2016 ANNUAL MEETING - OFFICIAL NOTICE

Transcription

1 2016 ANNUAL MEETING OFFICIAL NOTICE October 28, 2016 Dear Shelmore Property Owner: This is the Official Notice for the Shelmore at Brunswick Forest Homeowners' Association, Inc. ( SM ) Annual Meeting that will be held on Tuesday, November 8, 2016 at 5:30 pm in the in the Council Chambers of the Town of Leland City Hall, located at 102 Town Hall Drive, Leland, NC Council Chambers is on the 2nd floor of the new 2 story red brick building, with plenty of parking in the back. Please see the enclosed meeting documents and information below. Also, the NC Planned Community Act (47F), the Brunswick Forest Master Association s Declaration and the Shelmore (SM) Declaration state ratification of the does not require a quorum. Ratifying the BFMA : The BFMA BoardAdopted 2017 is sent to Members in the BFMA Annual Meeting Package. Members will briefly discuss the BFMA at their Neighborhood Annual Meetings. The Neighborhood Voting Member (Board President) then attends the BFMA Annual Meeting, on behalf of the Membership, where the BFMA is ratified. BFMA Annual Assessments are paid separately. Ratifying the SM : The Membership will consider the enclosed SM BoardAdopted 2017 for ratification. The includes funding Operating Expenses and Reserves for the Common Expenses as outlined in the Governing Documents and as outlined in the enclosed budget. If the Assessment Income does not sufficiently fund all of the Operating Expenses, the Declarant, at its option, may subsidize the SM operating shortfall, if necessary. The Developer Contribution keeps dues lower, will be reduced over time, and will eventually be eliminated as the Association becomes selfsustaining with Assessment Income. SM Assessment Payments: Assessments are payable quarterly on the 1 st of January, April, July and October. Vacant Lots: $ annually $ paid quarterly (+$4/qtr.) Completed Single Family (SF) Dwellings: $1, annually $ paid quarterly (+$25/qtr.) Completed Townhomes (TH): $2, annually $ paid quarterly (+$25/qtr.) If you set up automatic payments either through the HOA websites or your bank, please remember to update your quarterly payments. If you set up automatic debit payments (ACH) with CAMS, the quarterly payment amount will be automatically updated; no action is necessary. ACH payments are typically drafted on the 10th of the month. Coupon Books will be mailed to those not already set up with an alternate payment option. If you have billing questions, you can call a CAMS Community Specialist, (910) , or cs@camsgmt.com. Remember to ask how Estatements can save your Association money. You can also find more information online at SM Voting & Elections: Per the Governing Documents, an election will be held when 10% or less of the total planned units are owned by the Declarant. At the time of Notice, the Shelmore Master Plan includes a total of 453 planned Units. Once there are 45 or less properties owned by the Declarant, or 408 Class A Members, there will be an election. There are currently 314 Class "A" Members other than the declarant, with 185 Completed Dwellings, 80 Vacant Lots and 74 Builder properties. Since the HOA remains under Declarant Control, there will not be an election nor a vote at this meeting; the Declarant will continue to appoint the Board. Shelmore Proxy: Please be sure to complete and return the enclosed Proxy by 1pm on Monday, November 7, 2016, even if you plan to attend the meeting so that the Association will have a quorum for the meeting. Thank you and we hope to see you at the meeting. Sincerely, The Shelmore at Brunswick Forest Homeowners Association, Inc. Board of Directors; by Nicol K. Karn, CMCA, AMS CAMS Community Manager

