MADISON RIDGE CONDOMINIUMS, INC.

BOARD OF DIRECTORS MEETING

March 26, 2012

The meeting was called to order at 12:10 p.m. at 4803 Spenard Rd., by President Carley Dunn.

A. ROLL CALL: Present- C. Dunn, M. Cox, M. Elkinton, G. Varnell Absent-

Guest-

B. QUORUM: A quorum was declared.

C. REPORT OF OFFICERS-

Presidents report- C. Dunn

1) None

Secretary/Treasurer report- Graham Varnell

1) As of 03/23/12

Cash in operating acct. FNB $14,735.31

Reserves( in savings acct.) FNB $32,196.23

Certificates of Deposit FNB $15,000.00

TOTAL CASH $61,931.54

2) There is one delinquent account at this time.

Managers Report- Graham Varnell

1) Required sprinkler back flow preventer inspection has been completed.

D. Minutes of last Board meeting-

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

To approve the minutes of the last BOD meeting.

E. OLD 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 and screens, but not sliders (April & October) Jim Peet: 250-4197

Projects with an * are considered priority projects.

F. NEW BUSINESS:

1. There was a discussion about shoveling the roof. Carley and Graham will do some research and get bids.

G. DATE OF NEXT MEETING:

Board meeting: May 30, 2012 at 12:00 p.m. at Suburban Realty, 4803 Spenard Rd.

H. ADJOURNMENT:

A motion was given by C. Dunn, seconded by M. Elkinton, to adjourn the meeting at 1:05 p.m.

Respectfully submitted,

Graham Varnell

Recording Secretary

Approved for distribution by M. Elkinton Date: 04/18/12