1. Andover Terrace Annual Meeting, 07MAY2015

2. Topics of Discussion ● Budget 2015 ● Snow Removal Assessment / Condo Fee ● Future Projects ● Questions

3. Income 2014 Budget2014 Actual2014 Difference2015 Budget Condominium Fees $222,192.00$221,541.00$651.00$226,635.84 Late Fees $0.00$878.00 $0.00 Insurance Claims $0.00$995.00 $0.00 Laundry Income $5,000.00$5,095.00$95.00$5,000.00 Other Fees $0.00$89.00 $0.00 Condo Fee Assessment $27,800.00 Totals $227,192.00$228,598.00$1,406.00$259,435.84

4. Operating 2014 Budget2014 Actual 2014 Difference 2015 Budget Office Expense$1,000.00$1,171.63 -$171.63 $1,000.00 Management Fee$14,676.00 $0.00 $14,676.00 Insurance$19,360.00$18,642.00 $718.00 $19,760.52 Accounting$1,300.00$1,350.00 -$50.00 $1,350.00 Legal$1,400.00$862.50 $537.50 $1,000.00 Legal - Unit Owners$0.00$419.21 -$419.21 $0.00 Electric$9,000.00$10,802.79 -$1,802.79 $15,000.00 Gas$42,000.00$44,604.29 -$2,604.29 $45,909.96 Water/Sewer$15,000.00$18,237.32 -$3,237.32 $18,000.00 Totals$103,736.00$110,765.74 -$7,029.74 $116,696.48

5. Landscaping and Reserve 2014 Budget2014 Actual 2014 Difference 2015 Budget Snow Removal (not including excess removal) $11,748.37$15,243.25 -$3,494.88 $14,000.00 Landscaping $14,000.00$11,986.14 $2,013.86 $13,000.00 Totals for Snow and Landscaping $25,748.37$27,229.39 -$1,481.02 $27,000.00 2014 Budget2014 Actual 2014 Difference 2015 Budget Transfer to Reserves $21,000.00 $0.00 $41,000.00 Loan Payment $36,453.12 $0.00 $36,453.12 Totals for Reserves / Loan Payments $57,453.12 $0.00 $77,453.12

6. Building Expenses 2014 Budget2014 Actual 2014 Difference 2015 Budget Maintenance $6,000.00$4,689.82 $1,310.18 $5,000.00 Maintenance Supplies $1,000.00$2,424.91 -$1,424.91 $1,540.04 Cleaning / Annual Glass $7,000.00$6,720.00 $280.00 $7,000.00 Laundry Expenses $1,500.00$1,939.46 -$439.46 $2,000.00 Heating $7,000.00$5,090.36 $1,909.64 $5,000.00 Plumbing $4,000.00$4,762.00 -$762.00 $4,000.00 Electrical Repairs $1,500.00$228.94 $1,271.06 $1,146.20 Gutter Cleaning$1,000.00$800.00 $200.00 $800.00 Dryer Vent Cleaning$700.00$0.00 $700.00 Trash Bags$1,354.51$1,155.92 $198.59 $1,200.00 Extermination$300.00 $0.00 $300.00 Refuse$8,800.00$9,526.00 -$726.00 $9,500.00 Totals$40,154.51$37,637.41 $2,517.10 $38,186.24

7. Reason for Fee Increase and Assessment 4% Condo Fee Increase to Pay for Increased Operations Costs One Time ~$600 Assessment (based on % ownership), over 3 months. ($500 to pay for extra snow removal and Ice Dam issues from this winter and $100 to pay for shortfall in budget, since fee increase starts in July.

8. Completed Projects 2014 -Switched Heating Vendors from ATCO to Merrimack Plumbing and Heating updated Heating Controls. -New Rules and Regulations initiated. -Cleaned all Carpets -Updating Lighting to LED as bulbs burn out.

9. Future Projects -Ice Dam Prevention Options ($20k) -Exterior Building Painting / Updating ($23k for all buildings) -Multi-Window Replacement Discounts -New Quote for Pool Renewal (Approx $70k) -Parking Lot Sealing and Painting -Laundry Equipment and Services

10. Questions ?