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Meadows at Chapel Hill. 2013 Annual Meeting . Agenda . Introduction Roll Call Proof of Notice Minutes of the 2012 Annual Meeting Elections Report of Financials Report of Operations Old/New Business Q&A Adjournment . Introduction. Greg Lewis – Account Executive Martin Watkins – COO

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Presentation Transcript


Meadows at chapel hill

Meadows at Chapel Hill

2013 Annual Meeting


Agenda

Agenda

  • Introduction

  • Roll Call

  • Proof of Notice

  • Minutes of the 2012 Annual Meeting

  • Elections

  • Report of Financials

  • Report of Operations

  • Old/New Business

  • Q&A

  • Adjournment


Introduction

Introduction

  • Greg Lewis – Account Executive

  • Martin Watkins – COO

  • Board of Managers


Recognitions

Recognitions

  • Patty Viggiano – website, proxies, flyers regarding annual meeting

  • Laura Conti – proxy

  • Lucille Gilbert – proxy

  • Pat Heaney – maintenance and walkway lighting

  • Cliff Purdy – Corral lighting


Roll call

Roll Call

  • Tabulation of Quorum

  • Meeting Close/Meeting Open


Minutes

Minutes

  • Approval of 2012 Annual Meeting Minutes

  • Motion to Approve or Waiver Thereof


Elections

Elections

  • Nominations from the floor

  • 1 open seat

  • Election


Financial report

Financial Report

  • Balance Sheet Report

  • Budget Report

  • Arrears Report


Meadows at chapel hill1

Meadows at Chapel Hill


Balance sheet

Balance Sheet

  • Operating Fund Balances – $8,000

  • Reserve Fund Balances – $235,000

  • Total Cash Position – $243,000


2013 ytd budget analysis

2013 YTD Budget Analysis

  • Revenue – 258K/254K

  • Operating Expense

  • Electric – 7K/7K

  • Grounds Maintenance – 95K/99K

  • Maintenance and Repairs – 20K/22K

  • General and Admin – 126K/116K

  • Total Operating Expense YTD – 245K/256K


2013 budget analysis cont

2013 Budget analysis Cont.,

  • Capital Expense

  • 10K/25K

  • Total Excess in Budget YTD = 28K


Aged receivable report

Aged Receivable Report

  • Board’s efforts continue regarding collections of delinquent account balances

  • Appx 36K in unpaid Association Dues

  • Board’s Options?

  • File a lien

  • Foreclose on the unit

  • Revoke common area privileges and membership rights


Collections efforts cont

Collections efforts Cont.,

  • Board executed business judgment as it pertains to risk vs. reward in regards to pursuing delinquent accounts

  • Wage garnishment?

  • Other means of collections without expending Meadows resources

  • Meadows BOD has aggressively pursued arrears and will continue to by any legal means necessary


Operations report

Operations Report

  • Repairs and Maintenance has been focused on prolonging the life of the existing Meadows infrastructure

  • The following items have been addressed:

  • Railroad tie wall replacements and rebuilds

  • Privacy fence repairs

  • Large tree pruning project (street visible trees targeted)

  • Underground drainage installed to mitigate flooding and unit damage risk


Operations report cont

Operations report Cont.,

  • Cement repairs (walkways)

  • Restriped entire community

  • All light poles re-secured into cement bases (previously in dirt)

  • New cluster boxes were installed

  • Purchased new dumpsters

  • Installed safety lighting in all corrals

  • All proactive versus reactive maintenance


Future projects

Future Projects

  • Asphalt repairs 2014

  • Garbage corral staining and repair

  • Additional drainage work

  • Tree maintenance (yearly)

  • As needed maintenance


2014 mission statement

2014 Mission Statement

  • Each year the board understands that its needs as a community evolves based on its age, environmental conditions, and budgetary constraints.

  • Increase the capital reserve fund

  • Continue to reduce arrears

  • Increase scope of services without the need for special assessments


Closing comments

Closing Comments

  • The requirement for capital – without it, nothing else is possible

  • Every action taken of behalf of the Board is targeted at increasing the value of your homes

  • Remain partners with the Board and the community – not losing sight of the end game


Question and answer

Question and Answer

  • New Business/Old Business

  • Q&A


Adjournment

Adjournment

  • Raffle One Month’s Common Charges


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