Board Meeting no. (3/2/2024) on March 4, 2024

The Board of Directors held its meeting no. (3/2/2024) on Monday, March 4, 2024 at 5:00 pm at the headquarters of the Riffa Views Company, and issued its decisions according to the items below:

1. Approval of the Minutes of Meeting No. 2/2/2024 Held on January 30, 2024 

The Board reviewed the minutes of the previous meeting and approved them.

2. Monthly Report for January 2024 by the Association Management Company 

The Board reviewed the monthly report for January 2024 submitted by the Association Manager and decided to assign members to submit their comments to the Association Manager if any.

3. Audited Financial Statements for 2022 

The Board reviewed the audited financial statements for the financial year ending December 31, 2022. The Association Manager noted that there were minor adjustments provided to the auditor, and the Board reviewed the auditor’s opinion, which stated the following:

"We have audited the financial information of the Riffa Views Owners Association (the 'Association'), which comprises the statement of financial position as of December 31, 2022, the statement of activities, changes in surplus funds, cash flows for the year then ended, and the notes, including significant accounting policies and other explanatory information."

"In our opinion, the accompanying financial statements of the Association for the year ended December 31, 2022, have been prepared, in all material respects, in accordance with the accounting basis described in the financial information."

"The accounting policies have been consistently applied by the Association, consistent with those used in the previous year."

After discussion, the Board approved the audited financial statements for the financial year ending December 31, 2022, with the amendments provided by the Association Manager.

4. Appointment of External Auditor for the Financial Years Ending December 31, 2023, and December 31, 2024 

The Board reviewed the proposal submitted by members during the previous General Assembly meeting held on August 19, 2023, recommending the appointment of an external auditor for two years instead of one. After discussion, the Board agreed to implement this proposal and reappointed the current auditor (KPMG Fakhro – Bahrain) to audit the accounts for the financial years ending December 31, 2023, and December 31, 2024.

The Association Manager was tasked with submitting the financial statements for 2023 after obtaining approval from the upcoming General Assembly.

5. Consultation Meeting on the Preliminary 2024 Budget 

The Board reviewed the Association Manager's report on the consultation meeting to discuss the 2024 Association budget, held on February 24, 2024, with the attendance of several Association members. The Association Manager presented comments on the budget from the members during this consultation meeting, as follows:

1. Consider reducing the expenses related to Association activities and events.

2. Consider reducing legal and court expenses.

3. Explore diversifying the Association’s revenue sources to increase income.

During the meeting, the Board emphasized the following:

- Regarding the budget for Association activities and events, the allocated budget saw a slight increase due to the reduced number of events in previous years because of the COVID-19 pandemic. Additionally, most members desire events with strong attendance, involving Riffa Views residents and their families.

- Regarding legal and court expenses, these costs cannot be precisely estimated as they are linked to legal measures taken by the Association to collect service charges and other financial obligations.

- Regarding diversifying the Association's income sources, the Board held a workshop on June 17, 2023, to explore ways to diversify the Association's income and optimize expenses. Several members attended, and the Board has started studying the ideas and proposals submitted by members, evaluating their feasibility and benefits. The Association Manager was tasked with preparing an evaluation study on these ideas and proposals, which remains under review.

6. General Assembly and Board Elections for 2024-2026 

The Board reviewed the final list of candidates for the Association’s Board of Directors for its third term (2024-2026), ranked by age, as follows:

1. Dr. Mazin Jumaa, nominated on February 1, 2024, representing unit GV-005 

2. Mohammed Mahmoud Shaikh, nominated on February 8, 2024, representing Amlak 

3. Abdulhakim Khalil Al-Mutawa, nominated on January 23, 2024, representing unit P-108 

4. Latifa Isa Al-Bonoodha, nominated on February 9, 2024, representing unit L-251 

5. Shahid Masood Mohammed, nominated on February 10, 2024, representing unit O-163 

6. Dana Khamis Al-Zayani, nominated on February 5, 2024, representing unit L-429 

7. Abdullah Ahmed Kamal, nominated on February 8, 2024, representing unit L-501 

8. Akram Nabil Hag, nominated on January 30, 2024, representing unit PV-004 

The Board confirmed that all candidates meet the membership requirements and tasked the Association Manager with following up on the candidates’ applications to obtain a copy of their Certificates of Good Conduct issued by the Ministry of Interior. After discussion, the Board approved the list of candidates and tasked the Association Manager with preparing for the elections during the upcoming General Assembly.

