The Summit @ Lake Norman Home Owners Association 2016 Annual Meeting.

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Presentation transcript:

The Summit @ Lake Norman Home Owners Association 2016 Annual Meeting

Agenda HOA Structure Financials 2017 Things to do Q&A Net worth (Gross/Actual) Yr. by Yr aged AR comparison Yr by Yr Expense comparison Current yr budget/revenue review Bank account structure 2017 Things to do Q&A

Aged AR to Total AR

Expenses 2012 2013 2014 2015 2016 Mgt Company $4,855 $3,471 $3,000 $3,447 Admin Expenses $5,882 $1,741 $2,986 $2,177 $1,573 Total Admin Expenses $10,737 $5,212 $5,986 $5,177 $5,020 Lawn Contract $6,219 $8,006 $8,375 $6,550 $7,750 Bldg & Ground maint. $4,582 $2,865 $2,954 $3,576 $2,438 Site Maintenance Expenses $10,801 $10,871 $11,329 $10,126 $10,187.78 Improvements $1,425 $5,400 $0 Utilities (water & electric) $6,242 $7,170 $6,901 $6,756 $6,857 Total Expenses $29,205 $28,653 $24,216 $22,059 $22,065

HOA Budget Analysis Operational Expenses Budget YTD Actuals Delta % Admin (Inc. Insurance) $5,044 $5,020 $24 100% Maintenance $13,020 $10,188 $2,832 78% Community Upgrades $2,880 0% Utilities $7,476 $6,857 $619 92% OP Budget $28,420 $22,065 $6,355

Bank Accounts Type December Gross Net Worth $115,357.11 Op Checking - 4169 $22,562.62 Op Reserve - 4193 $11,502.70 Petty Cash - 4037 $91.30 Construction Escrow - 4242 $810.48 Phase 4 Reserve - 4185 $80,390.01 Gross Net Worth $115,357.11 Operating Net Worth $34,967.10 Phase 4 Net Worth

2017 Work Items Financial Area Increase park utilizations Information distribution Fiscal Year (FY) change FY15 – Jan-Dec FY16 – Oct-Sep Web site – Improve – request input Capital Improvements Concrete Picnic Tables - $2K Monument upgrades - $1.5K Shed to house HOA equipment/sup[plies - TBD Financial Area Get rid of the petty cash account Aged A/Rs (Accts Recievables ….. >$1K>4 Mo aged Aggressively pursue reimbursement of aged ARs Pursue foreclosure on aged AR property Increase park utilizations HOA sponsored party/s – 2 per year Friday night fires

Q&A The End