THE KEYSTONE NEIGHBOURHOOD COMPANY … · THE KEYSTONE NEIGHBOURHOOD COMPANY SPECIAL MEMBERS’...

THE KEYSTONE NEIGHBOURHOOD COMPANY

SPECIAL MEMBERS’ MEETING June 29th, 2018

(Warren Station at Keystone)

AGENDA I. Call the Meeting to Order . . . . . . Verbal

A. Introduction of Executive Board . . . . Verbal B. State of the County by Summit County Officials . . . Verbal C. Resort Update . . . . . . Verbal D. Approval of Previous Meeting Minutes . . . . 1 - 6

II. Audit Report (Paul Backes of McMahon & Associates) A. Audit and Year-End 2017 . . . . . Verbal III. Executive Director’s Report (Mark Mathews)

A. Year-to-Date April 30, 2018 Financial Reports . . . 7 - 15 B. Capital Projects Status . . . . . . Verbal IV. Vote (Mark Mathews) A. Determination of Quorum . . . . . Verbal

B. Candidate Forum . . . . . . Verbal a. Ski Tip Residential Board Seat Election currently held by David Stelzer b. Lodge Director Board Seat Election currently held by EJ Schanfarber c. River Run Commercial Director Board Seat Election currently held

by Don McCoy C. Vote on Board Nominees. . . . . 16 - 18 (Ballots on page 16)

V. General Discussion A. Events and Warren Station Update (Maja Russer) . . Verbal B. 2018 Summer Event Calendar . . . . . 19 - 20 C. Member Questions / Comments (2 minutes each)(Mark Mathews) Verbal

VI. Election & Voting Results (Mark Mathews) . . . . Verbal VII. Set Next Meeting Date (Mark Mathews) . . . . . Verbal

Friday, November 16th, 2018 from 2:00 – 5:00 pm VIII. Adjournment . . . . . . . . Verbal

The Keystone Neighbourhood Company

Annual Members’ Meeting

November 17, 2017

I. Call the Meeting to Order and Introductions

The Keystone Neighbourhood Company (KNC) Annual Members’ Meeting was called to order

at 2:13 p.m. by Mr. Buchheister in Warren Station.

Board Members Present Were:

Geoff Buchheister, President, Resort Director Gail Allaman, Residential Director

Robert Lepkowski, Secretary, Residential Director David Stelzer, Residential Director

Maria Fox, At Large Director Clare Lehman, At Large Director

Donna Nolz, Commercial Director Don McCoy, Commercial Director

Homeowners Present Were:

G. & S. Duree, #8075 Leo Hattrup, #8456

Suzanne Brannon, #8593 Craig & Annette Bolt, #6525

Judy & John Uban, Alders #66 Ann & Tom Matchell, #8510

Linda & Judd Ellmers, #8702 Doug Sims, #6223

Ginger Boult, #2241 Julie Imbler, #8515

Brian Van Vechter, #2326 Marnie Stelzer, #6453

Tom Courson, #8366 M. Dammell, #8603

David Bacon, #8386 Tom Hutter, #8481

Barb Schwarte, #8481 Penny Gibson, #8810

Patty & Glen Murray, #8531

Representing the Keystone Neighbourhood Company Were:

Mark Mathews, KNC Executive Director Mindy Bothel, Business Manager

Maya Russer, Director of Events & Marketing Chelsea Rybak, Spcl. Events Mgr.

Michelle Anderson, Warren Station Coord. Brendan Lawrence, Office Sprvsr.

Chris Duncan, Warren Station Mgr. Jewels Tortorello, Event Coord.

Representing Keystone Property Management Was:

Josh McReynolds, Community Association Manager

Others Present Were:

Ralf Garrison, DestiMetric

Erika Krainz, Summit Mgt. Resources, Recording Secretary

II. Approval of Previous Meeting Minutes

Mr. Sims motioned to approve the June 30, 2017 Special Members’ Meeting minutes as

presented. Mr. Bacon seconded and the motion carried.

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III. One Keystone Award Presentation

Mr. Riley presented Mr. Lepkowski the One Keystone Award in recognition of his

contributions to the Keystone community over the past 19 years.

IV. Mountain Travel Market Update – Ralf Garrison

Mr. Garrison presented his Mountain Resort Towns 2018 Situation Assessment, Indicators and

Trends. He announced that DestiMetrics has been purchased by Entopia. Highlights were as

follows:

1. Breckenridge, Copper Mountain and Keystone are the Summit County destinations that

have provided statistically relevant data.

2. Since 2007, summer occupancy has increased 53.3%, ADR has increased 39.6% and

revenue has increased 117.6%. For Summit County, summer 2017 occupancy was flat,

ADR was up 1.3% and revenue was up 1.3%. The most significant growth has been in

the shoulder seasons, especially during September and October.