2 2016 ANNUAL MEETING NOVEMBER 8, :30 PM Town of Leland, City Hall Council Chambers, located at 102 Town Hall Drive, Leland, NC Council Chambers is on the 2nd floor of the new 2 story red brick building, with plenty of parking in the back. I. Call to Order II. III. IV. Roll Call & Quorum Proof of Notice AGENDA Approval of Previous Year Meeting Minutes V. Brunswick Forest Master Association (BFMA) Presentation VI. Shelmore Financial Report VII. Shelmore Surplus Funds Resolution, IRS Ruling VIII. Shelmore Presentation & Ratification IX. Shelmore Appointment of Directors X. Adjournment XI. Member Q&A Meeting Documents Enclosed (Please bring the following to the meeting & return proxy ASAP): Official Notice Agenda Shelmore Previous Year Annual Meeting Minutes SM HOA Financials, 2015 Balance Sheet & Income Statement EOY SM HOA Financials, 2016 Balance Sheet & Income Statement Current Surplus Funds Resolution Shelmore HOA 2017 Please return your signed Proxy to CAMS ASAP for quorum purposes, even if attending Please note that the BFMA Annual Meeting info and is mailed separately and can be viewed at

3 SHELMORE AT BRUNSWICK FOREST HOMEOWNERS' ASSOCIATION, INC. PROXY OPTION I: PROXY SOLICITED BY THE BOARD OF DIRECTORS The undersigned hereby appoints Rosemary Russell, President, as Proxy Agent and Attorneyinfact, with power of substitution, to vote in the place and stead of the undersigned as a Member, at the Annual Meeting of the Members of SHELMORE AT BRUNSWICK FOREST HOMEOWNERS' ASSOCIATION, to be held in the Council Chambers of the Town of Leland City Hall, located at 102 Town Hall Drive, Leland, NC Council Chambers is on the 2nd floor of the new 2 story red brick building, with plenty of parking in the back. on Tuesday, November 8, 2016 at 5:30 pm, any adjournments thereof, and any substitute meeting if the Annual meeting is canceled, on the matter listed below and on such other matters as may properly come before said meeting: OPTION II: To vote as said Proxy Agent and AttorneyinFact at the Annual Meeting. ALTERNATE PROXY The undersigned hereby appoints (fill in the name of the person who will attend the meeting and vote in your place and stead as a Member) as Proxy Agent and Attorneyinfact, with power of substitution, to vote in the place and stead of the undersigned as a Member at the Annual Meeting of SHELMORE AT BRUNSWICK FOREST HOMEOWNERS' ASSOCIATION, INC, to be held in the Council Chambers of the Town of Leland City Hall, located at 102 Town Hall Drive, Leland, NC Council Chambers is on the 2nd floor of the new 2 story red brick building, with plenty of parking in the back. on Tuesday, November 8, 2016 at 5:30 pm, any adjournments thereof, and any substitute meeting if the Annual meeting is canceled, on the matter listed below and on such other matters as may properly come before said meeting: OPTION III: To vote as said Proxy Agent and AttorneyinFact at the Annual Meeting. PROXY FOR QUORUM ONLY The undersigned authorizes the use of this Proxy for Quorum purposes only and does not appoint a Proxy Agent or Attorneyinfact, for the Annual Meeting of the Members SHELMORE AT BRUNSWICK FOREST HOMEOWNERS' ASSOCIATION, INC, to be held in the Council Chambers of the Town of Leland City Hall, located at 102 Town Hall Drive, Leland, NC Council Chambers is on the 2nd floor of the new 2 story red brick building, with plenty of parking in the back. on Tuesday, November 8, 2016 at 5:30 pm, any adjournments thereof, and any substitute meeting if the Annual Meeting is canceled. For Quorum purposes only THIS PROXY WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED MEMBER. IF THE UNDERSIGNED SUBMITS THIS PROXY WITHOUT CHECKING A BOX ABOVE, THIS PROXY WILL BE USED FOR QUORUM PURPOSES ONLY. THIS PROXY IS LIMITED TO THE ANNUAL MEETING OF MEMBERS TO BE HELD ON NOVEMBER 08, 2016, ANY ADJOURNMENTS THEREOF, AND ANY SUBSTITUTE MEETING IF THE ANNUAL MEETING IS CANCELED. THIS PROXY MAY BE REVOKED AT ANY TIME BEFORE IT IS EXERCISED BY NOTICE IN WRITING OR BY PROPER PRESENTATION OF A PROXY WITH A SUBSEQUENT DATE DELIVERED TO THE SECRETARY. DATE LOT # PRINT NAME SHELMORE STREET ADDRESS I/We will attend the meeting SIGNATURE I/We will not attend the meeting PLEASE RETURN TO CAMS BY 1pm Monday, November 7, 2016 (Even if you Plan to Attend) 1174 Turlington Ave, Ste 202, Leland, NC Fax: (910) cs@brunswickforestmaster.com

