Call to order: Chairman, Marie Rundberg, called the meeting to order at 10:30 am.

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1 Page 1 of 5 MEADOW HOUSES NORTH AUO ANNUAL MEETING AUGUST 17, 2013 SUNRIVER LIBRARY MEETING ROOM The following minutes are subject to change at the next annual meeting. Call to order: Chairman, Marie Rundberg, called the meeting to order at 10:30 am. Roll Call and Certification of proxies: In attendance: Units 48, 54, 57, 62, 64, 66, 82, 86, 88 and 89. By proxy: Units 47, 49, 50, 51, 52, 55, 56, 59, 61, 63, 65, 67, 68, 69, 71, 74, 75, 76, 78, 79, 80, 85, 87 and 90. With 34 units represented in person or by proxy, a quorum of 50% or 22 was reached according to the legal documents of the association. Board members present: Marie Rundberg, Sara Sutter, Vance Wonderlich and Monica Vincent. Mary Long was unable to attend. Aperion Management was represented by Catherine Smith and Michelle Keith. Approval of 2012 Annual Meeting Minutes: Upon motion duly made by Vance Wonderlich and seconded by Sara Sutter and unanimously approved it was: Resolved to approve the August 18, 2012 Annual minutes as presented. Vance delivered the following financial report: Revenue and Expense For the financial reports ending December 31, 2012 the overall income, including reserve expenses was -$1, Some items driving expenses over/under budget were as follows: Legal Fees were under budget by $1,714 as some charges for the Tree Project were deferred until Sprinkler Maintenance was over budget by $1,051 due to an aging system. The Irrigation Water expense was over budget by $3,324 due to a PUC approved added monthly meter charge during the five months when the irrigation water is turned off. The Reserve Painting was under budget by $3,250 due to fewer units painted than anticipated. The Reserve Roads Seal Coating/Asphalt was over budget by $3,488 as additional asphalt was needed and not anticipated. NOTE: The seal coat will be reapplied this year without charge as the seal coat applied last year failed due to the cold. There were other variances to our budget, but overall, expenses vs. budget were off by 1.42%. Financial Position As of the end of December 31, 2012 there was $68, in cash and investments.

2 Page 2 of Budget / Reserve Adequacy Based on projections in our Reserve Plan for continued maintenance, and rebuilding the reserves, the Board approved the 2013 Budget that included an increase in assessments to $750 as of January 1, The overall Reserve Plan was reviewed separately Accounting Process Bills are sent to Joanna and Tony for review and Tony prepares checks. Checks are sent to Marie with copies of bills sent to Marie and Vance. Marie and Vance are the only signors on our accounts. After Vance and Marie review bills, Marie signs checks and sends out. Both bank statements are reviewed by Vance and Marie and forwarded to Tony for monthly reconciliation and preparation of monthly financial statements. Overall 2013 Budget The overall 2013 budget reflects the planned increase in our reserve funds necessary to meet future maintenance obligations. In summary: Total revenue is $132,220, up 6.8% reflecting increase in HOA dues (first in 3 years) Total operating expense is $82,857, up 2.8% reflecting general inflation assumptions Total reserve expense is $32,000, down 29% due to no road seal coating in 2013 Year-To-Date 2013 Revenue and Expense Our fiscal year-end is December 31, As of June 30, 2013 our year-to-date results are favorable by $1,355. Keep in mind, however, that forecasting our budget elements by month is difficult and subject to timing differences. That said, overall we seem on track to hit our overall 2013 budgeted revenue and expenses. Some items driving expenses over/under budget were as follows: Snow removal was $5,051 under budget due to light snowfall YTD. Legal Fees were over budget by $3,746 due to $1,714 that was budgeted for 2012 and legal consulting fees related to the tree removal investigation. The remaining differences are in ground maintenance, irrigation system maintenance, and water. It is, however, too soon to make final assessments on these items Financial Position As of the end of June 30, 2013 we had $93,260 in cash and investments. Please note that as of June 30, 2013 both our operating and reserve funds were in our FDIC insured Bank of the Cascades account. As we transition to our new accounts with Mutual of Omaha Bank, reserve and operating accounts will be separated. Both will be FDIC insured Budget / Reserve Adequacy Based on projections in our Reserve Plan for continued maintenance, and rebuilding our reserves, this Board approved the 2013 Budget that includes the increase in assessments to $750 as of January 1, The overall Reserve Plan will be reviewed separately.

