MADISON RIDGE CONDOMINIUMS, INC..

ANNUAL HOMEOWNER'S MEETING

January 11, 2012

The meeting was called to order at 5:38 p.m. at 4803 Spenard Rd., Anchorage, Alaska by President Carley Dunn.

1. ROLL CALL

Owners present Owners by Proxy

			B. Lowber
C. Dunn
D. O'Leary	I. Dickson
M. Cox
M. Elkinton

Total present or by proxy = 6

This meets the quorum requirement of 5 owners. Thus, a quorum was declared.

PROOF OF NOTICE: G. Varnell read the notification of the meeting.

MINUTES OF THE LAST MEETING:

MOTION: by M. Elkinton seconded by M. Cox, carried unanimously

To approve the minutes of the last annual meeting.

REPORT OF OFFICERS:

Presidents Report- C. Dunn

1) Reviewed accomplishments of 2011 and discussed some plans for 2012.

Secretary/Treasurer Report- G. Varnell

1) As of 01/09/12

Cash in operating acct. FNB $14,860.31 Cash in savings/reserve acct. FNB $30,922.17

Cash in CD's $15,000.00

Total Cash $60,782.48

2) Number of delinquent accounts: None

Managers Report – G. Varnell

1) Information update forms need to be filled out by all owners.

ELECTION OF DIRECTORS:

The floor was opened to nominations for the vacating director position. Ballots were distributed and the nominations were closed. The following officer was nominated:

Term expires in 2015- (name) M. Elkinton

MOTION: by M. Cox, seconded by C. Dunn, carried unanimously:

To elect M. Elkinton as director.

RATIFICATION OF BUDGET:

The 2012 budget was adopted by the Board of Directors on 12/26/10.

MOTION: by M. Cox, seconded by M. Elkinton, carried unanimously:

To ratify the 2012 budget after reducing repair budget by $1980 effectively keeping condo dues at $300.00 per unit, per month.

UNFINISHED BUSINESS:

1) Summer project planning. Following is a list of projects the Board of Directors are considering:

A) Pressure wash/repair/stain fence. Board asked management to get bids for this project on June 3, 2011. Estimate of $3,000 received 6/30/11 by Jack Singleton. Project to be completed summer of 2012.

B) Bids for landscape renovation to be obtained by Carley. Midnight Sun Landscapes proposal for $2,435.00 is the estimate and provider of choice. Landscaping to be completed summer of 2012.

C) Pressure wash, sealing & line painting of parking lot.

D) Wash exterior windows (twice per year?) Jim Peet (250-4197) to be contacted at the end of March.

Projects with an * are considered priority projects.

NEW BUSINESS:

1)

2)

COMMENTS FROM OWNERS:

1)

2)

SET DATE OF NEXT MEETING: Annual meeting - 5:30 p.m., January 16, 2013.

ADJOURNMENT: It was motioned by M. Cox, seconded by C. Dunn, and carried unanimously to adjourn the meeting at 6:18 p.m.

Respectfully submitted,

Graham S. Varnell

Recording secretary

cc: file

Approved for distribution by Carley Dunn Date: 2/4/12

Posted to Madison web 2/4/12

MADISON RIDGE CONDOMINIUMS, INC.

BOARD OF DIRECTORS MEETING

January 11, 2012

The meeting was called to order at 6:21 p.m. at 4803 Spenard Rd., Anchorage, Alaska by President Carley Dunn.

ROLL CALL: Present- C. Dunn, M. Elkinton, M. Cox

Absent-

Guest-

QUORUM: A quorum was declared.

ELECTION OF OFFICERS:

The newly elected Board of Director M. Elkinton was assigned the following position:

Vice President

OLD BUSINESS:

1)

SET DATE OF NEXT MEETING: BOD Meeting - 12:00 p.m., March 28, 2012

at Suburban Realty, 4803 Spenard Road.

ADJOURNMENT: It was motioned by C. Dunn, seconded by M. Cox and carried unanimously to adjourn the meeting at 6:35 p.m.

Respectively submitted,

Graham S. Varnell

Recording secretary

cc: file

Approved for distribution by Carley Dunn Date: 2/4/12

Posted to Madison web 2/4/12