4 2015 ANNUAL MEMBERS MEETING MINUTES NOVEMBER 02, 2015 Pursuant to notice, the Shelmore at Brunswick Forest Homeowners' Association, Inc (SM) held its Annual Members Meeting at 4:30 pm on Monday, November 02, 2015 in the Multipurpose room of the Leland Cultural Arts Center, located at 1212 Magnolia Way, Leland, NC, Call to Order: At the President s request the Community Manager facilitated the meeting. The 2015 Annual Meeting was called to order at 4:31 pm by the Manager, Nicol Karn, CMCA, AMS. Per the Governing Documents of the Association, Robert's Rules of Order Newly Revised is the governing authority for this meeting and any meetings of this Association. Roll Call & Quorum: The following Board Members were in attendance Rosemary Russell (President), Lannin Braddock (Secretary) and Joshua Huber (VicePresident/Treasurer). Also in attendance from CAMS, the Association Management Company, were Nicol Karn (CAMS Community Manager) and Cindy Phillips (CAMS Community Assistant and Recording Secretary). Per the SM Bylaws the presence in person or by proxy of members representing 20% of the total votes in the Association shall constitute a quorum at All Association Meetings. As of the date of this meeting there were two hundred and twentynine (229) Class A Members. The Declarant, Class B Member, represents the remaining 101 of the 330 lots, with three (3) votes for every Lot owned. Following the certification of proxies, a total of thirtytwo (32) Class A Members were represented, twentythree (23) in attendance and nine (9) by proxy. Between the Class A and Class B properties represented, a quorum was established. However, even if 20% of the total votes in the Association are not represented, the Governing Documents and State Statute state that the budgets can be ratified without a quorum. Proof of Notice: The Manager displayed proof of the meeting notice, which is made a part of the 2015 Annual Meeting File. Annual Meeting notice packages were ed to all Shelmore Members. Approval of Prior Annual Meeting Minutes: There being no objections, the reading of the previous 2014 Annual Meeting minutes was waived. There being no objections, the Minutes were approved by the Membership. The 2015 Annual Meeting Minutes will be reviewed by the Board for approval by the Membership at the 2016 Annual Meeting. Minutes are made available online at Brunswick Forest Master Association Presentation: The BFMA 2014 & current 2015 Financials were discussed by the BFMA Community Manager. The Board approved End of Year Financials are made available to the Membership online at The Board Adopted 2016 BFMA Annual Operating was ratified Operating Expenses are budgeted to total $2,730,185. To fund the Common Expenses of the Association, the BFMA 2016 Assessment was established by the Declarant, assuming a Developer Subsidy, to be $1,100 annually, billed in the amount of $ per quarter. The Developer subsidy will reduce annually as needed. 1