3 Page 3 of Accounting Process Bills are sent to Aperion for review and check preparation. Checks are sent to President with copies of bills sent to President and Treasurer. President and Treasurer are the only signors on both of our accounts. After the Treasurer and President review bills, President signs checks and sends out. Both bank statements are reviewed (electronically) by Treasurer and President and compared to Aperion s monthly bank account reconciliations and financial statements. Annual Review Upon motion duly made, seconded and unanimously approved it was resolved to approve an Annual Review by an independent CPA for the calendar year of The review will be performed in Year Reserve Plan: This plan actually goes out more than 30 years in order to include the last cycle of composite roof replacement. Therefore the Plan runs through Vance discussed the inflation rates used, reviewed the CD Ladder and interest income and pointed out major cost elements. Most reserve funds go towards Painting, Composite Roofs, Flat Roofs and Siding with painting being the most expensive item in our reserves. Asphalt overlay (road repaving) is very expensive and we have very little if any history to work from. This is scheduled starting in Cathy explained the Homeowner Association IRS requirement. Approval of the IRS requirement : Upon motion duly made by Vance Wonderlich and seconded by John Ross and unanimously approved it was: Resolved to approve to apply IRS to any unused operating funds to a future period. Accept Treasurers Report: Upon motion duly made by Sara Sutter and seconded by Monica Vincent and unanimously approved it was: Resolved to accept the Treasurer s Report as submitted. Marie delivered the following Chairman s Report: Owner Projects: #48 Replaced the deck and replaced living room door. #49 Replaced living room door. #57 Replace deck. #86 Replaced living room door and bedroom door. #82 Replaced deck. # & 84 Replaced 4 garage roofs. #75 landscaping for the enclosed deck. Trees: Each year SROA Environmental people identify areas in our association that require ladder fuel reduction. As of last year we are current and this year there were no areas identified. This year we were able to remove trees that were, either dead, damaged or potential hazards. We also limbed over roofs and around chimneys. We have one more tree to come down and some limbing to do.

4 Page 4 of 5 Seal Coat: Vic Russell will be redoing the seal coat again sometime after Labor Day. Last year s seal coat failed due to the cold temperatures. Bendbroadband: Bendbroadband has been working with individual owners to get certified for the big switch. They have created some extra work for our landscaping crew. We will try to identify the extra charges and then try to get reimbursed from Bendbroadband. So far we have identified $500-$600. Garage Master Plan: We have completed the Phase 1 part of the Garage Master Plan. This will accommodate the two new garages and appropriate parking. Now the entire Garage Master Plan is complete. Dogs: For those owners with dogs or if you rent your unit to people with dogs or have guests that visit with their dogs, please ask them to pick up after their pet. This is a common courtesy for your neighbors. Also, owners have mentioned that some people leave their dog alone in the unit and don t realize that the dog barks all day long. I don t know what to do about that except maybe check with your neighbors to be sure there is no problem. You might think your dog is quiet all day, but maybe not. Again, a common courtesy. Great Meadow/Trees: I ve had an opportunity to survey many of the owners. The majority of the owners that I talked to want to continue to pursue the tree removal and continue to collect information. I have talked to realtors and appraisers about the increase in property values our units would realize with restored views. [According to our attorney, any further discussion could violate attorney client privilege since there are non-owners present.] Cathy presented the following Manager s Report: Insurance: Cathy provided an insurance update with information that each owner should review. It also includes information from our new Agent, Linda Sifferman (the insurance is the same State Farm policy, we just have a new Agent). Reserve Plan: Cathy was very pleased with the work Vance has done on our Reserve Plan. Sunriver Office: Aperion has an office in the Sunriver Business Park located inside the physical therapy business by the school. Currently, Cathy is there on Tuesdays and Thursdays, but with Michelle recently joining Aperion, this office will eventually be open five days a week. Aperion also has their main office in Bend. Yellow Jackets: We have had two incidents of yellow jacket nests at Meadow House 47 and 51. They nest in the ground and in these cases, under the decks. They are very active this year, so keep a look out.

5 Page 5 of 5 Nominations from the floor and election of Directors: Upon motion duly made by John Ross and seconded by Vance Wonderlich and unanimously approved it was: Resolved that Monica Vincent and Marie Rundberg have been nominated and elected. Name Position Term Sara Sutter-Kurz Secretary Vance Wonderlich Treasurer Mary Long Director Marie Rundberg Chairman Monica Vincent Director Many thanks to all Board members and our Management Company for their continued support and dedication to our association. There was discussion regarding access to meeting minutes, governing documents, newsletters, etc. It was suggested that we could set up a website (through Aperion) that Owners could have access to. This would cost $50 per month and could be budgeted for Approval of the actions of the Board for the previous year: Upon motion duly made seconded and unanimously approved it was: Resolved to approve the actions of the Board for the previous year. There was a question regarding the process for Board Meetings and Executive Sessions. Cathy explained the basics of notice and access to these meetings. There was a question regarding tree roots pushing up the asphalt and the safety of these situations. These will be identified and noted during upcoming inspections. There was additional discussion about drainage into garage areas due to the height of the asphalt. There was a report of a car pushing over a directional sign for This will be repaired. There being no further business, the meeting was adjourned at 11:35 am. The next scheduled annual meeting will be held on August 16, 2014.