3. Skier visitation was 54.7 million in 2016/2017 ski season.

4. Since 2007, western resorts winter occupancy has increased 3.6%, occupancy has

increased 21.9% and revenue has increased 26.8%. For last winter, occupancy was

down 4.7%, ADR was up 3% and revenue was down 1%.

5. For the most recent period, summer occupancy is almost equal to winter but the ADR is

only about half.

6. The rent by owner market has been disruptive to the lodging industry. The number of

rent by owner units varies dramatically by day, week and season. Each unit is usually

listed on four different websites. Between 30 – 50% of the inventory comes from

management companies. The average number of bookings for rent by owner units is 15

– 20 nights per year.

V. Resort Update

Mr. Buchheister introduced himself and showed a Keystone promotional video focused on

youthfulness and family. USA Today named Keystone one of the best US ski resorts for

families, noting that “The ski resort has wrapped its brand around family ski trips with a gusto

that is unmatched in the industry.”

New developments for 2017/2018:

1. Replaced the Montezuma Express quad with a six-seat high speed lift, increasing uphill

capacity by more than 25%.

2. Renovated and expanded Labonte’s Smokehouse BBQ with a new 190-seat indoor

dining facility.

3. Kidtopia signature events include the Kidtopia Spectacular in December, Culinary

Festival in February and Music Experience in March.

4. There will be dedicated shuttles to transport skiers and riders to and from the Powerline

Lot to the Hunki Dori Lot/River Run Gondola, and a north shuttle lot to Mountain

House West. Keystone continues to encourage and reward carpooling with preferred

parking for families and HOV’s.

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5. There are two housing projects underway. The Wintergreen project is 196 units of

workforce housing on Highway 6 in Keystone with a $6 million commitment from Vail

Resorts. A Silverthorne workforce housing project has been approved by Silverthorne

Town Council, with a $440,000 commitment from Vail Resorts.

VI. Hospitality Update

Ms. Lehman provided a hospitality update:

1. A soft renovation of Ski Tip Lodge is underway including new carpet and a guest room

refresh.

2. The Alders Townhomes and River Run Townhomes are new developments.

3. The Inn is being renovated and will reopen as a Hyatt Place, the first branded hotel in

Keystone.

VII. KNC Overview

Mr. Mathews introduced the KNC staff, noting “Our mission is to make the Neighbourhoods at

Keystone a premier mountain community by maintaining a high-quality environment and

investing in amenities, facilities, events and services that will attract residents and visitors to

create a vibrant resort community. “

Services provided by the KNC include general maintenance of common areas, snow and trash

removal, landscaping and beautification, enforcement of covenants, rules and regulations,

security, public and private event promotion, coordination and execution and management an

upkeep of facilities and amenities including Warren Station and the pool behind Dakota Lodge.

The KNC drives value through events and amenities.

KNC highlights in 2017 included:

1. It was another great year of growth for summer festivals and events.

2. The Instructure conference group used Warren Station and River Run.

3. There were continued strong budget controls and a clean audit.

4. There is new construction consisting of the River Run Townhomes, Estates at the

Alders and Alders Townhomes.

KNC summer projects included:

1. Landscaping projects at Buffalo Lodge, east neighbourhoods, Arapahoe Lodge and

Jackpine.

2. The construction of the Arapahoe patio with a new fire table.

A major upcoming project is replacement of the 20-year old asphalt with pavers and a

snowmelt system. It will update the image of the Village, provide a better guest experience,

eliminate snow removal machine noise, decrease potential liability from slips and falls and

reduce conflicts between snow removal machinery and pedestrians. The cost to replace the

asphalt would be around $800,000 and the estimated cost for the new snowmelt and pavers is

$3.7 million. The project will be phased over one summer (in the spring and fall of 2018). The

estimated annual operating costs of $60,000 will be partially offset by decreased labor costs

($46,000 – $55,000). The system will cover the area from Ida Belle Drive to Ina’s Bridge. The

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timeline is to break ground in April 2018 and to do garage work for the main line. The first

phase will conclude in early June 2018. Garage work for the main line will be completed in

August. The second phase will begin in September and be completed sometime in November.

Mr. Mathews provided a Design Review Board Update:

1. Starting the design review process for One River Run. The Hunki Dori lot is under

contract for potential hotel development and the buyers are in the due diligence process.

2. Preparing for the third phase of Alders Townhomes.

3. The River Run Townhomes construction is almost complete.

VIII. Executive Director’s Report

A. 2017 Balance Sheet as of September 30, 2017

1. Total Checking/Savings - $9,636,353 vs. $8,364,553 last year.

2. Total Accounts Receivable - $73,297 vs. $59,721 last year.

3. Total Assets - $10,095,405 vs. $8,715,230 last year.

2017 Projected Year-End Results:

1. Total Revenue - $3,693,370 budget vs. $4,525,742 projected, 22% ahead of

budget.