5 Shelmore Financial Report: Shelmore HOA Common Area maintenance expenses include maintenance of the Shelmore Entrance Features, the Right of Way (ROW) along Shelmore way starting at the Power lines going to the Entrances, the ROW in front of the Homes and Vacant Lots, the area around the Gazebo, the natural area across from the Gazebo along Simmerman Way and a small buffer easement area/berm along N. Slippery Oak Lane. The Shelmore HOA also maintains the street front facing fences and the mailbox kiosks, as well as reserves funding for the replacement of such, and provides basic landscaping services around the completed dwellings. The Shelmore Community Manager presented the 2014 End of Year financials and discussed the current 2015 financials with the Membership. Upon the SM Board s approval, typically after tax returns have been processed by a third party CPA, the end of year financials are made available to the Membership online at Shelmore Surplus Funds Resolution IRS Ruling 70604: Revenue ruling pertains to the HOA filing an 1120 tax form that allows the association to carryover excess Membership income over Membership expenses to the next year without paying income tax on the excess. Hearing no objections, Resolution was passed by the members for the current year. Shelmore Presentation & Ratification: The Shelmore Community Manager presented the Board Adopted 2016 Shelmore Annual Operating, with 2016 Operating Expenses & Reserves budgeted to total $435, To fund these Common Expenses of the Association, the Shelmore 2016 Assessment was established by the Declarant, assuming a Developer Subsidy. Assessments for Members with a Completed Single Family Home are $1, annually, billed in the amount of $ per quarter. Completed Townhomes are $2, annually, billed in the amount of $ per quarter. Vacant Lots are $ annually, billed in the amount of $96.00 per quarter. Hearing no objections, the 2016 was ratified as presented. Shelmore Appointment of Directors: Per the SM Bylaws: Until the termination of the Class "B" Control Period, the Class "B" Member shall be entitled to appoint all of the directors, who shall serve at the discretion of the Class "B" Member; and the Class "B" Member shall also be entitled to determine the number constituting the Board of Directors, which number shall be not greater than five (5) and not less than three (3), and may be changed at any time in the Class "B" Member's sole discretion. Directors that will serve in the following officer positions are Rosemary Russell, President; Joshua Huber, Vice President/Treasurer; and Lannin Braddock, Secretary. Adjournment: A motion to adjourn the meeting was made by Marion Shiflet, 1334 Still Bluff Ln., and seconded by John McAlick, 5046 Stoney Point Dr. The 2015 Annual Meeting of the Shelmore at Brunswick Forest Homeowners' Association, Inc. adjourned at 5:34 pm. Members Q & A: In an open forum question and answer period the Members were encouraged to ask questions to the Board and Community Manager. The Meeting Minutes were respectfully submitted by Recording Secretary, Cindy Phillips (CAMS) on behalf of Shelmore Homeowners' Association on November 28, Board approved on January 19,

6 Balance Sheet Operating Shelmore at Brunswick Forest HOA, Inc (SM) End Date: 12/31/2015 Date: 1/11/2016 Time: 4:20 pm Page: 1 Assets 10 Cash Accounts: North State Bank Checking $23, North State Bank MM Reserve.15% 51, Total 10 Cash Accounts:: 12 Accounts Receivable Accounts Receivable 1, Total 12 Accounts Receivable: Total Assets: $74, $1, $76, Liabilities & Equity 21 Other Current Liabilities: PrePaid Assessments 19, Total 21 Other Current Liabilities:: 30 Reserve Funds: Reserve Fences/Paint 10, Reserve Paving Alleys 9, Reserve Fences/Replacement 26, Reserve Miscellaneous 2, Reserve Townhomes 2, Reserve Mailbox Kiosks Total 30 Reserve Funds:: 35 General Fund: Prior Year Fund Balance 1, Total 35 General Fund:: $19, $53, $1, Net Income Gain / Loss 1, $1, Total Liabilities & Equity: $76, CINCSystems, Inc. Copyright All rights reserved.

