Board Meeting no. (1/3/2025) on January 8, 2025

The Board of Directors held its meeting no. (1/3/2025) on January 8, 2025 at 5:00 pm at the headquarters of the Riffa Views Company, and issued its decisions according to the items below:

1. Approval of Meeting Minutes No. 8/3/2024 held on 27 November 2024

The Board approved the previous minutes.

2. Monthly Report of the Association Manager for November 2024

The Association Manager presented the monthly report for November. The members provided some comments, which were addressed by the Association Manager.

3. Approval of the Association’s Budget for 2025

The Association Manager informed that the proposed budget for 2025 had been sent to the Vice Chairman and the Treasurer on 3 December 2024 for the Board’s comments. The Treasurer submitted his remarks on 29 December 2024, and the budget was subsequently revised accordingly. The Board then reviewed a summary of the budget items and the service charge rate.

After discussion, the Board resolved to approve the Association’s budget for 2025 amounting to BHD 1,419,837, and to set the service charge rate at BHD 3.500.

The Board also approved the adoption of a 5% annual discount for advance payments of the annual service charges, valid until the end of the current month of January. This discount shall apply only to cash or bank payments/transfers, and shall not apply to e-payments.

4. Memorandum of Understanding on the Transfer of Fixed Assets from RV Real Estate to the Association

The Board reviewed the opinion of the external auditor (KPMG Fakhro) regarding the accounting treatment of the transfer of assets from RVRE to the RVOA. After discussion, the Board requested that another meeting be held with the external auditor, in the presence of the Vice Chairman and Treasurer, to examine this matter further and provide the Board with the necessary recommendations for consideration at the next meeting.

5. Owners’ Requests for Board Review

The Board reviewed several requests submitted by Association members and took the necessary actions accordingly.

6. Proposal to Develop the Communal Garden L-10

As requested by the Board in its Meetings No. 2 and 7 held on 29 May and 5 November 2024, the Association Manager submitted a proposal to develop the communal garden L-10, noting that this garden is one of the older ones and requires redevelopment.

After discussion, the Board resolved to instruct the Association Manager to reorder the communal gardens according to urgency of maintenance, and to present this to the Board at the next meeting.

The meeting concluded at 7:30 PM.