Summerlane at the District HOA Includes 274 Townhomes Not Over Clubhouse – (Recreation/Amenities HOA is; it is currently Garbett, however in the future Summerlane at the District will have 1 of 3 positions) Reminder, please follow clubhouse rules (no alcohol, unattended children, or vehicle storage) Summerlane Board is currently Garbett & 3 Home Owners

Financial Situation of HOA Accounting Firm Audited Reserve Fund Analysis Performed Budget & Financial Plan Created Expenses have Increased Reserve Fund – Not Enough Money Garbett – Should Have Increased Rates Sooner Garbett - Failed to Create a Reserve Fund When it Should Have As of Dec Past Due HOA Fees $25,903.39

HOA Monthly Rates Currently $125 Increase Mainly Due to Reserve Fund Short Also Maintenance Cost More than Double Treo/Garbett Budget Also Water Over Budget by $14K Estimate need to increase to $150 in 2020 Estimate need to increase by $25 every 5 yrs

Turnover Checklist Review governing documents Learn about common areas & maintenance responsibilities Review plats, plans, engineering drawings, guarantees, warranties, bonds, & contracts that involve common areas & maintenance Inspect common areas & association maintained items Delineate association maintained items vs. home owner maintained items

Turnover Checklist Review operational policies/schedules Garbett formulated for maintenance Review insurance policy determine if it is adequate Inform owners of association’s coverage & what coverage owners should carry Review process for assessment collection & enforcement Review budget & gain understanding of how it is being recorded & tracked

Turnover Checklist Review procedures for expense approval Conduct an Audit of financial records Review Reserve Fund Analysis & current funds in reserve Review governing documents for architectural review Review governing documents & existing policies, procedures, rules & regulations Review procedures for notice of violation, hearing, & appeal

Turnover Checklist To Do Investigate Options for HOA Management Review Contracts & Contractor Performance Hold a Turnover Meeting

Current Status of Turnover Simplifying CC&R’s HOA Lawyer Meeting with Garbett Requesting Money for Common Area Repairs Requesting $100,000 for Reserve Fund

Who Pays Building Burns Down You/Your Insurance pay up to $10,000 HOA Insurance Pays Rest Windstorm Damages Roof Exterior Maintenance HOA Reserve Minor Exterior Repair (gutter leak) HOA Maintenance Fund

What Insurance Do You Need HO6 Insurance $10,000 Dwelling Coverage (Coverage A) The Community Does NOT Have Earthquake Coverage

COMCAST CABLE SERVICE Despite the 10 year Contract Garbett Signed, our HOA Lawyer Assures us that we can have Comcast come in as soon as Turnover is Completed

Scheduled HOA Items Painting Flowerbeds Shrub Replacement/Trimming Tree Replacement/Trimming

Other Snow Removal Dog Poop Reminders HOA only provides snow removal on private roads If you have a concern regarding public roads contact South Jordan City at 801-254-3742 Dog Poop Please be responsible pet owners Reminders Professional tree trimming was scheduled, but had to have expensive emergency clean up instead Someone left “free” furniture HOA had to pay to remove

Don’t Forget Provide an E-mail Address If you would like a copy of this presentation If you would like newsletters that we may begin to send If you would like to participate in HOA surveys (first up – garbage cans, next – fountain replacement)

SummerlaneHOA@googlegroups SummerlaneHOA@googlegroups.com Treo is First Point of Contact After Turnover – Start Holding Regular Monthly Meetings with ½ Hour Set Aside for Home Owner Concerns