1. KENILWORTH AMBERLEIGH Annual Meeting February 19, 2014 Homeowner’s Association

2. Agenda  7:00Call to Order  7:00-7:10Community Report by Officer Grant  7:10-7:15 Confirmation of Quorum  7:15-7:25Financial Report and 2014 Budget  7:25-7:40Board Activities Report  7:40-7:50Review of responsibilities of HOA Board vs Superior Management  7:50-8:00 Introduction of current Board Members and election of new Board Members  8:00-8:20Discussion of proposed changes to HOA By- laws and CCR’s and ratification process  8:20-8:30Other business  8:30Adjourn Annual Meeting 2/19/14

3. 2014 Budget Annual Meeting 2/19/14 2013 Budget 12 Month Actual Ending 12/31/13 2014 Proposed Budget Balance Sheet REVENUES 12/31/2013 Regular Assessments $ 37,125 Assets Late Fees $ 655 Operations $ 50,743.12 Interest Income $ 175 $ 90 $ 100 Reserves $ 5,326.59 Other Income $ (2,140) Accts Rec $ 124.80 ------------- ------------------ TOTAL REVENUES $ 37,300 $ 35,730 $ 37,225 Total Assets $ 56,194.51 ========== GENERAL OPERATIONS Liabilities Late Fee Split $ 713 Prepaid Dues $ 17,455.00 Admin Supplies $ 100 $ 70 $ 100 ------------------ Admin Services $ 100 $ 35 $ 100 Equity Newsletter/Advertising $ 50 $ 47 $ 50 Ret. Earnings $ 38,739.51 Inspection Services $ - $ 255 $ - Postage $ - $ 150 $ - Total Liabil. ------------------ Bank Service Charge $ - $ 1 $ - & Equity $ 56,194.51 Furniture $ - ========== Equipment Maint $ 1,000 $ 405 $ 1,000 Grounds Maint $ 2,000 $ 9,278 $ 2,000 12/31/2012 Landscape Contract $ 12,000 $ 8,853 $ 12,000 Assets Landscape Supply $ 2,000 $ 1,130 $ 2,000 Operations $ 52,884.29 Meeting Expense $ 350 $ 260 $ 350 Reserves $ 5,321.81 Social $ 1,500 $ 1,491 $ 1,500 Accts Rec $ 3,347.23 Miscellaneous $ - ------------------ Bad Debt Expense $ - Total Assets $ 61,553.33 $ 19,100 $ 22,688 $ 19,100 ========== Utilities Liabilities Electric $ 1,200 $ 1,255 $ 1,200 Prepaid Dues $ 18,455.20 Water $ 4,050 $ 4,258 $ 4,050 ------------------ $ 5,250 $ 5,513 $ 5,250 Equity FEES, INSUR & TAXES Ret. Earnings $ 43,098.13 Management Fee $ 8,400 CPA Fees $ 1,000 $ 300 $ 1,000 Total Liabil. ------------------ Legal Fees $ 500 $ 2,212 $ 5,000 & Equity $ 61,553.33 Insurance $ 1,400 $ 1,382 $ 1,400 ========== Taxes HOA LAC $/DR $ - $ 165 $ 11,300 $ 12,294 $ 15,965 NET EXPENSES $ 35,650 $ 40,495 $ 40,315 Capitol Improvements $ 15,000 NET EXPENSES $ 35,650 $ 40,495 $ 55,315 ==========

4. Responsibilities of Board Annual Meeting 2/19/14

5. Responsibilities of Superior Nicole@SuperiorAM.net

6. Responsibilities of Owners  Be respectful of Board members – We are volunteers.  No phone calls to Board members to discuss HOA business.  No knocking on the front door to discuss HOA business.  No stopping on the sidewalk or street to discuss business.  Email your concerns and/or attend a Board meeting.  Be respectful of other community owners.  Pick up after your pet.  Pick up any garbage on the street.  Pay your assessments on time.  Follow CCR’s.  Be respectful to SAM.  If you are upset, wait 24 hours before you call or email. KenilworthAmberleighHOA@gmail.com

7. Current Board Members  Janney Freeman  Bill Iacoe  Byron Nickens  You may reach us at: KenilworthAmberleighHOA@GMAIL.COM

8. Objectives in Revising Governing Documents  Eliminate all references to the original developer as well as any language which is no longer relevant.  Ensure that the documents are consistent with current statutes and current practices for HOA’s in our area.  Make the documents as user-friendly for the Board to administer (clarity, specificity, consistency, etc.) and for our homeowners to understand, as possible. Annual Meeting 2/20/14

9. Highlights of Changes in By-Laws  All references to the original developer, new construction, added lots, 2 Classes of lots, etc., have been deleted.  Elections for Board members have been changed from secret ballot to show of hands vote.  The Architectural Committee was changed from at least 3 members, all of whom were Board members, to at least 3 members, 1 of which is a Board member.  Robert’s Rules of Order have been specified for all Association meetings, in place of open forum. Annual Meeting 2/20/14

10. Highlights of Changes in CCR's  All references to the original developer, new construction, added lots, 2 Classes of lots, etc., have been deleted. (Numerous Articles and Sections)  Clarified restrictions on pet ownership and dangerous animals (Art. III Section 9 & 10)  Added some restrictions on rental properties (Art. III Section 6)  Added language prohibiting use of any property as a Half-Way House for rehabilitation (Art. III Section 7)  Added language prohibiting ownership of a property in the Association by a registered sex offender (Art. III Section 8)  Invoked the North Carolina Planned Community Act (N.C. G. S. Article 47) to apply to our association (Art. III Section 11)  Changed the required Reserve Fund from a minimum of 10% of budgeted expenses to a minimum of 50% of Budgeted expenses (Art. IV Section 2d)  Authorized the Board to increase annual assessment by 10% over prior year if operating and reserve expenses warrant (Art. IV Section 2a)  Added the use of stone and aluminum for construction of fences in addition to brick and wood previously allowed (Art. V Section 11)  Clarified or added restrictions on shutters, window tinting, signs, curtains, window units, mailboxes, firearms, decks/patios, outdoor furniture, flags, glass/screens, satellite dishes, and holiday decorations. (Art. V various sections)  On-Street parking has been limited to 24 hours (Art. V Section 12)  Clarified that owner’s responsibility for sidewalk maintenance includes removal of snow, ice, and stains (Art. V Section 1C) Annual Meeting 2/20/14

11. Other Business  Elections  New Business