7 Income Statement Operating Shelmore at Brunswick Forest HOA, Inc (SM) 12/31/2015 Date: 1/11/2016 Time: 4:20 pm Page: 1 Description OPERATING INCOME 40 Revenue Assessments: Current Period Yeartodate Assessment Income $21, $12, $8, $213, $152, $60, $152, Working Capital 1, , , , , Developer Contribution 4, (4,001.00) 41, , (7,012.00) 48, Total 40 Revenue Assessments: $23, $17, $5, $272, $208, $63, $208, Revenue Fees: Administrative Collection Fe Attorney Collection Fees Collection Fee Income Interest Owner Accounts Late Fee Income , , Total 42 Revenue Fees: $ $ $ $1, $ $1, $ 48 Revenue Other: Interest Reserve Funds Total 48 Revenue Other: $6.57 $ $6.57 $56.16 $ $56.16 $ OPERATING EXPENSE Total OPERATING INCOME $23, $17, $5, $273, $208, $65, $208, Administrative Expenses: Admin Collection Fees Meeting Expense (67.50) (180.00) Bad Debt Expense , , , Legal & Collections Legal Expense InsuranceCom Area (D&O) (99.50) 2, , , Management Fees 1, , (86.50) 14, , , , Office Supplies , , , Accounting Services , , , Tax Preparation Fees Total 50 Administrative Expenses: $1, $2, $ $17, $25, $8, $25, Repairs & Maintenance Expenses: Lot Maintenance 19, (19,900.00) Full Service Landscape 10, , (4,230.00) 112, , (35,100.00) 77, Total 54 Repairs & Maintenance Expe $10, $6, ($4,230.00) $132, $77, ($55,000.00) $77, Townhome Expenses: Insurance TH 3, , (1,345.07) 35, , (9,133.27) 25, Landscaping TH 1, (495.00) 10, , (2,340.00) 8, Misc. Ext Bldg Maint TH , , , Termite Inspection TH , , , Pressure Washing TH , , (500.00) 1, Gutter Cleaning TH , , (364.00) 1, Irrigation Repairs/Maint TH ElectricityTH Irrig. Meter (55.22) (710.06) Water/Irrigation TH , , (6,184.08) 4, Total 60 Townhome Expenses: $4, $3, ($1,248.37) $60, $43, ($16,231.41) $43, Common Area Expenses: Land Maint/SupCom Area 1, , , , , (4,199.25) 43, Irrigation Maint/RepairsCom , , , Grounds ImprovementsCom , , , ElectricityCom Area (158.54) 4, , (1,883.75) 2, WaterCom Area Misc Maint/RepairsCom Are , , (854.72) 2, Total 61 Common Area Expenses: $1, $4, $2, $56, $55, ($937.72) $55, Reserve Expense: Reserve Fences/Paint , , , Reserve Paving Alleys Annual CINCSystems, Inc. Copyright All rights reserved.

8 Income Statement Operating Shelmore at Brunswick Forest HOA, Inc (SM) 12/31/2015 Date: 1/11/2016 Time: 4:20 pm Page: 2 Description Current Period Yeartodate Reserve Fences/Replace $ $ $ $1, $1, $ $1, Reserve Miscellaneous Reserve Townhomes , , , Reserve Mailbox Kiosks Total 95 Reserve Expense: $ $ $ $6, $6, $0.00 $6, Total OPERATING EXPENSE $19, $17, ($2,409.63) $272, $208, ($63,879.96) $208, Annual Net Income: $3, ($0.03) $3, $1, $0.00 $1, $0.00 CINCSystems, Inc. Copyright All rights reserved.

9 Balance Sheet Operating Shelmore at Brunswick Forest HOA, Inc (SM) End Date: 08/31/2016 Date: 8/26/2016 Time: 9:17 pm Page: 1 Assets 10 Cash Accounts: North State Bank Checking $17, North State Bank MM Reserve.15% 64, Total 10 Cash Accounts:: 12 Accounts Receivable Accounts Receivable 4, Total 12 Accounts Receivable: Total Assets: $81, $4, $86, Liabilities & Equity 20 Accounts Payable: Accounts Payable 19, Total 20 Accounts Payable:: 21 Other Current Liabilities: PrePaid Assessments 3, Deferred Assessments 28, Security Deposits (75.00) Total 21 Other Current Liabilities:: 30 Reserve Funds: Reserve Fences/Paint 13, Reserve Paving Alleys 10, Reserve Fences/Replacement 29, Reserve Miscellaneous 2, Reserve Townhomes 7, Reserve Mailbox Kiosks 1, Total 30 Reserve Funds:: 35 General Fund: Prior Year Fund Balance 3, Total 35 General Fund:: $19, $32, $65, $3, Net Income Gain / Loss (33,694.68) ($33,694.68) Total Liabilities & Equity: $86, CINCSystems, Inc. Copyright All rights reserved.

