White Oak ParkCondominium Association

Annual Meeting

February 24, 2011

Executive Summary• In 2010, business operations generated a unfavorable $15,257 in Net Operating Loss

– The Transition and Reserve Study was not budgeted and cost $5,200– Building repairs were $3,200 over budget– Snow removal was $5,500 over budget – Landscape supplies was $3,800 over budget

• 2010 Capital Reserve Revenue was 25% of total expenses, yearly total=$68,406• 2010 Accomplishments

– Painted 6 Condominium buildings– Replaced 40 kick plates– Asphalt repairs– Catch basin repair and installation– Dead plant removal– Painted pool– Repaired pool access reader– Purchased a security camera for mail center– Repaired mail center building damages– Painted clubhouse– Added Wi-Fi to the Clubhouse– Addition of towing signs to property– Addition of bench around pond– Addition of signs to pond area– Addition of lighting around gazebo– Repaired fitness room water fountain– Repaired Clubhouse doors– Concrete repairs

2010 Business Activity

• Total Operating Revenue for the year = $188,968

• Total Operating Expenses for the year = $204,225

• Net Operating Loss = $15,257• Beginning Fund Balance – Operations (1/2010)

= $44,265• Ending Fund Balance – Operations = $29,420• Beginning Fund Balance – Capital Reserve

(1/2010) = $134,060• Ending Fund Balance – Cap Reserve= $173,545

2010 Budget Categories

• Administrative Expense

• Capital Reserve• Grounds Care• Improvements• Insurance

• Legal & Accounting• Maintenance &

Amenities• Management Fees• Snow Removal• Trash Removal• Utilities

2011 Projected Business Activity

• Total Operating Revenue for the year = $201,407

• Total Operating Expenses for the year = $199,686

• Net Operating Income = $1,721

• Capital Reserve anticipated additions = $80,500

2011 Projected Business Activity (cont’d)

• Capital Reserve Revenue is 29% of budgeted expenses (increase from 25% in 2010)

• Number of condominiums in Association– December 2010 = 213– 2011 forecasted = 213 (development is completed)

• Reasons to raise Association fees:– Need to fund Operating Expenses (snow and trash removal,

utilities, grounds care, upkeep of amenities, etc.)– Inflation– Need to fund Capital Reserves for long-term improvements – Bad debt - foreclosure and bankruptcy

2011 Projected Business Activity (cont’d)

• Lifestyle Property Management Fee has not changed since 2005.– One year Management Agreement– Association pays $10 per door a month– Community benefits from stable property

management and working long-term with Developer• Insurance cost increase from $43,370 to

$48,564• Related primarily to the new buildings delivered late in 2010

• Budgeted bad debt is $5,000 higher than 2010 actual

2011 Proposed Business Activity

• Improvements– Exterior painting of buildings– Additional pet stations– Concrete repairs– Asphalt repairs– Repair green space fencing– Landscaping replacements and tree shaping

Snow Removal• Vendor- Grass Groomers (3 year Vendor)• Unpredictability of snow fall season-to-season• Snow removal budget is based on historical averages of accumulation and number of

occurrences• Snow removal begins once accumulation reaches two (2) inches and snow stops • Monitor weather conditions- President, Holly Stenger, is the vender coordinator• Weather impact on service

– Post-event weather forecast• Park vehicles in garages and off the street when applicable

- Move cars when you see/ hear snow plows• Steps, stoops and sidewalks leading to the front door are the responsibility of the Unit

Owner. The Association will no longer authorize the clearing of snow from steps, stoops and sidewalks leading to the front door due to budget constraints.

• We recommend the use of sand to add traction. Salt is prohibited, and may void warranties. Salt may create damage and harm to landscape, concrete and pets.

• If you have special circumstances or are in need of special assistance, contact Lifestyle Property Management.

• The vendor is held accountable for damages to curbs and landscaping as a result of the snow removal process.

• Help friends and neighbors.

Grounds Care

• Vendor – Grass Groomers (3 year vendor)• Weekly turf maintenance

– Mow turf grass for a total of 28 per season– Blow clippings from curbs, patios, steps, stoops, and walks

• Hand weed mulch beds– Scheduled with every other mowing date, 14 per season

• Proposed turf care and preventative maintenance– Four fertilization applications– Two weed control applications– Fall aeration– Insect control application (as needed)

Trash Removal• Compactor Usage (items to be compacted- bagged trash)

- Bagged trash must be put into the compactor, and the door needs to be shut and latched for the compactor to cycle.

- The compactor cycles every third time the door is shut. - Do not place trash in front of the compactor. - Break down empty boxes and put them into the compactor.