2. Total Expenses – $2,985,853 budget vs. $2,985,141 projected, less than 1%

under budget.

3. Operating Income (before allocations) – $707,516 budget vs. $1,540,601

projected, 217% ahead of budget.

4. Capital - $619,378 budget vs. $492,694 projected, 20% under budget.

B. 2018 Budget

1. Total Income - $3,986,128, including a $200,000 credit to members for AREA.

2. Total Expenses - $3,284,517.

3. Reserve Allocation (before expenditures) - $701,611.

4. Capital Expenditures - $616,043.

5. Capital Snowmelt - $4,500,000.

The Finance Committee has determined that it will be financially beneficial to pay for

the snowmelt system out of the Reserve Fund rather than financing the cost.

Owner questions and comments included:

1. Ms. Brannon asked if there were plans to add snowmelt in front of Dakota

Lodge so the sidewalk is accessible during the winter. Mr. Mathews said

extending the snowmelt system in that area was considered but had to be

removed from the plan based on budgetary constraints. Options are being

explored to minimize disturbance and noise stemming from snow removal

operations.

2. Mr. Murray commented that some of the parking issues could be alleviated by

installing signage warning that unauthorized vehicles may be towed. He

suggested raising the gates at the Dakota pool to deter unauthorized access.

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3. Ms. Matchett said the pool and hot tub at Dakota should be covered more

consistently at night.

4. Mr. Courson commented that the snowmelt system will be a great improvement.

He did not think a 6% financing rate was a good option. Mr. Mathews agreed.

IX. General Discussion

A. Events and Warren Station Update

Ms. Russert provided a summary of the summer activities:

1. There were record festival numbers with 2 – 18% revenue growth.

2. Third party and private events included the Instructure group, a fine arts festival,

Kidtopia, Kidfests, Discovery Days and Strider Cups.

3. There were 22 weddings in Warren Station.

4. New Warren Station public events include BLAM, a comedy show and festival

activation.

5. There were 75 million public relations impressions throughout the summer.

6. The “pillars” of Warren Station are “Enrich Educate Entertain”.

B. 2017/2018 Winter Event Calendar

Winter events include the Winter Comedy Series, Winter BLAM on December 9th, the

Pinkalicious musical in January, Rocky Mountain Country Festival in March and

Reggae Concerts on closing weekend.

2018 Events will include tie-ins to Keystone Resort large winter events such as lighting

of River Run, Mardi Gras Kids Choice Gumbo Competition, Kidtopia Culinary Festival

and Kidtopia Music Experience. The Art Festival will be back and Wine & Jazz has

renewed. Instructure will be returning in July.

X. Voting Results

A. Determination of Quorum

Mr. Mathews confirmed a quorum.

B. Ratification Vote on 2018 Budgets

The 2018 Budget was ratified with 1,732 voting in favor and 5 opposed. There were

1,721 voting in favor of Other Matters and 13 opposed.

XI. Owner Comments

1. Mr. Hattrup said the pool gate is often left open. He asked if the insurance premium

would be reduced based on the reduction of machinery in the Village after the snowmelt

system is installed. Mr. Mathews was not sure of the impact. He confirmed that the

River Run Townhome owners would have access to the Dakota pool.

2. Ms. Murray asked if the pavers were heated around Dakota pool. Mr. Mathews said

three feet from coping stones is heated but the rest is not. This area is included in future

year capital plans. She said the gate by the garage allows for unauthorized access and

the landscaping around the Dakota pool needed improvement.

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3. Mr. Courson suggested installing a bubble over the pool.

4. Ms. Brannon asked if Keystone was looking at expanding the conference space. Ms.

Lehman said this was not under consideration. Instructure will outgrow the conference

space before the bed space. If One River Run moves forward, there will be some

additional meeting space.

5. Mr. Hutter said there should be better signage at the Dakota pool reminding guests to

leave their pool towels after use.

6. Ms. Schwarte asked if One River Run will have an area for putting on ski boots and

lockers. Mr. Mathews said there would be some skier services but there will not be a

day lodge.

7. Ms. Uban thanked Mr. Mathews for installation of the dog waste stations. She said the

construction crews should be encouraged to pick up trash from the work site. She

requested spraying of noxious weeds. Mr. Mathews confirmed that there is a program

for spraying weeds.

XII. Set Next Meeting Date

The next KNC Members Meeting was scheduled for Friday, June 29, 2018 at 2:00 p.m.

XIII. Adjournment

Mr. Hutter made a motion to adjourn at 4:32 p.m. Mr. Sims seconded and the motion carried.