10 Income Statement Operating Shelmore at Brunswick Forest HOA, Inc (SM) 08/31/2016 Date: 8/26/2016 Time: 9:17 pm Page: 1 Description OPERATING INCOME 40 Revenue Assessments: Current Period Yeartodate Assessment Income $31, $25, $5, $221, $205, $15, $308, Working Capital (20.83) 6, , , , Developer Contribution 10, (10,054.92) 55, , (24,881.36) 120, Total 40 Revenue Assessments: $31, $36, ($4,414.00) $282, $290, ($7,387.66) $435, Revenue Fees: Administrative Collection Fees (45.00) (45.00) Collection Fee Income (25.00) (25.00) Interest Owner Accounts (12.45) (12.45) Late Fee Income (80.00) (80.00) Nsf Fee Income Total 42 Revenue Fees: ($162.45) $ ($162.45) $ $ $ $ 48 Revenue Other: Interest Reserve Funds Total 48 Revenue Other: $ $ $ $50.09 $ $50.09 $ Total OPERATING INCOME $31, $36, ($4,576.45) $283, $290, ($6,799.87) $435, OPERATING EXPENSE 50 Administrative Expenses: Admin Collection Fees (25.00) (5.00) Meeting Expense Legal & Collections Legal Expense , InsuranceCom Area (D&O) 1, (1,266.33) 1, , , Management Fees 1, , , , , , Office Supplies , , , Accounting Services , , , Tax Preparation Fees (150.00) Total 50 Administrative Expenses: $3, $2, ($702.44) $15, $23, $7, $34, Repairs & Maintenance Expenses: Lot Maintenance 5, , (2,775.00) 32, , (9,008.00) 35, Full Service Landscape 18, , (5,205.00) 133, , (23,565.00) 164, Total 54 Repairs & Maintenance Expense $24, $16, ($7,980.00) $165, $132, ($32,573.00) $199, Townhome Expenses: Insurance TH 1, , , , , (18,126.59) 43, Landscaping TH 3, , (1,020.00) 20, , (3,120.00) 26, Misc. Ext Bldg Maint TH , , , Termite Inspection TH , , , Pressure Washing TH , , (403.36) 3, Gutter Cleaning TH , , , Irrigation Repairs/Maint TH , , (1,174.14) 1, ElectricityTH Irrig. Meter , , , Water/Irrigation TH 1, , , , , , Total 60 Townhome Expenses: $4, $9, $4, $79, $72, ($7,368.88) $108, Common Area Expenses: Land Maint/SupCom Area 4, , , , , Irrigation Maint/RepairsCom Are , , , Grounds ImprovementsCom Are , , , ElectricityCom Area , , , WaterCom Area (43.57) Misc Maint/RepairsCom Area , , , Total 61 Common Area Expenses: $5, $6, $1, $44, $49, $5, $74, Utilities: Electricity (46.70) Total 62 Utilities: $ $ $ $46.70 $ ($46.70) $ 95 Reserve Expense: Reserve Fences/Paint , , , Reserve Paving Alleys Reserve Fences/Replace , , , Annual CINCSystems, Inc. Copyright All rights reserved.

11 Income Statement Operating Shelmore at Brunswick Forest HOA, Inc (SM) 08/31/2016 Date: 8/26/2016 Time: 9:17 pm Page: 2 Description Current Period Yeartodate Reserve Miscellaneous $96.33 $96.33 $ $ $ $ $1, Reserve Townhomes , , , Reserve Mailbox Kiosks Total 95 Reserve Expense: $1, $1, $ $12, $12, $0.00 $18, Total OPERATING EXPENSE $39, $36, ($3,304.62) $316, $290, ($26,894.81) $435, Annual Net Income: ($7,881.08) ($0.01) ($7,881.07) ($33,694.68) $0.00 ($33,694.68) $0.00 CINCSystems, Inc. Copyright All rights reserved.

