2018 Wachusett Shores and PPOA Meeting Sunday July 15, 2018

Agenda Minutes of 2017 PPOA Annual Meeting (Posted in Lodge & on PPOA.info) Treasure’s Report Old Business Lodge Well Property Liens on past due assessments with compounded interest New Business Suggested changes to Covenants Lot sales and advertisement by Caldwell Bankers Boy Scouts Fall clean up September 15th, 9:00 am at the Beach August 26th Annual Summer Beach BBQ Boats left at the beach Vote & Set the 2018/2019 Mandatory Maintenance fee Vote and Set the Annual Pinecrest Property Owners Association membership fee 2019/2020 Board Positions / Elections Questions & Answers Adjournment

Thanks for the few who volunteer to help run PPOA PPOA Board of Directors and Associates Jim Ellis for goose abatement and trail maintenance Gail Orciuch for treasure’s duty and database Bob and Sherry Brooks for Lodge rentals Bill Holmans for plowing Jay Began for mowing Eric and Carol Goodhart and for entry board decorating Brendan Toupense for being Webmaster Everyone who helps at the cleanups Betty Ann Sharp for presentations slides

Old Business Lodge Well Property Liens on past due assessments with compounded interest

TOTAL NET WORTH as of 3/31/2018 Real Estate (Lodge) Land $150,000 $140,750 Investment portfolio $213,945 Cash $16,411 Total assets $521,106 Total liability $0 Net worth

Total Portfolio (Investments & Cash)

ACCOUNT SUMMARY AS OF MARCH 31, 2018

Performance Summary Edward Jones Beginning Value $195,501.89 Return in $ $18,445.36 Ending Value of Accounts $213,947.25 Annualized Return Your Personal Rate of Return as of March 31, 2018 5.74%

Summary of Costs Paid to Edward Jones

Operating Budget

Operating Expenses TOTAL OPERATING EXPENSES $25,666.50 $ 19,344.86 2018 PLAN 2017 ACTUAL YTD VARIANCE Broberg Insurance (Liability) $ 4,700.00 $ 4,691.16 $ 8.84 Town Property Taxes $ 3,800.00 $ 2,990.38 $ 809.62 Charter Communications $ 1,540.00 $ 2,405.31 $ (865.31) Lein/LegalFees (53 @ $175 each) $ 9,275.00 $ 1,350.00 $ 7,925.00 Huhtula Oil (Fuel) $ 800.00 $ 1,309.87 $ (509.87) Broberg Insurance (Lodge replacement) $ 1,250.00 $ 1,232.76 $ 17.24 US Dept of Rev /State of Mass $ 75.00 $ 837.10 $ (762.10) E.coli Test (Nashoba Analytical & Rita McConville (WBOH) $ 850.00 $ 825.00 $ 25.00 Tax Accountant $ 725.00 $ 750.00 $ (25.00) Dept of Revenue 2017 Taxes $ 100.00 $ 739.00 $ (639.00) National Grid (Electric) $ 550.00 $ 713.90 $ (163.90) United Site Services (Porta Potti) $ 600.00 $ 580.00 $ 20.00 Mailings/Meetings/Supplies $ 275.00 $ 359.63 $ (84.63) Lodge Security $ 220.00 $ 216.00 $ 4.00 Kristoff and Sons (Trash) $ 180.00 $ 113.00 $ 67.00 Web Site Hosting Renewal $ 110.00 $ 112.05 $ (2.05) PO Box $ 58.00 $ 62.00 $ (4.00) USPS (Stamps) $ 39.20 $ 60.80 Commonwealth of Mass (Annual Rpt Filing) $ 18.50 $ 18.50 $ - Lodge inspection: Town of Hubbardston $ 40.00 $ - $ 40.00 Spring Cleanup/Annual Beach Party $ 400.00 $ 400.00 TOTAL OPERATING EXPENSES $25,666.50 $ 19,344.86 $6,321.64

FY 2018 Budget MAINTENANCE & IMPROVEMENTS Lodge Well Line Repair 2018 PLAN 2018 ACTUAL YTD VARIANCE Lodge Well Line Repair $ 2,500.00 $ 659.90 $ 1,840.10 General Repairs & Maintenance $ 500.00 $ 155.66 $ 344.34 Tractor fuel & mowing supplies $ 100.00 $ 40.00 $ 60.00 Lodge Septic Cleaning $ 200.00 $ - Lodge cleaning & supplies $ 75.00 $ 75.00 TOTAL Maint & Improvements $ 3,375.00 $ 855.56 $ 2,519.44

FY 2018 Budget INCOME 2018 PLAN 2018 ACTUAL YTD VARIANCE FY 2018 Maint Fees (Plan: 189 x $135) $ 25,515.00 $ 18,007.00 $ (7,508.00) Past Due Maint Fees / Interest $ 11,098.00 $ 2,991.00 $ (8,107.00) FY 2018 Memberships (Plan: 189 x $33) $ 6,237.00 $ 2,409.00 $ (3,828.00) Mass IRS Refund $ - $ 413.31 Lodge Rentals $ 500.00 $ 350.00 $ (150.00) Dock Fees $ 150.00 $ - Interest (GFA Savings) $ 16.00 $ 21.81 $ 5.81 Interest (GFA Checking) $ 2.00 $ 1.16 $ (0.84) TOTAL INCOME $ 43,516.00 $ 24,343.28 $ (19,172.72) TOTAL EXPENESES $ 29,041.50 $ 20,200.42 $ 8,841.08 NET CASH FLOW $ 14,474.50 $ 4,142.86 $ (10,331.64)

Edward Jones Investments Year End Accounts ACCOUNT BALANCE PORTFOLIO TOTAL INTEREST GFA Checking $4,202.06 $0.13 GFA Savings $12,208.71 $16,410.77 $1.51 Edward Jones Investments $213,945.51 Total $230,356.28

New Business Suggested changes to Covenants Lot sales and advertisement by Caldwell Bankers Boy Scouts Fall clean up September 15th 9:00 am Beach. August 26th Annual Summer Beach BBQ Boats left at the beach

Amendment of Covenants and Restrictions Amend covenants and restrictions by adding to Paragraph 1: All lots in this subdivision shall be used for residential purposes. No structure or building shall be erected, altered, placed or permitted to remain in any lot, other than one single family dwelling together with an appurtenant private garage, car shelter, boat house and wharf or pier. No lot which sits unimproved by a single family dwelling as set forth above may be used as a campground, or as a base camp for hunting, fishing, swimming, hiking or other recreational or outdoor activity. No tents or recreational vehicles may be erected or kept on an unimproved lot.

Amendment of Covenants and Restrictions Amend paragraph 6: Substituting for the second sentence, at line 6 as follows: Annual payments plus accrued interest at the rate of 14% per annum, shall be a lien on each lot if not paid by June 15 of each calendar year. The Pinecrest Property Owners Association, Inc., its designated successors and assigns, may enforce said lien as provided by law for sales under mortgages, or as provided by Section 5 of Chapter 254 of the General Laws of Massachusetts, as the lienor shall elect. Lot owners shall be liable for administrative charges, legal costs and attorney fees incurred in any collection action or lien enforcement action and these charges shall be added to the lien as set forth above.

See Proposed Maintenance Fee Spreadsheet

Voting Board Of Directors Bill Homans President (2019), Treasurer Gail Orciuch (2019), Directors Dave Bladd (2019), Bob Brooks (2019), Dennis Majikas (2019), John Day (2019), Bill Poudrier (2019). Clerk Eric Goodhart (2018) Associate: Jim Ellis Webmaster Brendon Toupense Volunteers are needed!

Thank You