March 13, 2008 Swedesford Chase Homeowners Association 2008 Annual Meeting

March 13, 2008

Swedesford Chase Homeowners Association

2008 Annual Meeting

March 13, 2008 Annual Meeting of Homeowners

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

2007 Accomplishments

Special Topics

2007 Financial Report and 2008 Budget Review

2008 Topics for Review

2008 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 February 9, 2008


2007 Accomplishments

Legal Issue Closure Outstanding Delinquent Accounts

All but one account is current through end of 2007 Used a more “neighbor-friendly” approach to collecting dues

Two outstanding legal actions and one delinquent account legal action remain Renewed Insurance, Management, and Landscaping contracts

for 2008 Expanded web site (www.swedesfordchase.net)

Brad Fischer has continued to graciously donate his time and is the acting webmaster

Added a Referral Section Password protected Financial Section

Completed Reserve Study Developed long term capital funding plan

Mailbox Repair Day - Thank You, Kim Caven


Special Topics Yard Sale / Clean-up Weekend

Annual Event - last weekend in April (April 27th and 28th 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:

PAPER SHREDDING EVENT Saturday, May 31, 2008, 9:00 A.M. - 11:00 A.M. West Whiteland Twp. Bldg.222 N. Pottstown Pike

APPLIANCE AND ELECTRONICS DROP OFF Saturday, May 31, 2008, 9:00 A.M.-1 P.M. West Whiteland Twp. Bldg.222 N. Pottstown Pike

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 volunteers


Un-Audited Financial ReportBALANCE SHEET

FOR THE YEAR ENDED DECEMBER 31, 2007

Operating Capital DrivewayFund Fund Fund Total

AssetsCash 27,189.08$ 37,770.17$ 4,106.90$ 69,066.15$ Accounts Receivable 11,279.60$ -$ -$ 11,279.60$ Allowance for Doubful Accounts (3,510.50)$ -$ -$ (3,510.50)$ Prepaid Expenses 467.55$ -$ -$ 467.55$

Total Assets 35,425.73$ 37,770.17$ 4,106.90$ 77,302.80$

LiabilitiesAccounts Payable -$ -$ -$ -$ Accrued Expenses 3,320.38$ -$ -$ 3,320.38$ Federal Taxes Payable 211.00$ -$ -$ 211.00$ Unearned Association Fees 40.00$ -$ -$ 40.00$

Total Liabilities 3,571.38$ -$ -$ 3,571.38$

Homewoner's Equity (12/31/07)Prior Year Equity 8,211.47$ 31,970.60$ 3,930.42$ 44,112.49$ Resales -$ 1,750.00$ -$ 1,750.00$ Interest Income 0.63$ 1,549.57$ 176.48$ 1,726.68$ Common Area Reserve -$ 2,500.00$ -$ 2,500.00$ Net Income (Loss) 23,642.25$ -$ -$ 23,642.25$

Total Homeowner's Equity 31,854.35$ 37,770.17$ 4,106.90$ 73,731.42$

Total Liabilities and Equity 35,425.73$ 37,770.17$ 4,106.90$ 77,302.80$


Un-Audited Financial Report Operating Capital Driveway

Fund Fund Fund TotalREVENUES Member Assessments 96,500.00$ -$ -$ 96,500.00$ Resale Contributions 1,750.00$ -$ 1,750.00$ Interest Income 2,431.73$ 1,549.57$ 176.48$ 4,157.78$ Late Fee Income 180.00$ -$ -$ 180.00$ Transfer From 2,500.00$ 2,500.00$ Total Revenues 99,111.73$ 5,799.57$ 176.48$ 105,087.78$

EXPENSES Landscaping Maintenance 45,634.76$ -$ -$ 45,634.76$ Reserve Study 2,030.00$ -$ -$ 2,030.00$ Financial Service Fees 5,160.00$ -$ -$ 5,160.00$ Insurance 3,026.86$ -$ -$ 3,026.86$ Electric 4,863.98$ -$ -$ 4,863.98$ Legal Fees 411.17$ -$ -$ 411.17$ Snow and Ice Removal 3,175.00$ -$ -$ 3,175.00$ Audit Fee 1,000.00$ -$ -$ 1,000.00$ General Maintenance 4,622.66$ -$ -$ 4,622.66$ Office Expenses 192.57$ -$ -$ 192.57$ Water Expense 1,898.48$ -$ -$ 1,898.48$ Federal Income 654.00$ -$ -$ 654.00$ Miscellaneous Expenses -$ -$ -$ -$ Social Expenses 300.00$ -$ -$ 300.00$ Transfer to Capital Fund 2,500.00$ 2,500.00$ Total Expenses 75,469.48$ -$ -$ 75,469.48$

Excess (Deficit) Of 23,642.25$ 5,799.57$ 176.48$ 29,618.30$

Revenues Over Expenses Fund Balances 1/1/07, 8,211.47$ 31,970.60$ 3,930.42$ 44,112.49$

Fund Balances 12/31/07 31,853.72$ 37,770.17$ 4,106.90$ 73,730.79$


2008 Operating Budget

2007 Budget 2007 Actual 2008 BudgetIncomeAssociation Fee Income (193 Homes) 96,500.00$ 96,500.00$ 96,500.00$ Late Fees -$ 180.00$ -$ Interest Income-Operating Fund 1,800.00$ 2,432.00$ 2,400.00$ Total Income 98,300.00$ 99,112.00$ 98,900.00$

Operating ExpensesGeneral Maintenance 2,500.00$ 4,623.00$ 5,000.00$ Snow and Ice Removal 5,000.00$ 3,175.00$ 5,000.00$ Landscape Maintenance 64,200.00$ 45,635.00$ 50,000.00$ Reserve Study -$ 2,030.00$ -$ Water 3,600.00$ 1,898.00$ 3,600.00$ Electricity 4,500.00$ 4,864.00$ 5,500.00$ Social Expenses 1,000.00$ 300.00$ 500.00$ Financial Services Fees 5,500.00$ 5,160.00$ 5,500.00$ Insurance Expenses 5,000.00$ 3,027.00$ 3,500.00$ Audit Fees 1,000.00$ 1,000.00$ 1,100.00$ Legal Fees 2,000.00$ 411.00$ 1,000.00$ Office Expenses 1,000.00$ 193.00$ 300.00$ Federal Corp Income Taxes 100.00$ 654.00$ 800.00$ Miscellaneous Expenses 400.00$ -$ 100.00$ Capital Reserve Account Contribution 2,500.00$ 2,500.00$ 17,000.00$ Total Expenses 98,300.00$ 75,470.00$ 98,900.00$

Net Income (Loss) -$ 23,642.00$ -$


2008 Topics for Review

Phasing out the Driveway Reserve Fund Clean up service for common area added twice a year Review of specific Rules and Procedures

Shed Guidelines Mailboxes Architectural Review Procedures and Record Keeping

Where should we spend the surplus? Landscaping at entrances


2008 Executive Board Election Process Two positions are open for 2008 We have received one nomination:

Charlie Rogers If there is a quorum tonight (49 households), the election can

be held, and a write-in candidate can be elected as well. If there is no quorum and/or not two nominees, Nomination

Deadline is extended to 3/31. Proxy ballot will be sent out by 4/4. Votes must be mailed back to MAMC by 4/15. Voting Results will be announced on the website and

through the Street Captains by 4/30.


Adjournment

Thank You!!!

Documents

March 13, 2008 Swedesford Chase Homeowners Association 2008 Annual Meeting