Presentation on theme: "AGENDA Welcome and Call Meeting to Order"— Presentation transcript:
1 2013 Annual Meeting Chadwick Shores Plantation Homeowners’ Association May 18, 2013
2 AGENDA Welcome and Call Meeting to Order Opening Remarks, Introduction of Officers, Board of Directors, & Contact InformationMission Statement and HOA ObjectivesOfficers & Board of Directors Recurring ActivitiesNew Homes & DevelopmentNeighborhood UpdatesArchitectural Review Committee2012/2013 Financial Report2012 Uncollected Dues2013 Dues & Collection ScheduleLot MaintenanceHOA ChallengesOther TopicsValidation of 2013 Board of Directors & Officers2014 Annual HOA Meeting (Tentative Plans)QuestionsAdjourn
3 OFFICERS AND BOARD OF DIRECTORS John Thompson, President of HOA, ;James Whitfield, Chairman – Board of Directors, ;Gary Roberson, Treasurer, ;Jean Jerger, Secretary, ;John Tannery, Architectural Committee Head, ;
5 Chadwick Shores Plantation Homeowners’ Association Board of Directors MISSION STATEMENT Our mission is to oversee the efficient management of Chadwick Shores Plantation community in accordance with the recorded Restrictive Covenants and Bylaws and provide strict fiscal oversight of the homeowners’ association operating funds.Our goal is to maintain and to improve Chadwick Shores Plantation by keeping our community aesthetically pleasing, and to deploy improvements as needed by determination of the Board of Directors with input from the members of the Homeowners Association.Policies, protocol and procedures will follow the guidelines of the Chadwick Shores Plantation Restrictive Covenants and the respective Bylaws. The administration of the Restrictive Covenants will be executed through the Board of Directors, Officers and Sub Committees with common sense and consideration of the community and homeowners needs.
6 Chadwick Shores Plantation Homeowners’ Association Board of Directors MISSION STATEMENT (continued) The Board of Directors will develop and administer an annual budget with a prudent spending strategy and concern for keeping our community a great place to live. This will be accomplished by exercising best-value procurements and constant oversight of costs for services received for our community. The Board of Directors will ensure the budget and expenses are posted to the homeowners on an annual basis along with record of fees collected and identification of 60 day or more delinquent payments.The Board of Directors will encourage and maintain open communication with all members of the Homeowners Association as required by our Bylaws. We will consider the best interests of the homeowners as an aggregate group, realizing that 100% satisfaction of all board decisions is a difficult task.Our overall philosophy is to make Chadwick Shores Plantation a friendly and desirable community to live in.
7 Homeowners’ Association Objectives PurposeTo Promote the Peace, Health, Comfort, Safety and General Welfare of All Property OwnersTo Preserve, Protect and Enhance the Value and Amenities of All Properties in the DevelopmentFocus AreasCompliance with Covenants and RestrictionsFinancial StewardshipNeighborhood Safety & SecurityCommunity RelationsCommunity Attractiveness
8 Officers & Board of Directors Activities Officers and board members communicate regularly by and phone, and literally spend several hours per week working HOA responsibilities.Scheduled quarterly board meetings as required by the restrictive covenants.Meeting topics include budget, maintenance of common areas, neighborhood concerns, future plans, meetings, etc.).Action items are usually assigned to one or more of the officers or board members based on their respective responsibilities.Please keep in mind that officers and board members volunteer their services; there is absolutely no compensation for the work performed.
9 NEW HOMES & DEVELOPMENT Since the 2012 HOA Meeting:Walter & Beverly Humphrey built their house last year on lot 51Tony & Nancy King are currently building on lot 8Major reconstruction of the pond on Lot 44 by Billy Pearson
10 NEIGHBORHOOD UPDATES Street Lights Re-negotiated Billing and Payment arrangementHOA now pays all monthly fees (approx. $190 per month)Prior agreement split monthly payment between existing homeowners and HOA. This was a poorly planned arrangement.Rivers Brothers Landscaping in Newport has been selected again to cut our grass on the common areas in 2013.John Barnes Landscaping in Newport was hired to improve and maintain landscaping at the entrance and to develop the circle on Settlement LanePosts and Rope Barriers at the Entrance and Circle are plannedBoat Ramp Status10
11 ARCHITECTURAL REVIEW COMMITTEE Purpose:Assist Potential Home Builders to Ensure Construction Meets Restrictive CovenantsIntended as a Valuable Non-obtrusive Resource to the CommunityEffective Compliance with Harmonious Relationships
12 2012/2013 FINANCIAL REPORT 2012/2013 Cash Flow 2013 Projected Expenses Income & Expenses thru April 23, 20132013 Projected ExpensesCollection of Annual Dues
13 2012/2013 CASH FLOW Bank Balance as of January 1, 2012: $ 32,757.24 2012 Income: $28,746.49*2012 Expenses: $17, (explained on next slide)Bank Balance as of January 1, 2013: $44,222.092013 Income as of April 23, 2013: $9,825.002013 Expenses as of April 23, 2013: 3,371.00Bank Balance as of April 23, 2013: $50,676,09* 2012 income includes one-time payment of late dues and related attorney fees of $
