2011 IVEY FALLS HOA ANNUAL MEETINGOctober 15, 2011

Agenda1. Welcome2. 2011 Annual Summary3. 2012-2014 Plan

a) Property Values Focusb) Quality of Life Focus

4. Financial Summarya) 2011 Year-To-Date and Q4 forecastb) 2012 Financial Plan/Budget

5. Elect Five New Board Members

IFHOA BOD Two Year Review

► Material Condition of Amenities significantly enhanced.

► Drainage and safety issues resolved in amenity area

► Website rebuilt► IFBOD Communications Enhanced► HOA organization improved► Three Year Planning Program implemented► Solid stewardship of HOA finances

2011 Annual Summary

►New Mailbox Program

►New Street Signs Program

►Front Entrance Repairs

2012 Annual Plan►Property Values Focus

Neighborhood entrance enhancement ($4.5k)

Re-surface Tennis Courts ($4.5k) Pool Maintenance ($2k)

►Tile repair, salt cell replacement, gate repair, sidewalk repair

Pool furniture replacement program ($500)

►$500 per year for three years NE Retention Pond issue (TBD)

►Work with County to address

2012 Annual Plan

►Quality of Life Focus Issue IFHOA 3 Year Plan Proposal related to garbage services

2013 Annual Plan

►Nature Trail Improvement Program ($7k) Create access from south end of

neighborhood Clear north end for picnic area Raise canopy along trail Mulch path Evaluate feasibility of creating a playing

field►Swing Set Replacement ($2.5k)►Pool Furniture Replacement program

($500)

2014 Annual Plan

►Pool Deck Resurfacing ($2k)

►Pool Cover Replacement ($2k)

►Nature Area Enhancement ($3k)

►Pool Furniture Replacement program ($500)

Unscheduled Project List

►Pool Deck Expansion ($10-15k)

►Timber Wall Replacement ($18-20k)

►Tennis Court Lighting ($20k)

IFHOA Cash Flow

►Membership agreed to set minimum reserve funds level to $12,500.

►Expected EOY Cash on Hand $12,500

Financial Summary► 2011

Balance Sheet Budget Review Cash Flow Statement

► 2012 Budget Budget

IF HOA Balance SheetIVEY FALLS HOMEOWNERS ASSOCIATION

BALANCE SHEETAS AT SEP 30, 2011

Current AssetsCash in Signature Bank $12,016.60Reserve Meadow Valley Way $3,344.23Reserve Falls Overlook Drive $2,011.35Total Cash in all accounts $17,372.18

Other AssetsDeposits $400.00

Total Assets $17,772.18

EquityRetained Earnings $18,755.57Current Income (Loss) -$983.39

Total Liabilities & Equity $17,772.18

2011 Budget Actuals/ForecastIvey Falls Home Owners Association

Budget and Cash Flow Projection Year Ending December 31, 2011Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

Begin Cash Balance 18,442$ 17,408$ 16,405$ 46,315$ 43,605$ 36,176$ 32,831$ 29,075$ 19,526$ 17,372$ 16,290$ 14,447$ 18,442$ Interest Earned, Fees, Etc 42 17 57 7 4 5 5 5 142 Initiation Fees 500 500 500 1,500 Annual Dues($500 X 78) 36,725 1,942 900 125 125 39,817 Estate Lot Income($900X8) 6,138 788 6,926 Total Income - - 42,863 1,942 942 517 970 132 504 5 505 5 48,385 Operating ExpensesPostage & Freight 12 65 68 (50) 15 24 6 7 4 8 159 Printing & Reproduction - Accounting Fees 285 430 280 560 275 280 280 280 280 280 280 3,510 Attorney Fees 1,000 1,000 Bank Charges 10 10 10 10 40 Insurance 1,718 1,718 Income/Property Taxes 86 21 107 Office Expense/Permits 27 11 5 30 32 105 Web Site Fees 29 29 Pool Operations 75 75 75 75 2,003 55 2,809 858 661 75 75 75 6,911

10 10 Pool Telephone (46) 201 78 91 58 382 Pool Water & Sewer 12 12 12 12 120 51 163 72 91 22 14 18 599 Pool Electricity 57 56 (51) 26 426 448 535 439 494 285 60 60 2,835 Pool Furniture 248 248 Entrance Electricity 166 32 27 26 32 30 34 35 25 25 432 Entrance Water & Sewer 12 12 12 12 12 349 400 525 46 25 50 50 1,505 Street Light Electricity 447 389 328 388 388 388 388 388 388 360 360 360 4,572 Tennis Court Materials 599 599 Social Activity & Events 75 75 Irrigation Maintenance 768 250 1,018 Plumbing Maintenance - General Maint & Repair 125 925 135 6 125 1,316 Landscaping Services 1,975 637 2,235 1,617 1,975 1,375 9,814 Playfield/Nature Maintenance 177 177 Mailbox Project 10,313 1,939 4,871 17,123 Total Expenses 1,035 1,003 12,953 4,652 8,371 3,862 4,726 9,681 2,658 1,087 2,348 1,908 54,284 End Cash Projection 17,407$ 16,405$ 46,315$ 43,605$ 36,176$ 32,831$ 29,075$ 19,526$ 17,372$ 16,290$ 14,447$ 12,544$ 12,543$

Cash Flow/Income StatementCASH FLOW PROJECTION

OCTOBER TO DECEMBER 2011

Cash Balance Sep 30, 2011 $17,772.18

Projected Income $515.00

ExpensesOctober $1,087.00

November $2,348.00December $1,908.00

Total 4th Quarter Expense $5,343.00

Projected Cash Bal Dec 31, 2011 $12,944.18

2012 Budget

IncomeInitiation Fees, Penalties, Interest $1,800.00Estate Lots $7,200.00Base Lots $39,000.00Total Income $48,000.00

ExpensesOperating $36,500.00

Capital ProjectsEntrance Enhancement $4,500.00Re-Surface Tennis Courts $4,500.00Pool Tile, Gate, Sidewalk Repair &Salt Cell Replace $2,000.00Pool Furniture Replacement $500.00Total Expenses $48,000.00

IVEY FALLS HOMEOWNERS ASSOCIATIONPROPOSED BUDGET

2012

2011 BOD Election

► Current Board All Five members up for election All five BOD Positions Open

►Announced Candidates► John Baskam► John LaVelle