12 SURPLUS FUNDS RESOLUTION SHELMORE AT BRUNSWICK FOREST HOMEOWNERS ASSOCIATION, INC. RESOLUTION FOR REVENUE RULING ELECTION EXCESS INCOME APPLIED TO THE FOLLOWING YEAR S ASSESSMENTS The Membership of Shelmore at Brunswick Forest Homeowners' Association, Inc. took the following action by this written consent signed by Chairperson: WHEREAS, the Membership of Shelmore at Brunswick Forest Homeowners' Association, Inc. is a North Carolina corporation duly organized and existing under the laws of the State of North Carolina; and WHEREAS, the members desire that the corporation shall act in full accordance with the rulings and regulations of the Internal Revenue Service; NOW, THEREFORE, the members hereby adopt the following resolution by and on behalf of the Membership of Shelmore at Brunswick Forest Homeowners' Association, Inc: RESOLVED, that any excess of membership income over membership expenses for the year ended 2016, shall be applied against the subsequent tax year member assessments as provided by IRS Revenue Ruling This resolution is adopted and made a part of the minutes of the meeting of November 08, President Rosemary Russell Attested by Vice President Josh Huber

13 ANNUAL MEETING DISTRIBUTION COPY BUDGET COMPARISON Shelmore at Brunswick Forest Homeowners' Association, Inc OPERATING BUDGET Effective January 1, 2017 Buildout: 453 Members (66 Townhomes, 387 Single Family) Based on 291 dues paying Members by January 1, 2016 (56 Townhome, 185 Single Family, 50 Lot Only) ADOPTED October 21, v 2017 OPERATING INCOME Revenue Assessments: Assessment Income * 308, ,900 (151,772) Based on # owners projected for Jan 1; each new owner lowers subsidy Working Capital 6,250 6,250 Nonreoccurring Income New $250 Buyer 1st conveyance Developer Contribution 120,659 75,306 45,353 Developer subsidizing operating shortfall, if needed Total Revenue Assessments: 435, ,456 (106,419) Total OPERATING INCOME 435, ,456 (106,419) OPERATING EXPENSES Administrative Expenses: Administrative Collections Fees * Late Fees/Collections Letters, etc.; Reimb. once Owners pay Meeting Expense (5) Meeting Room Reservation, Recording Secretary, etc. Legal & Collections Lien, Demand Letters etc.; Assn. Reimb when Owner pays Legal Expense 1,200 1,200 Legal consult, Document Preparation and Review Insurance 2,900 2,900 D&O; vs. Property and GL by Buildout will need all. Management Fees* 25,220 31,417 (6,197) Agreement $6.37; 3% inc/recorded Lot/Mo. Office Supplies * 2, ,365 Postage, Envelopes, Copies, etc. Accounting Services 1,500 1,500 Audit, Review, Compilation services (est. $6700, 2900, 1100) Reserve Study Expense Reserve Study Possibly for Common Areas, Kiosks, Fences, TH, at BO ($10$7,000) Tax Preparation Fees Earney & Company, LLP; Professional Tax Prep Total Administrative Expenses: 34,555 37,892 (3,337) Single Family Grounds Expense: Lot Maintenance* 35,100 37,200 (2,100) Add $35/Lot April Oct (245/year) Vacant Lot mowing; $6200/mo 2016 Landscaping SF Homes * 164, ,200 (80,040) $120/home/mo.