2. 2018 Wachusett Shores and PPOA Meeting
Sunday July 15, 2018

3. 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

4. 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

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

6. 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

7. Total Portfolio (Investments & Cash)

8. ACCOUNT SUMMARY AS OF MARCH 31, 2018

9. 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%

10. Summary of Costs Paid to Edward Jones

11. Operating Budget

12. Operating Expenses TOTAL OPERATING EXPENSES $25,666.50 $ 19,344.86
2018 PLAN
2017 ACTUAL YTD
VARIANCE
Broberg Insurance (Liability)
$ ,700.00
$ ,691.16 $
Town Property Taxes
$ ,800.00
$ ,990.38 $
Charter Communications
$ ,540.00
$ ,405.31
$ (865.31)
Lein/LegalFees $175 each)
$ ,275.00
$ ,350.00
$ 7,925.00
Huhtula Oil (Fuel) $
$ ,309.87
$ (509.87)
Broberg Insurance (Lodge replacement)
$ ,250.00
$ ,232.76 $
US Dept of Rev /State of Mass $ $
$ (762.10)
E.coli Test (Nashoba Analytical & Rita McConville (WBOH) $ $ $
Tax Accountant $ $
$ (25.00)
Dept of Revenue 2017 Taxes $ $
$ (639.00)
National Grid (Electric) $ $
$ (163.90)
United Site Services (Porta Potti) $ $ $
Mailings/Meetings/Supplies $ $
$ (84.63)
Lodge Security $ $ $
Kristoff and Sons (Trash) $ $ $
Web Site Hosting Renewal $ $
$ (2.05)
PO Box $ $
$ (4.00)
USPS (Stamps) $ $
Commonwealth of Mass (Annual Rpt Filing) $ $ $
Lodge inspection: Town of Hubbardston $ $ $
Spring Cleanup/Annual Beach Party $ $
TOTAL OPERATING EXPENSES
$25,666.50
$ ,344.86
$6,321.64

13. FY 2018 Budget MAINTENANCE & IMPROVEMENTS Lodge Well Line Repair
2018 PLAN
2018 ACTUAL YTD
VARIANCE
Lodge Well Line Repair
$ ,500.00 $
$ ,840.10
General Repairs & Maintenance $ $ $
Tractor fuel & mowing supplies $ $ $
Lodge Septic Cleaning $ $
Lodge cleaning & supplies $ $
TOTAL Maint & Improvements
$ 3,375.00 $
$ 2,519.44

14. FY 2018 Budget INCOME 2018 PLAN 2018 ACTUAL YTD VARIANCE
FY 2018 Maint Fees (Plan: 189 x $135)
$ ,515.00
$ ,007.00
$ (7,508.00)
Past Due Maint Fees / Interest
$ ,098.00
$ ,991.00
$ (8,107.00)
FY 2018 Memberships (Plan: 189 x $33)
$ ,237.00
$ ,409.00
$ (3,828.00)
Mass IRS Refund $ $
Lodge Rentals $ $
$ (150.00)
Dock Fees $ $
Interest (GFA Savings) $ $ $
Interest (GFA Checking) $ $
$ (0.84)
TOTAL INCOME
$ ,516.00
$ ,343.28
$ (19,172.72)
TOTAL EXPENESES
$ ,041.50
$ ,200.42
$ ,841.08
NET CASH FLOW
$ ,474.50
$ ,142.86
$ (10,331.64)

15. 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

16. 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

17. 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.

18. 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.

19. See Proposed Maintenance Fee Spreadsheet

20. 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!

21. Thank You