• Bulk Area (large item disposal)– The bulk pickup area is cleared roughly every two weeks– Use the bulk pickup area for the disposal of large items, entertainment

stands, book cases, furniture, etc.– Do not put bagged trash or empty boxes in the bulk area.– City of Columbus picks up bulk area

Pets

– Pets must be on a leash and attended at all times per Ohio Revised Code Section 955.22C

– Pet waste must be picked up immediately• Waste can damage turf areas and is offensive to other Unit

Owners.• Please do not leave pet waste bags on front door steps.• Please clean-up pet waste from Limited Common areas like

individual enclosed patios.• $50 fines are sent to offenders per occurrence• Use pet waste bags at designated stations, do not take more

than needed.

– Please report offender address to Lifestyle Property Management at (614) 918-2100.

Pool Rules• Pool use by residents and guests:

– Hours of Operation: 10 a.m. – 9 p.m.– Use of the pool is restricted to residents in good standing and their

guests. A resident in good standing is one who is current in all assessments and does not have open violations.

– Any person who cannot be identified as a resident or who is not accompanied by a resident, will be asked to leave the pool area.

– Please be considerate of other residents as to the number of guests you bring to the pool. Guests will be limited to a maximum of two per Unit.

- Providing availability of space on the pool deck.– Residents are legally responsible for their guests and their actions. Any

damage to the pool, pool area, or equipment caused by either a resident or guest will be billed to the Unit owner, as appropriate.

– Residents under the age of 18 may not have guests at the pool without a parent or guardian present.

– Swimming is permitted only in garments sold as swim wear. Infants must also wear swimsuits, and only swim diapers are permitted in the water.

– Animals or pets are not permitted in the pool, deck, or clubhouse area at any time

– Lounge chairs, chairs, tables, etc. cannot be reserved or removed from the pool enclosure.

– Alcohol is prohibited in the pool area. – Private pool parties are not permitted.

Clubhouse Rentals

• Cost– $75 non-refundable rental fee

• Chairs/tables are provided– $50 refundable cleaning/damage deposit– Rental Hours: 11 a.m. - 10 p.m. Sunday- Thursday

11 a.m. -12 a.m. Friday- Saturday• Contact for reservations

– Megan Richardson @ (614) 918-2100• Access level

– Must be current in condo dues– Lost or stolen cards are $25.00 to replace contact

(614) 918-2100

LC Resident Perks

• 2010 Events– March 24: Healthy Italian Cooking Class– May 6: Pamper Yourself Party– June 2: Healthy Mexican Cooking Class– August 7: White Oak Pool Party– October 26: Money Night

• For more information on future events please visit the LC website at www.lifestylecommunities.com.

Weather Related Property Damages

• Storm and Winter property damage– Call in damages to Lifestyle Property

Management at (614) 918-2100.– Lifestyle Property Management will inspect

storm and Winter related damage (i.e. loose siding, roof shingle, fence boards)

– Damages created by the snow removal vender to the turf, curbs, and asphalt will be inventoried and repaired after the Winter season.

Foreclosures/ Bankruptcies• Homeowners

– Utilities- Do not turn heat off, pipes will freeze and may cause damage to neighboring units.

– Repair costs are incurred by the Association and charged back to the homeowner if property is not in foreclosure. If property is in foreclosure, the cost is absorbed by the Association.

– If you notice a vacancy or Unit for sale please notify Lifestyle Property Management.

• Bad Debt– Individual bad debt is an expense that results in higher

community assessments. – If you find yourself having difficulty making payments, call lender

early to work through the problem.

White Oak Park Crime Information

• Neighbors Helping Neighbors - BlockWatch– Group commitment to make it work– You do not perform law enforcement duties– You perform tasks during everyday activity– No task puts you at risk– Does not detract from your personal daily schedule

• Web-based Information– Stopcrime.org – Central Ohio Crime Stoppers– Crimereports.com– Spotcrime.com– Whiteoakpark.org

Committees

• We are looking for volunteer resident participants for the following committees. – Safety/Block Watch Committee– Activities Committee– Maintenance/Beautification Committee– Communications Committee

• If interested, please provide your contact information on the sign up sheet at the end of the meeting.

• Limited time commitment

Saturday, October 1, 2011 Election

• Seeking two (2) nominations for Association Director positions

• Expired terms for:– Duane Hodge– Holly Stenger

• Directors are elected for three year terms

October 1, 2011 Election (cont’d)

• 1st Mailing, sent August 16, 9 weeks before election, included:– Special Election meeting date announcement– Form to nominate a Director and submit a biography for each nominee– A candidate must be in good standing with the Association– Deadline for submitting candidate names: Friday, August 27

• 2nd Mailing, September 6, 4 weeks before election, includes:– List of candidates and biographies– Proxy – for those who cannot attend the meeting, but wish to vote– Deadline for receipt of proxy votes: Friday, September 24

• Special Election Meeting – Saturday, October 1, White Oak Park Clubhouse– Call for write-in candidates– Introduction of candidates– Candidate presentations– Secret ballot; vote count; announcement of winners

Questions & Answers

For further questions please contact LPM at (614) 918-2100

support@lifestylecommunities.com