2010 IVEY FALLS HOA ANNUAL MEETING October 23, 2010

1. 2010 IVEY FALLS HOA ANNUAL MEETINGOctober 23, 2010

2. Agenda • Welcome • 2010 Annual Summary • 2011 Plan • Property Values Focus • Planning Options • Quality of Life Focus • Financial Summary • 2010 Year-To-Date and Q4 forecast • 2011 Financial Plan/Budget • Elect Two New Board Members

3. 2010 Annual Summary • Amenities improvements • Message Board at Entrance • Pool House • Inspected, cleaned, repaired and painted. Focus on weekly upkeep. • New counters, umbrellas, speakers, landscaping, upgraded play area. • Security system improvements. New Umbrellas. BA improvements. • Septic system cleaned. Easy access riser installed. • Timber Walls Replacement • Pool house • Tennis courts (postponed) • Drainage • Parking lot • Nature trail access • Entrance Enhancements • Pressure Washed • Lighting • irrigation

4. Annual Summary, cont • Website • Rebuilt at new address: www.iveyfalls.net • Easy to edit. More cost effective • Online suggestion box created • BOD email links provided • All HOA forms available • BOD activity details available • IFBOD Communications • Very responsive to member input • Held two ice cream socials/town hall meetings • Regular group emails sent to all members • HOA organization • Detailed minutes on file and on website • Available historical records organized • Professional documentation available for all CAPEX projects

5. 2011 Annual Plan • Property Values Focus • Neighborhood Visual Enhancement • Mailboxes (underway) • Street Signs (under consideration) • Amenities • Nature Trail (under consideration) • Quality of Life Focus • Proposal related to garbage services • Information related to Pool Rules • Operation Slow Down • Create IFHOA 3 Year Plan

6. Mailbox Program • Overview • Currently underway and will be completed in Spring 2011 • All neighborhood mailboxes will be replaced • Approximately 30 mailboxes have been replaced to date • Cost • Total mailbox price (including install and haul away) = $312.50 • Total cost to homeowner = $200 • Total cost to HOA = $112.50 ($9675) • Options / Next Steps • Homeowners planning on replacing prior 2/1/11 • Complete form and return to vendor along with $312.50 payment. You will receive a $112.50 credit on your 2011 HOA dues invoice • Homeowners NOT planning on replacing prior to 2/1/11 • No action required at this time. A $200 assessment will be added to your 2011 dues invoice

7. Street Sign Program • Enhance neighborhood appearance by replacing existing signage with new product that matches the mailbox design • Costs: • Street/stop signs: 7 required at $875 = $6125 • Information signs: 3 required at $450 = $1350 • Total: $7475 • Operation Slow Down adds $5300

8. Nature Trail Improvement • Create access from south end of neighborhood • Clear north end for picnic area • Raise canopy along trail • Mulch path • Evaluate feasibility of creating a playing field • Rough estimate based on conversations with landscapers: $5-7k • Third priority, behind mailboxes and street signs

9. IFHOA Cash Flow • Cash Flow Projections • Cash Balance EOY: $21,288.36 (below $30k target) • Net Income 2011: $9,675.00 • Total Funds Available $30,963.36 • CAPEX Projects • Mailbox Program: $9,675 • Street Signs Program: $7,475 or $12,775 • Nature Trail Program: $5000 - $7000 • Timber Wall Replacement: $20,000

10. Planning Options • 1: mailbox 2011, street signs 2011 • A: HOA mailbox offset, assess for signs (CR =$21K) • B: HOA mailbox offset, no assessment for signs (CR <$10k) • C: No HOA mailbox offset, assess for signs (CR =$31k) • Dues 2011: $920 • 2: mailbox 2011, street signs 2012 • A: HOA mailbox offset, assess for signs (CR =$30k) • B: HOA mailbox offset, no assessment for signs (CR =$18K) • C: No HOA mailbox offset, assess for signs (CR =$41k) • Dues: 2011 - $762; 2012 - $600

11. Planning Options • 3: Nature Trail • A: 2011- if BOD selects 1A (CR =$14k), 1B (CR =$0k), 1C (CR =$24k) • B: 2012- if BOD selects 2A (CR =$23k), 2B (CR =$11k), 2C (CR =$33k) • C: 2011 or 2012, with special NT assessment • D: 2013 – if BOD selects 2A (CR =$32k), 2B(CR =$20k) • 4: Timber Wall Replacement – Priority 4 • Projects not yet assessed/prioritized • Pool Deck • Tennis Court Lights

12. Proposal: Standardize Garbage Services • Background • 6 separate vendors are used throughout the neighborhood each with a different pickup day and time • Benefits of Consolidation • Limiting trash pickup to one day per week makes our streets SAFER!!! • Favorable group pricing for trash/recycling services • Reduced wear and tear on neighborhood streets • Less commercial traffic / associated speeding issues • Improved aesthetics; cans at curb on a single day vs. entire week • Recommendation: Waste Management • Competitive pricing • Weekly trash and recycling pickup • Tuesday morning service • 96 gallon rolling trash bin • Rolling recycling bin • Pricing locked for 24 months • WM currently provides pool trash service at no additional charge

13. Proposal: Standardize Garbage Services, continued • With Current Participation Rate: • Current HOA WM participation rate of 31% (26 homes) • Preferred hauler rate: $45/qtr • trash, recycling services. • Optional larger 65-gallon recycling containers available for $1 extra per month. • Greater Than 60% Participation • Participation rate >= 60% (52 homes) • Price per home: $42/qtr • Greater Than 80% Participation • Participation rate >= 80% (69 homes) • Price per home: $39/qtr

14. Pool Rules Review • Discussion with BOD this year from homeowners regarding existing pool rules • BOD reviewed existing pool rules with attorney, who is comfortable with our rules. • Better than many other HOAs, no changes needed • Pool Guests • Parties with more than 4 guests require approval of pool committee and $100 deposit. • Please submit at least 1 week in advance • Guests may not utilize any amenity, especially the pool, unescorted • Many instances of members giving their pool key to non-members for unescorted use of the pool • This is a huge liability issue and is strictly forbidden

15. Operation Slow Down • BOD contacted Forsyth County Engineering Office to discuss options to slow down traffic in the neighborhood • Two Options Identified: • Speed Bumps • Drivers can maneuver around and/or continue to speed over speed humps with no penalty • Speed humps could pose as a nuisance to current homeowners and steer away future home buyers • Stop Signs • Recommended by the FCEO as the most legally enforceable method of slowing traffic • Stop signs installed, funded & maintained by Forsyth County until replaced by AOD • County agreed to install 1 or 2  "Watch for Children" signs at their expense • Next Steps • BOD approved the process to solicit the community for a petition on this issue • 51% of IFHOA members must sign the petition before FC will take action • Table in back of room • If Approved, FC will • Create 3 way stops at: • Ivey Falls Dr & Ivey Oaks Rd • Ivey Oaks Rd & Ivey Crossing Trail • Install the “Watch for Children” signs

16. Financial Summary • 2010 • Balance Sheet • Budget Review • Income Statement • 2011 Budget • Budget

17. 2010 BOD Election • Current Board • Tim, Matt and Deb remain • Geoff agreed to serve another term • Michelle resigned effective 12/31/10 • Two BOD Positions Open • This approach will stagger BOD turnover, improving continuity and stability (3 one year, 2 the next) • Announced Candidates • James Carder • Geoff Toman