Stone LakeCondominium Association

Annual Co-Owner MeetingThursday, May 18, 2006The Hannah Center, East Lansing

Agenda

I. Roll Call

II. Proof of Notice

III. Approval of 2005 Annual Meeting Minutes

IV. Officer Reports – President and Treasurer

V. Management Company Report

VI. Election of Directors

VII. Old Business

VIII. New Business

IX. Adjournment

President’s ReportThis Year’s Accomplishments

• 52 Windows Replaced; 62 total in round #1; window repairs underway

• 12 Chimneys Repaired (structural); 29 in Total to Date

• 27 Chimney Heat Shields Replaced

• 2 Parking Pads Resurfaced

• 2005 Audit (Treasurer Report)

• Mulch Spread in Front Common Areas (4 inches)

• 5 Trees Removed (Safety); 5 Stumps Removed; 2 Remaining

• Several Foundations and Roofs Repaired (leaks)

• Bat Infestation Removal at Several Units

• Web Site Up and Running

• Irrigation Repairs (head replacements, outside shutoffs being reviewed, etc)

• Annual Maintanence Plan Developed

President’s Report continued…

We Need Your Assistance

Sign up for electronic fund transfer for regular monthly assessments

Serve on the Board

Volunteer to assist with workgroups, such as revisions to Association documents (e.g., by-laws, etc.)

President’s Report continued…

Special Thanks!!!

Dana Crutchfield for her continuous hard work on the newsletter to keep co-owners informed

John Angelacos and the Crutchfields for hand delivering the newsletter

John Angelacos, Laura Lee Dole, Barbara Machello, and Carol Tyler for assisting with DRAFTING revised by-laws

President’s Report continued…

Web Site www.stonelakeca.org

Meeting Dates

Board Minutes

By-Laws, etc.

Announcements

Maintenance Maps

Treasurer’s Report

2005 Audit – Layton & Richardson, PC

Assessment Update

Additional assessment approved for 2006 3 payments of $300 due:

January 1 May 1 September 1

Total Assessment Raised to Date: $60,000

Total Assessment: $450,000 over 5 Years

• Assessment account has been set up to assure 100% of funds used for identified projects.

• Outside, independent contractors, such as Bill Perry Construction, used to assist Board in prioritizing work.

• All work is subject to a bidding process.

• Semi-annual update reports distributed to all co-owners throughout assessment period.

• Portion of funds committed to each building.

Assessment Update

Preliminary Projected Assessment Budget

• Roofs - $33,000

• Windows - $240,000

• To date, $65,000 (replacement and repairs)

• Siding - $105,000

• Painting - $72,000

• Total - $450,000

Assessment Update

Association Maintenance Maps

Window Replacement – High Priority Chimney Repairs – Structures Chimney Repairs – Heat Shields Painting Parking Pads Roofs

Agenda continued…

Election of Directors

Three 2-Year terms; Two 1-Year Terms

Old Business/New Business

By-laws, etc., update

Questions & Answers

Adjournment

Thanks!