Pinecrest Property Owners Association Annual Meeting 2017

2. 2017 Wachusett Shores And PPOA Meeting Sunday May 7, 2017 2:00

3. Pinecrest Property Owners Association Annual Meeting Agenda 2017Sunday May 7th Call to Order Minutes of 2016 PPOA Annual Meeting (Posted in Lodge & on ppoa.info) Treasurer’s Report Old Business New Business Elections Adjournment

4. PINECREST PROPERTY OWNERS ASSOCIATION Annual Meeting Minutes Sunday, May 1, 2016 Pinecrest Lodge Board Attendees: Bill Homans, President; Gail Orciuch, Treasurer, Eric Goodhart, Clerk, Directors Bob Brooks, Bill Poudrier, John Day, Dave Blad, Associate, Jim Ellis. Following the PPOA social hour from 1 to 2 PM where PPOA families enjoyed refreshments (Donated by the Goodhart Family) the annual meeting was called to order by President Bill Homans at 2:05 PM. President Bill Homans opened the meeting thanking everyone one for coming and giving special thanks to those volunteers on and off the Board that volunteered their time to making the previous year a success. He also welcomed recent new homeowner’s as well as first timers to the meeting Lee & Jean Cotter on Abenaki. Bill reminded everyone that a vote on the mandatory maintenance fee would be taken during this annual meeting. After 50 years at $18.00/year the vote was taken and passed to vote on the mandatory maintenance fee, and the Pinecrest membership fee every year at our annual meeting in May. The 2015 annual minuets were read. Jim Garrity made a motion to accept the minutes as read, Seconded by Gail Orciuch. Unanimous vote by the body. Treasure’s Report: Treasure Gail Orciuch showed a slides illustrating the costs and expenses incurred annually by our Association. The treasure’s report can be reviewed along with the slides shown at the meeting here.The total net worth of the Association is $432,910. The investment and cash portfolio from which expenses are paid totaled at the time of the meeting to be $204,070. That is down $22,715.00 from the same time last year. The slides revealed that the projected income from 189 property owners fell short by $16,9222 in the last fiscal year. Details of how the money was spent on expenses and maintenance can be seen on slides 11 & 12 at the above link. Motion by Kathy Aroldi was made to accept the treasures report as written, seconded by Dave Bladd. Unanimous vote taken to accept the minutes as read. Old Business: Jay Began asked about the drop in value of the portfolio. Bill Homans asked for the slides to show the work that was done on the Pinecrest Property from the proceeds from the sale of the Pinecrest barn to Bill Poudrier. Being a non-profit 503 C corporation the capital gains on the sale of the barn needed to be spent on our property betterment to offset the Capital Gain tax. Those expenses are itemized on Slide # 31. The August 2015 Beach Party was a resounding success. New Business: Beach Clean-up Jim Ellis gave a short presentation and appeal for help in the annual beach clean-up set for Saturday, May 28th. Jim will be heading up the spring cleanup as always. He is also monitoring the control on the geese infestation. It was also noted that Kathy and Paul Airoldi have been doing much needed trail maintenance on their side of the pond.

5. Thanks for the few who volunteer to help run PPOA PPOA Board of Directors and Associates Jim Ellis for goose abatement and cleanups Bill Poudrier for the Database Gail Orciuch for treasure’s duty and database Bob and Sherry Brooks for Lodge rentals Bill Homansand Bob Brooks for plowing Jay Began for mowing Eric and Carol Goodhart and for entry board decorating Brendan Toupense for being Webmaster Kathy Airoldi for harbor master duties and games at BBQ Betty Ann Sharp for presentations slides Dave Orciuch for pond testing Bill Homans for annual Beach party BBQ

6. TOTAL NET WORTH Real Estate $239,850 Investment portfolio $199,759 Cash $ 12,043 Total assets $451,652 Total liability $0 Net Worth $451,652

7. Investments and Cash

8. Investments Portfolio

9. Stock & Equity Funds • Managed Account • Fee Based Monthly (1.35%) • No Transaction Fees Bond Funds

10. Investments Performance

11. Summary of Holdings

12. Summary of Holdings

13. Income $68

14. Payments History 2016 Fee increased to $68 2017 Fee increased to $80

15. Fee Payments Averaged over 7 Years 26%

16. FY’2017 Operating Budget

17. FY 2017 Budget

18. FY 2017 Budget PLAN ACTUALS VARIANCE

19. FY 2017 Budget NET CASH FLOW $ 5,611.22 $ 3,133.41 $ (2,477.81)

20. Account Balances March 31, 2017

21. Old Business • Lodge Well • Property Liens on past due assessments with compounded interest

22. New Business • Volunteer needed for beach water testing Microbac Westboro • Beach Shed Access • Proposed 2018/2019 Maintenance fee & Budget • Out of town owner lots for sale • Vote & Set the 2018/2019 Mandatory Maintenance fee

23. FY 2018 Proposed Maintenance Fee

24. New Business • Goose egg treatment • Spring Clean-up Saturday May 13, 2017 @9:00 am to around 12:00 rain date: Sunday May 14 • August 26th Annual Summer Beach BBQ & Games • Fall Cleanup September 9, 2017 @ 9:00 at Beach • Cable, Internet at the Lodge • Update website with local vendors

25. Current Positions Bill Homans, President (2017) Gail Orciuch, Treasurer (2017) Eric Goodhart, Clerk (2018) Dave Blad, Director (2017) Bob Brooks, Director (2017) Dennis Majikas, Director (2017) John Day, Director (2017) Bill Poudier, Director (2017) Brendon Toupense, Webmaster Jim Ellis Associate

26. Thank You