WELCOME TO THE PRINCETON VILLAGE HOMEOWNER’S ASSOCIATION, INC. SEMI-ANNUAL MEETING December 4,...

WELCOME TO THE PRINCETON VILLAGE HOMEOWNER’S

ASSOCIATION, INC. SEMI-ANNUAL MEETING

December 4, 2011

AGENDA

MISSION STATEMENT WHY AN HOA IS IMPORTANT HOA LIMITATIONS / CONSTRAINTS CURRENT STATE OF AFFAIRS PROJECTED 2012 FISCAL BUDGET BOARD COMMITEES VOTING ON COVENANT AMENDMENTS CHRISTMAS PARTY NEIGHBORHOOD WATCH ADJOURNMENT

MISSION STATEMENT

THE PRINCETON VILLAGE HOMEOWNER’S ASSOCIATION, A SELF-MANAGED HOA , SHALL PROMOTE A FRIENDLY FAMILY NEIGHBORHOOD ENVIRONMENT WHILE ASSISTING MEMBERS IN

MAINTAINING THEIR INVESTMENT. THIS SHALL BE ACCOMPLISHED THROUGH VARIOUS PROGRAMS

THAT SUPPORT A CLEAN CRIME FREE AND AESTHETICALLY PLEASING COMMUNITY.

WHY AN HOA IS IMPORTANT

IT IS IMPORTANT FOR ALL OWNERS TO UNDERSTAND THE RESPONSIBLITIES OF AN HOA AS WELL AS IT’S LIMITATIONS.

OUR RESPONSIBILITIES INCLUDE: PROTECTING PROPERTY VALUES FAIR ENFORCEMENT OF THE DECLARATION OF

COVENANTS SETTING AND COLLECTING HOA ASSESSMENTS MAINTENANCE OF POOL AND COMMON AREAS PROVIDING A CENTRALIZED POINT OF CONTACT

HOA LIMITATIONS / CONSTRAINTS

HOA HAS NOTHING TO DO WITH TAX ASSESSMENTS

MORTGAGES ANY LEGAL ACTION PLACED AGAINST YOUR

PROPERTY BY OTHER CREDITORS PERSONAL DISPUTES OUTSIDE OF VIOLATIONS

ASSOCIATED WITH THE HOA COVENANTS

• 29 OUT OF 31 MEMBERSHIP LOTS OCCUPIED

• 75% FINANCIAL COMPLIANCE• 100% INSURED

- NATIONWIDE INSURANCE• PUBLIC SAFETY ISSUES ADDRESSED IN 2011

- SPEED LIMIT SIGNS - CUTTING BACK GRASS IN COMMON AREAS - SECURED COMMUNITY ASSETS

CURRENT STATE

Performance Report 2011

PERFORMANCE REPORT • HOA ASSESSED A PRORATE OF $168 PER HOUSEHOLD FOR

CY 2011• THE ANTICIPATED REVENUE WAS *$4032 BASED ON 24

ACTIVE HOMES FOR THE PRORATED MONTHS OF SEPTEMBER THRU DECEMBER.

* amount contingent upon 100% participation with paying pro-rated assessments

78%

16%

6%

Current

Not Current

Vacant

** CURRENTLY OPERATING AT 78% PARTICIPATION FOR 2011 DUES **

PERFORMANCE REPORT 2011Bud A.L.Y

Financial MeasuresTotal Revenue 4,032$ 3,335$

Fees & Penalties -$ -$ New Home Sales -$ 1,279$

General ExpensesAdmin 800$ 244$ Postage -$ 31$ Legal 600$ -$ Tax Return Preparation 185$ Insurance 1,785$ 974$ Management 6,000$ -$ Community Events -$ 49$ Entertainment -$ 41$ Other -$ 159$

Management CostsUtilities -$ -$

Water & Sewer 850$ -$ Electricity 4,800$ -$ Deposits -$ -$ Lawn Care Maintenance 5,675$ 300$

ReceationLicense/Fees 350$ -$ Pool Contract 5,920$ -$

Property Taxes 500$ -$ Total Revenue 4,032$ 4,614$ Total Expenses 27,465$ 1,797$

Totals (23,433)$ 2,817$

Description % of ActualYear to Date (January to December 2012)

Budget Actual

PROJECTED BUDGET 2012

VISION

• To manage and maintain financial records in conformity with generally accepted accounting principles and in compliance with state and federal laws.

• To develop and maintain effective and efficient financial planning, reporting and central support systems in order to support the operating committees in achieving their program objectives.

• To provide quality service to the residents while safeguarding the community’s assets.

SWOT ANALYSIS Strengths Weaknesses Opportunities Threats

S . W . O . T .

STRENGTHS

- A self managed community allows us to better manage the revenue more efficiently and effectively

- Directors who reside in the community have more of a vested interest in enhancing the community with which we live

WEAKNESSES

- Lack of participation (i.e. Meetings, HOA dues, and Volunteering)

- Lack of communication with Board

S . W . O . T .

OPPORTUNITIES

- Fundraisers to generate additional revenue will empower us to expand on what we are able to do in our community as well as achieve our yearly goals and objectives.

S . W . O . T .

THREATS

- Delinquencies severely impacts our ability to have the required resources to complete the necessary repairs, maintenance and enhancements suggested for the betterment of our community.

- Non-compliance to community covenants and bylaws resulting in unnecessary fines.

S . W . O . T .

2012 HOA DUES

• HOA fees assessed at $500 per household for 2012 and will be due in full by March 1,2012

• Anticipated 2012 dues expected based on 2012 assessment

* $13,500 (500 x 27 active homes)

* amount contingent upon 100% participation on paying 2012 HOA assessments

FINANCIAL PERSPECTIVEBud A.L.Y

Financial MeasuresTotal Revenue 13,500$ -$

Fees & Penalties -$ -$ New Home Sales -$ -$

General ExpensesAdmin 400$ -$ Postage -$ -$ Legal 750$ -$ Tax Return Preparation 85$ Insurance 974$ -$ Management -$ -$ Community Events -$ -$ Entertainment -$ -$ Other -$ -$

Management CostsUtilities -$ -$

Water & Sewer 425$ -$ Electricity 2,400$ -$ Deposits -$ -$ Lawn Care Maintenance 3,000$ -$

ReceationLicense/Fees 350$ Pool Contract 3,000$

Property Taxes 500$ Total Revenue 13,500$ -$ Total Expenses 11,884$ -$

Totals 1,616$ -$

Description % of ActualYear to Date (January to December 2012)

Budget Actual

2012 BUDGET PLANNING

PLANNED ACTIVITIES FOR 2012 IMPLEMENTATION:

Pool repairs Get utilities (Pool/Tennis area) turned on in HOA’s name Secure regular maintenance vendors for Pool & Common areas

BOARD COMMITTEES

BOARD COMMITTEES

We are looking for volunteers for the following committees:

• Fundraising• Maintenance• Pool Committee

VOTING ON COVENANT AMMENDMENTS

CHRISTMAS PARTYThe Princeton Village 3rd Annual Christmas Eve

Celebration will be held on:

December 24, 2011

I will be collecting the slips from those that will be participating

in the festivities, please return your gift selection sheet to Tanya.

- Also - Use provided signup sheet to list the dish you will

bring to the festivities.

Let’s make this one our BIGGEST one yet!!! See you there.

NEIGHBORHOOD

WATCH

ADJOURNMENT