The Board also reviewed the proposed agenda for the Fifth General Assembly of the Riffa Views Owners Association, scheduled for April 20, 2024, at 8:00 PM in the Riffa Views International School. After discussion, the Board approved the agenda items as follows:

1. Appointment of the meeting chairperson

2. Approval of the agenda 

3. Approval of the minutes of the Fourth General Assembly meetings held on August 12 and 19, 2023 

4. Board report for 2023-2024 

5. Approval of the audited financial statements for 2022 

6. Appointment of the external auditor for the financial years ending December 31, 2023, and December 31, 2024 

7. Approval of the Association budget for the year of 2024

8. Discharge of Board members for the financial years ending December 31, 2022, and December 31, 2023 

9. Election of Board members for 2024-2026 

10. Any other business

The Association Manager was tasked with the following:

1. Contacting the Real Estate Regulatory Authority (RERA) to schedule the Fifth General Assembly meeting.

2. Sending meeting invitations to Association members by March 21, 2024, including meeting documents and the voting ballot on the Board's proposed resolutions.

The Board also reviewed the reports that must be presented during the upcoming General Assembly related to the agenda items, and approved them as follows:

1. Board report on the appointment of the Board Chairperson as the General Assembly Chairperson.

2. Board report on the Fourth General Assembly minutes.

3. Board report on the appointment of the external auditor for the financial years ending December 31, 2023, and December 31, 2024.

4. Board report on the annual Association budget for 2024.

5. Board report on the audited financial statements for the financial year ending December 31, 2022.

6. Board report on discharging the Board members for the financial years ending December 31, 2022, and December 31, 2023.

7. Board report on the election of Board members for 2024-2026.

The Association Manager was tasked with finalizing the Board’s annual report for 2023-2024.

7. Renewal of the Security Services Provider Contract 

Given the Board’s current term nearing its end, the Board approved the renewal of the current contract for the security services provider at Riffa Views until the end of 2024. The Association Manager was tasked with handling the necessary actions.

8. Association Activities and Events for March and April 2024 

The Board reviewed the Association Manager’s report on the Association’s planned activities and events for March and April 2024, and approved the following events:

1. Ramadan giveaways for residents by BATEEL.

2. Installation of Ramadan decorations at the entry gates and near masjids in Riffa Views 

3. Organization of the Ramadan Basket Project at Riffa Views International School, with residents invited to participate 

4. Organization of a Ramadan Chess Tournament at Riffa Views International School on March 22, 2024 

5. Organization of the annual Riffa Views Ramadan Ghabga event on March 16, 2024 

6. Organization of the annual Gergaoon celebration in the main park of Oasis Estate on March 24, 2024 

The Association Manager was tasked with executing these events within the allocated event budget.

9. Any Other Business 

The following items were discussed under this agenda item:

1. Approval of Riffa Views Construction Standards and Specifications: 

The Board approved the construction standards and specifications for Riffa Views and tasked the Association Manager with contacting the relevant government authorities.

2. New Mechanism for Selling Additional Land in Riffa Views: 

Due to the decline in revenue from the sale of additional land for units in Riffa Views, whose revenue benefits the Association, the Chairperson proposed a new mechanism for selling additional land in Riffa Views, which includes the following:

- Assigning Riffa Views Company (the Developer) full supervision over the process of selling additional land for units, according to the Association’s approved sale terms and procedures.

- Allocating 1% of the sale revenue to Riffa Views Company in exchange for their efforts in managing the sales process, collections, and contract finalization.

After discussion, the Board approved this mechanism, effective from March 5, 2024.

The meeting ended at 6:15 p.m.