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The Summit at Lake Norman HOA Annual Meeting 2018: Financial Analysis & Proposed Budget

Dive into the financial health of The Summit at Lake Norman HOA, reviewing budgets, expenditures, and proposed work items for 2019. Join us for a comprehensive overview of the association's operations and future plans.

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The Summit at Lake Norman HOA Annual Meeting 2018: Financial Analysis & Proposed Budget

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  1. The Summit @ Lake Norman Home Owners Association 2018 Annual Meeting

  2. Agenda • HOA Structure • Financials • Net worth (Gross/Actual) • Aged AR vs Revenue • Expense comparison • 2018 Budget analysis • 2019 Proposed Budget • Work Items (WI) • 2018 WI Status • 2019 Proposed WI • Q&A

  3. The Summit at Lake Norman – HOA Board/Committee Members – 2018 & 2019 Any Volunteers? Board Of Directors (BOD's) Kevin Kogot Pres/VP Gregg Tinn Treasure/Secretary Architectural/Landscape (A/L) Committee Hank Kramer Input Input Decision

  4. Net/Actual Worth

  5. Aged AR

  6. Revenue

  7. Expenses

  8. 2018 Budget Analysis

  9. 2019 Adjusted Budget

  10. 2018 Work Item Status • Information distribution • Fiscal Year (FY) change – Status: Completed • FY16 – Jan-Dec • FY17 – Oct-Sep • Capital Improvements • Monument (Hopewell Church Rd) upgrade – Work completed • Shrub trimming of all monuments and park area - Status: Contracted • HOA phone - Status: Completed (problems with monthly billing) • Financial Area • Aged A/Rs Aggressively pursue reimbursement – Status: WIP (One time Amnesty) • Increase park utilizations • HOA sponsored party/s – Status: Completed - Will continue 2018/19 • Friday night fires – Status: Completed – Will continue

  11. 2019 Proposed Work Items Capital Improvements • Shed to house HOA equipment/supplies - Status: Postponed • Park lake frontage restoration - Status: Open and projected for 2018 • Park entrance concrete work due to erosion Discussion Items • HOA Declaration of Covenants, Conditions and Restrictions • Volunteers for HOA board Any suggestions for improvements?

  12. Q&A • The End

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