($1440/yr./Home) 114 Homes vs. 72 in 2015 Total Single Family Grounds Exp: 199, ,400 (82,140) Townhome Expense Insurance: TH* 43,164 63,715 (20,551) TH Insurance: Per Senn Dunn (56 units vs. 37 LY) Landscaping TH* 26,640 42,336 (15,696) $60/Unit/month (10 vs ) ($720/yr./Unit) Misc. Exterior Building Maint.: TH * 1,850 2,800 (950) Estimate $50/Unit/ year misc. Termite Inspection: TH* 2,775 4,480 (1,705) Estimate $80/Unit/year, per Bug n a Rug Pressure Washing: TH* 3,700 5,600 (1,900) Estimate $100/Unit/ year (1x) Pressure Wash Gutter Cleaning: TH* 3,700 5,600 (1,900) Estimate $100/Unit/year (1x) Gutters Irrigation Repairs/Maint: TH* 1,850 2,800 (950) Estimate $50/Unit/year Electricity: TH 2, ,620 Estimate $195/mo. Common TH Meters Water/Irrigation: TH* 22,200 14,760 7,440 $60 x 6 mo + $2400 x 6 mo., based on 2016 s Total Townhome Expense 108, ,811 (34,592) Common Area Expenses Land Main/ Sup Com Area 60,705 20,000 40, Mainscape; More to possibly be added Common Areas, trails, medians, misc. CA, etc. Irrigation Main/Repairs CA 3,000 3,000 Irrigation Rep/ Maint, spring start up/winterize CA Misc. Grounds Expense 3,000 7,500 (4,500) Items outside basic contract, Storm Clean Up, Trees, Sidewalk Trails, etc. Electricity CA 4,810 5,400 (590) Entry Lights and elect. Add Alleyway Streetlights 2017, ~ $450/mo. Water CA 570 4,800 (4,230) Most CA Irrig. on Well Water, min. exp. (1012 Sandy Gr., etc.; Fntn Meter off; new Stoney Pt) Misc. Maint & Repairs: CA 2,500 2,500 Street Signs, CBU, Gazebo Repairs, Lighting Repairs, etc. Total Common Area Expenses 74,585 43,200 31,385 Total OPERATING EXPENSES 416, ,303 (88,684) Reserve Contribution: Reserve (Fences Paint) * 4,401 7,988 (3,587) # Homes w/ Fences per CC&Rs Reserve (Paving Alleys) * 848 4, Additional Alleys Added Reserves (Fences, Replacement) * 4,487 4,312 # Homes with Fences per CC&Rs Reserves (Fences, Metal 2016) 1,958 (1,958) 2017 Additional Metal Fences Added to Spring Branch Section Reserves (Retaining Walls 2016) 3,467 (3,467) 2017 Additional Retaining Walls Added to Spring Branch Section Reserves Misc. 1,156 2,127 (971) Misc. Enhancement projects/gazebo, etc. Reserves TH* 6,807 10,647 (3,840) TH BO: 56 Duplexes, 10 Singles =66 Units, Buildings (Only TH PAY) Reserves (Mailbox Kiosks) * 719 1,131 (412) Estimated based on 145 Homes on the Ground = 9, 16 Box Units. Total 95 Reserve Contribution: 18,418 36,153 (14,235) Total OPERATING & RESERVES EXPENSES 435, ,456 (102,919) Surplus/Deficit: Income vs. Expenses * Items Calculated Based on the # of Projected Units Assessment (Dues) Summary: v 2017 Dues Payments are payable Quarterly on the 1st of January, April, July and October to Shelmore at Brunswick Forest Neighborhood Association, Inc. Brunswick Forest Master Association dues are paid separately. Annual Dues & Quarterly Payments Annual Dues & Quarterly Payments Vacant Lot Annual $ $ $ (16.00) Quarterly Payment Amount $ $ $ (4.00) Completed Dwelling Annual $ 1, $ 1, $ (100.00) Quarterly Payment Amount $ $ $ (25.00) Townhome Unit Annual (New 2014) $ 2, $ 2, $ (100.00) Quarterly Payment Amount $ $ $ (25.00) Payment Address HOA Name, C/O CAMS, PO BOX 97548, RALEIGH NC (Note Account # on Check) Check Account Balances, Verify Contact Info, etc. at Billing Questions: (910) , camsar@camsmgt.com (Brunswick Forest Master Association Assessments Paid Separately)