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

Board of Managers

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 Tabulation of Quorum

Meeting Close/Meeting Open

MINUTES Approval of 2012 Annual Meeting

Minutes

Motion to Approve or Waiver Thereof

ELECTIONS Nominations from the floor

1 open seat

Election

FINANCIAL REPORT Balance Sheet Report

Budget Report

Arrears Report

MEADOWS AT CHAPEL HILL

Operating Fund = 8,0003%

Reserve Fund = 235,000

97%

Cash Positions

BALANCE SHEET Operating Fund Balances – $8,000 Reserve Fund Balances – $235,000

Total Cash Position – $243,000

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., Capital Expense

10K/25K

Total Excess in Budget YTD = 28K

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., 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 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., 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 Asphalt repairs 2014 Garbage corral staining and repair Additional drainage work Tree maintenance (yearly)

As needed maintenance

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 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 New Business/Old Business

Q&A

ADJOURNMENT Raffle One Month’s Common Charges