The Summit @ Lake Norman Home Owners Association 2018 Annual Meeting.

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Presentation transcript:

The Summit @ Lake Norman Home Owners Association 2018 Annual Meeting

Agenda HOA Structure Financials Work Items (WI) Q&A Net worth (Gross/Actual) Aged AR vs Revenue Expense comparison 2018 Budget analysis 2019 Proposed Budget Work Items (WI) 2018 WI Status 2019 Proposed WI Q&A

The Summit at Lake Norman – HOA Board/Committee Members – 2018 & 2019 Any Volunteers? Board Of Directors (BOD's) Kevin Kogot Pres/VP Gregg Tinn Treasure/Secretary Architectural/Landscape (A/L) Committee Hank Kramer Input Input Decision

Net/Actual Worth 2018 $144,972 $45,310 $99,662 Year Total Operational Phase 4 2016 $115,357 $34,967 $80,390 2017 $134,438 $43,123 $91,315 2018 $144,972 $45,310 $99,662

Aged AR Yr X Yr Comparison 2016 2017 2018 Trend ($7,250) $5,940 ($1,480) Total ($16,322) ($10,382) ($11,862)

Revenue Income Expected Actuals Delta % Operating $28,500 $28,061 -$439 98.5% Phase 4 Road Fund $9,600 $8,310 -$1,290 86.6% Total $38,100 $36,371 -$1,729 95.5%

Expenses 2016 2017 2018 Mgt Company $3,447 $3,408 $3,497 Admin Expenses $1,573 $2,638 $3.883 Total Admin Expenses $5,020 $6,046 $7380 Lawn Contract $7,750 $6,325 $7,353 Bldg & Ground maint. $2,438 $4,082 $4,515 Total Site Maintenance Expenses $10,187.78 $10,407 $11,868 Total Improvements $0 $6,771 Total Utilities (water & electric) $6,857 $6,802 $6871 Total Expenses $22,065 $30,027 $26,120

2018 Budget Analysis Operational Expenses Budget YTD Actuals Delta % Admin (Inc. Insurance) $6,500 $7,380 -$880 114% Maintenance $14,000 $11,868 $2,132 85% Community Upgrades $10,000 0% Utilities $7,500 $6,871 $629 92% OP Budget $38,000 $26,120 $11,880 69%

2019 Adjusted Budget 2018 Budget 2019 Budget % Trend Reason Admin $6.5K $7.5K 15 Increase BOD's doing more work Maintenance $14K $13K 7.5 Decrease Spending adjustment Community Upgrades $10K RTS Project work Utilities Based on actuals OP Budget $38K

2018 Work Item Status Financial Area Increase park utilizations Information distribution Fiscal Year (FY) change – Status: Completed FY16 – Jan-Dec FY17 – Oct-Sep Capital Improvements Monument (Hopewell Church Rd) upgrade – Work completed Shrub trimming of all monuments and park area - Status: Contracted HOA phone - Status: Completed (problems with monthly billing) Financial Area Aged A/Rs Aggressively pursue reimbursement – Status: WIP (One time Amnesty) Increase park utilizations HOA sponsored party/s – Status: Completed - Will continue 2018/19 Friday night fires – Status: Completed – Will continue

2019 Proposed Work Items Capital Improvements Discussion Items Shed to house HOA equipment/supplies - Status: Postponed Park lake frontage restoration - Status: Open and projected for 2018 Park entrance concrete work due to erosion Discussion Items HOA Declaration of Covenants, Conditions and Restrictions Volunteers for HOA board Any suggestions for improvements?

Q&A The End