February 27, 2007 Swedesford Chase Homeowners Association 2007 Annual Meeting.

February 27, 2007

Swedesford Chase Homeowners Association

2007 Annual Meeting

February 27, 2007 Annual Meeting of Homeowners

Agenda Welcome, Call to order, Proof of Notice of Meeting

2006 Accomplishments

Special Topics

2006 Audited Financial Report and 2007 Budget Review

2007 Topics for Review

2007 Election Process and Candidate Introduction

Adjournment


Notice of Meeting

By Laws, Article 3.4 :

Notice of meeting shall be hand delivered or sent by mail to not less than ten nor more than 60 days in advance of the meeting

Annual Meeting notice was mailed to all homeowners on January 17, 2007


2006 Accomplishments Community Dedication

Settled all outstanding issues with Toll Bros before dedication Fixed broken sidewalks Replaced all dead trees

Legal Issue Closure Outstanding Delinquent Accounts

All but one account is current through end of 2006 Developing a more “neighbor-friendly” approach to collecting dues

Modified our approach towards legal action Completed Evaluation and Selection of New Insurance Carrier

Selected State Farm Insurance for liability and D&O insurance Saved the Association over $2000 annually

Set up web site (www.swedesfordchase.net) Brad Fischer has graciously donated his time and is the acting web master


Special Topics - Patty Callan Sunrise Blvd. Update

Brief History -> Survey Surveyed Options Survey Results Request to Township Other Factors

Target Expansion Bank/Oil Change Business 4-story Best Western Hotel Coeway Lane Activity


Special Topics - Patty Callan Yard Sale / Clean-up Weekend

Annual Event - last weekend in April (April 28th and 29th this year) Neighborhood Event

Greater Participation = Greater Overall Success Saturday: Yard Sale from 9:00 AM to 1:00 PM Sunday: Neighborhood Clean -up Timed to coincide with other spring events:

Household Hazardous and Computers Collections (5/19 @ Owen J. Roberts H.S. – Pottstown)

Paper Shredding Collection Day (6/2 from 9-11 at the West Whiteland Twp Bldg)

Residential Appliance Drop-Off Program (6/2 from 9-1 at the West Whiteland Twp Bldg)

St. Vincent de Paul van at SS. Philip & James (usually parked 1st or 2nd wknd in May)

Annual Picnic Community Event held in early September Looking for new volunteers


Un-Audited Financial ReportBALANCE SHEET

FOR THE YEAR ENDED DECEMBER 31, 2006

Operating Capital DrivewayFund Fund Fund Total

AssetsCash 9,459.00$ 40,705.00$ 3,930.00$ 54,094.00$ Accounts Receivable 5,291.00$ -$ -$ 5,291.00$ Prepaid Expenses 886.00$ -$ -$ 886.00$

Total Assets 15,636.00$ 40,705.00$ 3,930.00$ 60,271.00$

LiabilitiesAccounts Payable 685.00$ 8,735.00$ 9,420.00$ Accrued Expenses 2,385.00$ 2,385.00$ Federal Taxes Payable 211.00$ 211.00$ Unearned Association Fees 400.00$ 400.00$

Total Liabilities 3,681.00$ 8,735.00$ -$ 12,416.00$

Homewoner's Equity (12/31/06) 11,955.00$ 31,970.00$ 3,930.00$ 47,855.00$

Total Liabilities and Equity 15,636.00$ 40,705.00$ 3,930.00$ 60,271.00$

Homeowner's Equity (12/31/05) 9,191.00$ 30,364.00$ 3,742.00$ 43,297.00$

Net Income (Loss) 2,764.00$ 1,606.00$ 188.00$ 4,558.00$


Un-Audited Financial Report Operating Capital Driveway

Fund Fund Fund TotalREVENUES Member Assessments 77,200.00$ -$ -$ 77,200.00$ Resale Contributions 3,250.00$ -$ -$ 3,250.00$ Interest Income 1,900.00$ 1,607.00$ 188.00$ 3,695.00$ Late Fee Income 780.00$ -$ -$ 780.00$ Total Revenues 83,130.00$ 1,607.00$ 188.00$ 84,925.00$

EXPENSES Landscaping Maintenance 55,580.00$ -$ -$ 55,580.00$ Financial Service Fees 5,160.00$ -$ -$ 5,160.00$ Insurance 4,815.00$ -$ -$ 4,815.00$ Electric 4,974.00$ -$ -$ 4,974.00$ Legal Fees 1,775.00$ -$ -$ 1,775.00$ Snow and Ice Removal 2,235.00$ -$ -$ 2,235.00$ Audit Fee 1,000.00$ -$ -$ 1,000.00$ General Maintenance 545.00$ -$ -$ 545.00$ Office Expenses 214.00$ -$ -$ 214.00$ Water Expense 1,890.00$ -$ -$ 1,890.00$ Federal Income 225.00$ -$ -$ 225.00$ Miscellaneous Expenses 1,335.00$ -$ -$ 1,335.00$ Social Expenses 618.00$ -$ -$ 618.00$ Total Expenses 80,366.00$ -$ -$ 80,366.00$

Excess (Deficit) Of 2,764.00$ 1,607.00$ 188.00$ 4,559.00$

Revenues Over Expenses Fund Balances 1/1/06, 9,191.00$ 30,363.00$ 3,742.00$ 43,296.00$

