June 14, 2012 1

The Summit at Lake Norman

POA – Property Owner’s Association

Semiannual Meeting/

Status

June 14, 2012 2

Building On Yesterday

• Agenda Year To Date (YTD) Activities

Accomplishments In Process

Unsuccessful

Financials YTD Expenses Net Worth Budget

Going Forward In Closing

June 14, 2012 3

YTD ActivitiesAccomplishments Summary

• Developed & Documented Forms/Processes HOA Structure

Roles & Responsibilities Calendar

Month by month listing & tracking Request For Proposal

Tool for determining the best supplier Purchase Order

Competitive Bidding - Services Single/Sole Source – Emergencies/low $ items Bid Analysis – Web/catalog buying

Tracking Mechanism (History) Projects Financials Year by Year data

• Instituted Quarterly Community Newsletters Semiannual POA meetings

June 14, 2012 4

Accomplishments Summary (cont’d)

• New lawn maintenance provider Bone's Yard Care Solutions, LLC

• New management Company Bumgardner Association Management, Inc

• Completed Projects 1) Main Entrance Flag Pole 4) Phase 4 – Guardrail Repair

June 14, 2012 5

In Process• Projects

2) HOA owned/controlled website In development stage Will improve communication within the community Any volunteers with experience?

3) Lawn/Bench Seat Swing Set Ordered & Received Needs to installed – looking for volunteers

6) Phase 4 – 2 corner guardrails Purpose: protect road Aesthetically pleasing (one w/ nature) Bids received ….. Awaiting installation Minor landscaping beautification/improvement ….. TBD

June 14, 2012 6

Unsuccessful Endeavors

• Audit Activities Quote: $25K

Option 1: Michael Hollar (CPA) - (May 16)– Calls it a different name (more of a look see)

– Will Get back to the POA with feasibility & if applicable, price

Option 2 ….. New Mgt. Co has contacts

– In Scope of Work to supply …. Pass through cost

– Smith & Black CPAs – Does HOA reviews

June 14, 2012 7

Financial InformationYTD Expenses (April)

Electric $1,954.92

Water $140.47

Mgt. Co. Fees $2,893.34

Lawn Mowing $0.00

Site Maint. $112.39

Community Upgrades $1,450.00

Lawyer $0.00

Accountant (taxes) $400.00

Internet Services $60.00

BOD's Office Supplies $298.74

Insurance $953.00

$8,262.86

June 14, 2012 8

Net Worth

Net Worth Phase 4 Reserve

Actual Net Worth

Growth or Loss

January $62,631.95 $41,141.71 $21,490.24

February $66,877.20 $41,141.71 $25,735.49 $4,245.25

March $70,190.69 $41,141.71 $29,048.98 $3,313.49

April $71,703.46 $43,280.71 $28,422.75 ($626.23)

June 14, 2012 9

YTD Budget Analysis

HOA Budget YTD Actuals Delta

INCOME $36,900 $21,926.80 ($14,973.20)

ADMIN. EXPENSES

($9,200) ($4,605.08) $4,594.92

BUILDINGS & GROUNDS EXPENSES

($11,000) ($112.39) $10,887.61

COMMUNITY UPGRADES (PARK/ETC)

($500) ($1,450.00) ($950.00)

UTILITY EXPENSES

($6,000) ($2,095.39) $3,904.61

2012 RESERVE BUDGET

R1 Operational & Cash/Savings

($1,200) ($8,182.24) ($6,982.24)

R2 Phase 4 ($9,000) ($5,481.70) $3,518.30

Budget Balance $0 $0.00 $0.00

June 14, 2012 10

• Financially

Continue to aggressively seek out savings/low cost methods & suppliers More savings, more upgrades

$28,000 in net worth (assuming a no growth net worth) $15,0000 … Emergency money (minimum balance)

$2,500 ……. 2012 improvements

$4,000 ……. 2013 improvements

$4,000 ……. 2014 improvements

$2,500 ……. 2015 improvements

• Potential Projects

Improve on park usability Fire pit upgrade

Saturday night movies

Lights (need estimate)

Site Improvements (2013) … Flagpole for Phase 4 entrance ($250) Monument upgrades ….. Reduce yearly maintenance/upkeep

Going Forward

June 14, 2012 11

In Closing

•Written Comments in backSuggestionsFeedback

•Questions & Answers