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The Summit at Lake Norman

This presentation will probably involve audience discussion, which will create action items. Use PowerPoint to keep track of these action items during your presentation In Slide Show, click on the right mouse button Select “Meeting Minder” Select the “Action Items” tab

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The Summit at Lake Norman

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  1. This presentation will probably involve audience discussion, which will create action items. Use PowerPoint to keep track of these action items during your presentation • In Slide Show, click on the right mouse button • Select “Meeting Minder” • Select the “Action Items” tab • Type in action items as they come up • Click OK to dismiss this box • This will automatically create an Action Item slide at the end of your presentation with your points entered. 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 InformationYTDExpenses (April) June 14, 2012

  8. Net Worth June 14, 2012

  9. YTD Budget Analysis June 14, 2012

  10. Going Forward • 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 June 14, 2012

  11. In Closing • Written Comments in back • Suggestions • Feedback • Questions & Answers June 14, 2012

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