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

2. 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

6. Aged AR to Total AR

7. 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

8. 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

9. Bank Accounts Type December Gross Net Worth $115,357.11
Op Checking
$22,562.62
Op Reserve
$11,502.70
Petty Cash
$91.30
Construction Escrow
$810.48
Phase 4 Reserve
$80,390.01
Gross Net Worth
$115,357.11
Operating Net Worth
$34,967.10
Phase 4 Net Worth

10. 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

11. Q&A
The End