the seller.

3. LOCK BOX AND FOR SALE SIGNRealtor's lock box and for sale sign may not be installed before:3.1. N01 completed and signed by Mutual President3.2. The PLI is completed.

4 SHOWING PROPERTY4.1. No previewing4.2. Open Houses are NOT permitted4.3. Property may be shown only after N01 and PLI are completed.

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1.1. A final inspection is conducted 10 business days prior to the closeof escrow.

1.2. If the required work has not been completed by the seller, theinspector contracts and schedules the work to be completed prior to theclose of escrow. The seller can no longer do any repairs.1.3. The cost will be deducted from the seller's Repair Deposit (RD). TheRD amount varies from Mutual to Mutual.

2. CLOSE OF ESCROW:Seller's costs for required repairs are compiled and sent to the GoldenRain Foundation Finance Department to be paid from the seller's RD.The remaining balance is refunded to the seller generally within 45 to 60days after the close of escrow.

3. SALE BY TRUST OR ESTATE:Contact the Stock Transfer Office at 562-431-6586 ext. 347.

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BUYER QUALIFICATIONS:1.1. 55 years of age or older (some exceptions)1.2. Meet financial requirements (these vary from Mutual to Mutual)1.3. Each person pays a one-time, non-refundable, Amenities fee to GoldenRain Foundation (GRF) for use of Trust property.Link to GRF Amenities Fee:

http ://www.lwsb.com/wD-content/uDloads/2015/07/5061-31-Fees.pdf1.4. For current eligibility requirements, fees and monthly assessments visitwww.lwsb.com website. Check under each Mutual for eligibilityrequirements. See Page 8.

UNITS IN MUTUALS 1-12 AND 14-16:2.1. Buyer is purchasing a share of stock in a Stock Cooperative with rights ofoccupancy in that unit. Buyer owns stock, not the unit.2.2. This purchase is cash only. No mortgage is permitted.2.3. Buyer becomes a stockholder, not an owner.

UNITS IN MUTUAL 17:3.1. Buyer is purchasing a condominium (Grant Deed).3.2. Mortgages are permitted.3.3. Buyer becomes the owner of the unit.

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FINANCIAL QUALIFICATION PROCESS:4.1. Mutual Boards have sole authority to set and change MutualFinancial Qualification Requirements.4.2. Mutual Financial Qualification Requirements Policy is located onIwsb.corn fPolicy 7510).4.3. Stock Transfer Office will verify financial qualifications packet forcompliance with Mutual Policy. The Stock Transfer Office has noauthority to approve aDplications that do not comply with MutualPolicy.

5 BUYER ORIENTATION MEETING:5.1. A Buyer Orientation is required at least 10 business days prior to theclose of Escrow.5.2. The meeting is generally conducted by the Mutual President and /or a Mutual Director with the buyer and Mutual Building Inspector inattendance.5.3. The meeting includes a review of the PL] report, Mutual rules andexpectations.5.4. The meeting will take approximately 1 to 2 hours.5.5. Mutual 6 requires check for orientation fee prior to the meeting.

6 COMPARISON CHART:See attached table for additional comparisons of Stock Cooperatives andCondominiums.

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MUTUAL ELIGIBILITY REQUIREMENTPOLICIES. WWW.LWSB.COM7510.01 Eiiqibilj^ Requirements MU 017510.02 Eiiaibiiitv Requirements MU 027510.03 Eiigibilitv Requirements MU 037510.04 EIiaibiiitv Requirements MU 04.7510.05 Eiigibiiity Requirements MU 057510.06 Eligibility Requirements MU 067510.07 Eligibility Requirements MU 07.7510.08 Eligibiiitv Requirements MU 087510.09 Eligibility Requirements MU 097510.10 Eligibility Requirements MU 107510.11 Eligibility Requirements, MUJj,7510.12 Eiiaibiiitv Requirements MU 127510.14 Eiigibilitv Requirements MU 147510.15 Eligibility Requirements MU 157510.16 Eliaibiiitv Requirements MU 167510.17 Eligibiiitv Requirements MUJZ

MONTHLY ASSESSMENTShttp://www.iwsb.com/weIcQme/monthlv-fees/

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COMPARISON CHART

STOCK COOPERATIVES: MUTUALS 1-12 AND 14-16

DIFFERENCES

CONDOMINIUM: MUTUAL 17 ONLY

The Mutual owns the property which allows you tooccupy the unit. All improvements require Mutualapproval.

~aOccupancy Agreement

No MortgagePurchase price paid in full

No Reverse Mortgage

N.o lease or rental allowed

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Covenants, Conditions, and Restrictions (CC&Rs)

Mortgage is possible

Reverse Mortgage possible on an approved building

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SIMILARITIES

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Each unit is all electric.

No gas is available.Visitor limited to maximum of 60 days, per 12 month period.

Mutual approval required for improvements.Must use GRF vetted contractors.

Permits required for most work.One-time, non-refundable amenities fee.

Pets allowed, with some restrictions.Co-Occupants must be approved by Mutual.

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MEMO



SUBJECT: APPROVAL OF MUTUAL MONTHLY FINANCES (NEW BUSINESS ITEM A)

DATE: JUNE 24, 2019

CC: MUTUAL FILE

I move to acknowledge, per the requirements of the Civil Code Section 5500(a)-(f), a review

of the reconciliations of the operating and reserve accounts, operating revenues and

expenses compared to the current year’s budget, statements prepared by the financial

institutions where the mutual has its operating and reserve accounts, an income and

expense statement for the mutual’s operating and reserve accounts, the check registers,

monthly general ledger and delinquent assessment receivable reports for the months of

April and May 2019.

15


MEMO



SUBJECT: COMMITTEE APPOINTMENTS FOR 2019-2020 (NEW BUSINESS ITEM B)

DATE: JUNE 24, 2019

CC: FILE

The following committee assignments are for 2019-2020;

Building Captains –

_______________________________ (chair)

_______________________________,

_______________________________

Landscaping –

_______________________________ (chair)

_______________________________,

_______________________________

ADRC (Architectural Design and Review Committee) – _______________________________ (chair)

_______________________________,

_______________________________

16


MEMO



SUBJECT: DISCUSS AND VOTE TO APPROVE/DENY THE NATIONAL SERVICE CO. CONTRACT (NEW BUSINESS ITEM C)

DATE: JUNE 24, 2019

CC: FILE

I move to approve/deny the contract with National Service Co., as submitted and authorize the President to sign the contract.

17


MEMO



SUBJECT: DISCUSS AND VOTE TO APPROVE/DENY THE TRANSFER OF FUNDS (NEW BUSINESS ITEM D)

DATE: JUNE 24, 2019

CC: FILE

I move to approve/deny the transfer of funds in the amount of $10,000 from Emergency Contingency to Appliance Reserve.

18

Documents

A G E N D A REGULAR MONTHLY MEETING OF THE BOARD OF ... · 1. NOTICE OF INTENT TO WITHDRAW (N01): This notifies the Mutual Corporation 1-12 or 14-16 of the seller's intent to sell