14 2012 ACTUAL EXPENSES Maintenance of Common Areas: $6,842.00 New Landscaping and Upkeep: $5,080.98Street Lights: $772.00Attorney Fees: $2,727.20Insurance: $936.00HOA Annual Meeting (building rent, food): $199.24Mail (PO Box rent, letters to lot owners, etc.): $121.60Boat Ramp Investigation & Application: $350.00Signs & Posts: $172.62Reimbursement for overpayment of 2012 dues: $80.00Total 2012 Expenses: $17,281.64
15 2013 PROJECTED EXPENSES Maintenance of Common Areas Landscaping & Upkeep (Entrance and Circle)LightsInsuranceHOA Annual Meeting (Building Rent, Food, etc.)Mail (PO Box, letters to lot owners, etc.)Attorney FeesBoat RampMisc (signs, etc.)15
16 2012 UNCOLLECTED DUES2012 Annual HOA dues have been collected from all but two lots (number 5 and 9). Lot 5 owners has not responded to repeated requests for payment. Lot 9 is owned by the bank as a result of bankruptcy.Matters will be referred to our attorney to pursue collection of unpaid dues.Liens will be filed unless paid. Liens will include cost of attorney fees.After filing the liens, the attorney will proceed with foreclosure.16
17 NOTE FROM BOARD OF DIRECTORS REGARDING UNPAID DUES We regret legal action for unpaid dues; however, we must be fair with all lot owners.It is our intent to administer the requirements of the restrictive covenants in an even-handed manner.Simply put, all lot owners are expected to pay their annual dues on time.The board continues to spend a great deal of time resolving unpaid dues.17
18 2013 DUES 2013 HOA Annual Dues will remain at $400 per lot Note that dues were reduced in 2012 from $480 to $400 per lot as a result of good fiscal management of existing HOA funds, analysis of expected income from dues, and anticipated expenses.The amount of annual dues will be re-evaluated next year based on projected income and expenses.The Board of Directors will retain a minimum bank balance of $30,000 to cover recurring expenses, any maintenance and improvements, and any unexpected expenses. This was discussed at prior HOA meetings.
19 2013 DUES COLLECTION SCHEDULE October Letter will be mailed/ ed to all lot owners requesting payment by December 31, 2013 of $400 per lotDecember 31, Deadline for payment of 2013 annual HOA duesLate fees of $25 per month will be assessed on dues not paid in full by the December 31, 2013 deadline.HOA dues not received by April 1, 2014, along with late fees, will be referred to our attorney. This will include possible liens and foreclosure. Keep in mind that liens and foreclosure proceedings will incur substantial attorney fees that are the responsibility of the delinquent lot owner.
20 LOT MAINTENANCE (NOTE THIS SAME SLIDE WAS PRESENTED LAST YEAR) All lot owners are expected to keep their grass mowed and maintained as required by the restrictive covenants.Restrictive covenants state maximum grass height of 16 inches. However, a neater appearance is expected on lots with homes.Owners are also expected to maintain drainage ditches and overflow ponds on or bordering their property. Note that many ditches currently have uncontrolled growth, including trees. This vegetation must be cleared to prevent blocking proper drainage.The HOA is responsible for maintenance of the common areas and for ensuring community easements are maintained.Unruly lots and ditches are subject to enforcement as specified in the restrictive covenants.A list of lawn maintenance services can be provided in necessary.20
21 HOA CHALLENGES Communication with Lot Owners Collection of Annual Dues Maintenance of Common Areas (balance the needs of the property owners with the needs of the community)Boat Dock Access RestrictionsVehicle & Pedestrian Traffic21
22 OTHER TOPICS Septic Permits State Maintenance of Roads (pros & cons) Community Watch Program Discussed Last Year – Deputy Chris Hardy provided informationMiscellaneous Topics
23 VALIDATION OF CURRENT OFFICERS AND BOARD MEMBERS FOR 2013 Members of the Board of Directors were elected during the fall of 2010 by vote of existing lot owners. Everyone on the current BOD has expressed a desire to continue serving in this capacity for at least another year until the HOA is more firmly established.HOA Officers were selected from existing board members.Call for acceptance of the current board members and officers through next year without changes (for continuity).Anyone interested in participating as a future board member or officer should submit their name to the board along with a statement of your background and experience with homeowner’s associations, and why you are interested.Volunteers are needed to help with beautification and upkeep of the community. Volunteers and suggestions gladly accepted.
24 2014 ANNUAL HOA MEETING (TENTATIVE PLANS) Next annual meeting tentatively planned for Saturday, May 17th, 2014, at 12:00 noon; same location (St. James United Methodist Church, Newport, NC); mark your calendarsReminders will be mailed or ed at least two months in advance and will request responses from lot owners either by returning the included self-addressed stamped post card or by return . We need both positive and negative replies for planning purposes and to confirm receipt.