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

2. 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

3. 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

4. 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

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

6. 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%

7. 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

8. 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%

9. 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

10. 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

11. 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?

12. Q&A
The End