the summit at lake norman
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June 14, 2012 1
The Summit at Lake Norman
POA – Property Owner’s Association
Semiannual Meeting/
Status
June 14, 2012 2
Building On Yesterday
• Agenda Year To Date (YTD) Activities
Accomplishments In Process
Unsuccessful
Financials YTD Expenses Net Worth Budget
Going Forward In Closing
June 14, 2012 3
YTD ActivitiesAccomplishments Summary
• Developed & Documented Forms/Processes HOA Structure
Roles & Responsibilities Calendar
Month by month listing & tracking Request For Proposal
Tool for determining the best supplier Purchase Order
Competitive Bidding - Services Single/Sole Source – Emergencies/low $ items Bid Analysis – Web/catalog buying
Tracking Mechanism (History) Projects Financials Year by Year data
• Instituted Quarterly Community Newsletters Semiannual POA meetings
June 14, 2012 4
Accomplishments Summary (cont’d)
• New lawn maintenance provider Bone's Yard Care Solutions, LLC
• New management Company Bumgardner Association Management, Inc
• Completed Projects 1) Main Entrance Flag Pole 4) Phase 4 – Guardrail Repair
June 14, 2012 5
In Process• Projects
2) HOA owned/controlled website In development stage Will improve communication within the community Any volunteers with experience?
3) Lawn/Bench Seat Swing Set Ordered & Received Needs to installed – looking for volunteers
6) Phase 4 – 2 corner guardrails Purpose: protect road Aesthetically pleasing (one w/ nature) Bids received ….. Awaiting installation Minor landscaping beautification/improvement ….. TBD
June 14, 2012 6
Unsuccessful Endeavors
• Audit Activities Quote: $25K
Option 1: Michael Hollar (CPA) - (May 16)– Calls it a different name (more of a look see)
– Will Get back to the POA with feasibility & if applicable, price
Option 2 ….. New Mgt. Co has contacts
– In Scope of Work to supply …. Pass through cost
– Smith & Black CPAs – Does HOA reviews
June 14, 2012 7
Financial InformationYTD Expenses (April)
Electric $1,954.92
Water $140.47
Mgt. Co. Fees $2,893.34
Lawn Mowing $0.00
Site Maint. $112.39
Community Upgrades $1,450.00
Lawyer $0.00
Accountant (taxes) $400.00
Internet Services $60.00
BOD's Office Supplies $298.74
Insurance $953.00
$8,262.86
June 14, 2012 8
Net Worth
Net Worth Phase 4 Reserve
Actual Net Worth
Growth or Loss
January $62,631.95 $41,141.71 $21,490.24
February $66,877.20 $41,141.71 $25,735.49 $4,245.25
March $70,190.69 $41,141.71 $29,048.98 $3,313.49
April $71,703.46 $43,280.71 $28,422.75 ($626.23)
June 14, 2012 9
YTD Budget Analysis
HOA Budget YTD Actuals Delta
INCOME $36,900 $21,926.80 ($14,973.20)
ADMIN. EXPENSES
($9,200) ($4,605.08) $4,594.92
BUILDINGS & GROUNDS EXPENSES
($11,000) ($112.39) $10,887.61
COMMUNITY UPGRADES (PARK/ETC)
($500) ($1,450.00) ($950.00)
UTILITY EXPENSES
($6,000) ($2,095.39) $3,904.61
2012 RESERVE BUDGET
R1 Operational & Cash/Savings
($1,200) ($8,182.24) ($6,982.24)
R2 Phase 4 ($9,000) ($5,481.70) $3,518.30
Budget Balance $0 $0.00 $0.00
June 14, 2012 10
• Financially
Continue to aggressively seek out savings/low cost methods & suppliers More savings, more upgrades
$28,000 in net worth (assuming a no growth net worth) $15,0000 … Emergency money (minimum balance)
$2,500 ……. 2012 improvements
$4,000 ……. 2013 improvements
$4,000 ……. 2014 improvements
$2,500 ……. 2015 improvements
• Potential Projects
Improve on park usability Fire pit upgrade
Saturday night movies
Lights (need estimate)
Site Improvements (2013) … Flagpole for Phase 4 entrance ($250) Monument upgrades ….. Reduce yearly maintenance/upkeep
Going Forward
June 14, 2012 11
In Closing
•Written Comments in backSuggestionsFeedback
•Questions & Answers