Fund Balances 12/31/06 11,955.00$ 31,970.00$ 3,930.00$ 47,855.00$


2007 Operating Budget2006 Budget 2006 Actual 2007 Budget

IncomeAssociation Fee Income (193 Homes) 77,200.00$ 77,200.00$ 96,500.00$ Resale Contribution Income ($250/home) 3,000.00$ 3,250.00$ 3,000.00$ Late Fees -$ 780.00$ -$ Interest Income-Operating Fund 1,400.00$ 1,899.89$ 1,900.00$ Interest Income-Capital Reserve Fund 1,000.00$ 1,795.36$ 1,800.00$ Total Income 82,600.00$ 84,925.25$ 103,200.00$

Operating ExpensesGeneral Maintenance 2,500.00$ 545.00$ 2,500.00$ Snow and Ice Removal 5,000.00$ 2,235.00$ 5,000.00$ Landscape Maintenance 54,200.00$ 55,580.23$ 64,200.00$ Water 1,200.00$ 1,889.78$ 3,600.00$ Electricity 4,500.00$ 4,973.65$ 4,500.00$ Social Expenses 1,000.00$ 617.56$ 675.00$ Financial Services Fees 5,500.00$ 5,160.00$ 5,500.00$ Insurance Expenses 4,700.00$ 4,815.75$ 4,700.00$ Audit Fees 1,000.00$ 1,000.00$ 1,000.00$ Legal Fees 2,000.00$ 1,775.05$ 2,000.00$ Office Expenses 1,000.00$ 214.46$ 1,000.00$ Federal Corp Income Taxes -$ 225.00$ 225.00$ Miscellaneous Expenses -$ 1,335.64$ 1,000.00$ Capital Reserve Account Contribution -$ 7,300.00$ Total Expenses 82,600.00$ 80,367.12$ 103,200.00$

Net Income (Loss) -$ 4,558.13$ -$


Capital Reserve FundArticle 11

Section 11.5 Capital Expenses and Reserves

The Association shall establish an adequate Capital Reserve Fundfor major repair and replacement of those Common Elements thatare anticipated to require replacement, repair or major repair on aperiodic basis. The Capital Reserve Fund shall be funded by thepurchaser’s initial contribution, and any resale assessments (asapplicable) provided for in Section 11.6, the annual paymentsestablished by the Board from time to time as a part of Common Expenses, and any Special Assessments levied and assessed from time to time by the Board. Each such assessment shall be payablein the time and manner as the Board may from time to timedetermine with respect to each. The Capital Reserve Fund shall bemaintained in an account separate from the Operating Account.


Capital Reserve FundEstablishment of Reserve

QTY Cost (Est.) Total CostUseful

LifeAnnual

AllocationCommunity Signs 4 1,000.00$ 4,000.00$ 20 200.00$ Entrance Monuments - Big 7 5,000.00$ 35,000.00$ 25 1,400.00$ Entrance Monuments - Small 6 1,000.00$ 6,000.00$ 25 240.00$ Fencing 7 5,000.00$ 35,000.00$ 15 2,333.33$ Stormwater Management Facilities 3 15,000.00$ 45,000.00$ 30 1,500.00$ Sprinkler Systems 2 2,500.00$ 5,000.00$ 15 333.33$ Electric Lights and Posts 27 2,000.00$ 54,000.00$ 20 2,700.00$

Total Annual Requiremment 8,706.67$

Current Year of Association 7 2000 is Year 1

Account Balance Should Be: 60,946.67$

Our Current Reserve is: 31,970.00$

Surplus / (Shortage) (28,976.67)$

Current Balance of $32,000 - Deficit of $29,000 Primarily funded by Toll Bros on original purchases of homes Association has not contributed to this account since taking over from Toll Bros.

Professional assessment will be conducted in 2007 to ensure the proper amount is being contributed to this fund.


Landscaping Contract Current Contract runs through 2007

Annual Contract - $50,288 Lawn Cutting

• 26 times for all common areas (incl. pipeline)• 20 times for and road shoulders and Green Valley Field

Landscape Maintenance• Edging and General Clean-up• Pruning• Monument Spring and Fall Planting (3 Entrances)• Weed Control

Additional Expected Expenses Last year we were $1400 over budget plus we spent over $8700 in tree

replacement (reimbursed from Toll Bros.) Japanese Beatle Replacement of Trees Fountain Maintenance


2007 Topics for Review Items raised by residents for review in 2007

Review of specific Rules and Procedures Parking in the street Collection of delinquent dues “For Sale” signs Shed approval Mailboxes Architectural Review Procedures and Record Keeping Notification of meetings – “Electronic”

Phasing out the Driveway Reserve Fund Professional Review of the Capital Fund Investigate 3 year terms (all alternating) for more continuity Negotiate a new Landscaping Contract


2007 Executive Board Election Process No nominations were received by the deadline One position remains open for 2007 Do you really want the neighborhood controlled by

Tim Berghuis and Tom Snyder? Nomination Deadline extended to 3/15 Proxy ballot will be sent out by 3/19 Votes must be mailed back to MAMC by 3/31 Voting Results will be announced on the website

and through the Street Captains by 4/15 A Quorum must be attained (49 households)


Adjournment

Thank You!!!

February 27, 2007 Swedesford Chase Homeowners Association 2007 Annual Meeting.

Documents

Transcript of February 27, 2007 Swedesford Chase Homeowners Association 2007 Annual Meeting.