Approved By: ________________________________________ Date: ______________________

Board Member Signature

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Financial Report as of April 30, 2018

Executive Director Summary

Profit & Loss Budget vs. Actual YTD Variance Report

Balance Sheet Year-Over-Year Comparison as of April 30, 2018

Accounts Payable Aging Summary as of April 30, 2018

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TO: KNC FINANCE COMMITTEE

FROM: MARK MATHEWS

RE: APRIL 2018 FINANCIALS AND YTD

DATE: MAY 31, 2018

RETA continues to pace well ahead of last year as well as budget. Sales and Rec Assessments

are tracking well above budget and this is encouraging as it shows the economic strength of

River Run. Other Income is over budget due to interest on our large savings for the snowmelt

project but this will even out as we make payments to the contractor. We continue to track

Warren Station subsidy which is currently above budget slightly.

Revenues 155% over Budget YTD

Expenses 1% Below Budget YTD

RETA $392,599 above budget

Payroll Overall tracking under Budget

Events & WS Events Investment (subsidy) is under Budget. WS slightly over budget.

Operations Below Budget

RETA UPDATE

As of 6/14/2018: $965,259 (Total budget for 2018 $1,100,000.00)

Same time last year: $789,810

Budget to date: $555,687

Total collected to budget: $409,572 over budget or 173.7%

# of transactions for current year: 75

# of transaction previous year:69

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Keystone Neighbourhood Company, Inc. Profit & Loss Budget vs. Actual

January through April 2018

Jan - Apr 17 Jan - Apr 18 Budget$ Over Budget % of Budget Comments

Income40000 · Annual Real Estate Assessments 28,790.83 11,452.75 12,790.83 -1,338.08 89.54% 2018 AREA estimates paid at closing

41000 · Real Estate Transfer Assessment 539,882.00 800,299.10 407,700.00 392,599.10 196.3%

RETA continues to show a significant increase to budget and

same time last year. Twelve units sold in April for $120,671

compared to nineteen in April 2017 for $230,596. One unit

sold in Arapahoe Lodge and Buffalo Lodge. Two units sold

in Red Hawk Lodge, three in the Springs Lodge and five

units sold in Silver Mill Lodge.

42000 · Sales Assessment (1/2%) 118,367.06 123,213.52 116,641.12 6,572.40 105.64%

Sales assessments finish the 2017/2018 winter season over

budget and same time last year. The village restaurants,

rental outlets and property management companies are

experiencing strong sales through the end of the winter

season. As of this report we do not have the merchant sales

assessments for April.

43000 · Recreation Assessments (1/2%) 15,388.87 18,313.34 15,088.87 3,224.47 121.37%

Rec assessments closed the 2017/2018 winter season with

all departments showing an increase to same time last year

and over budget.

45000 · Other Income 91,780.35 115,716.28 93,733.00 21,983.28 123.45%

Other income is showing a significant increase to budget.

Interest accounts exceeding budget and same time last

year. As we proceed with expenditures for the River Run

snowmelt system we anticipate interest accounts will level

off.

46000 · Keystone Design Review Board 21,100.00 20,100.00 21,850.00 -1,750.00 91.99%

KDRB is showing a slight decrease to budget through April.

We received some application fees in 2017 for reviews

continuing into 2018. There are new projects being

submitted weekly as we move into building/remodel season

with two new homes in the Estates at the Alders and

completing a review for a third new home that was started in

2017.

47000 · Community Events 56,179.83 11,106.34 7,300.00 3,806.34 152.14%

Mardi Gras started the year off right with an increase of

almost $2,000 over revenue budget. The Kidtopia event in

the plaza in March generated strong bar sales adding to the

increase over budget. The decrease to same time last year

is due to the timing of production partners payments and will

stablize in early summer.

48000 · Warren Station 96,978.33 135,967.83 123,360.85 12,606.98 110.22%

Warren Station revenue continues to show a significant

increase to budget and same time last year.

Wedding/venue rental revenue is under budget due to a

reduction in confirmed wedding contracts. An increase in

ticket sales and a revision in compensation methods for

entertainers are contributors to the increase over budget and

same time last year.

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Total Income 968,467.27 1,236,169.16 798,464.67 437,704.49 154.82%

Gross Profit 968,467.27 1,236,169.16 798,464.67 437,704.49 154.82%

Expense

51000 · Administrative Expenses 135,961.98 137,194.11 138,595.21 -1,341.39 98.99%

Administrative expenses are slightly under budget with

continuing education and legal fees under budget offset by

an increase in meetings/meals expense.

52000 · Insurance 13,141.28 12,705.05 12,755.60 -50.55 99.6% Business insurance is on budget.

53000 · Leasehold 20,985.62 21,236.04 21,551.78 -315.74 98.54% Leasehold expenses are on budget.

53020 · Security 32,714.64 34,349.76 36,809.28 -2,459.52 93.32% Security is showing a decrease to budget through April.

53030 · Member Expenses 2,118.47 2,085.01 2,000.00 85.01 104.25%

Members expenses are tracking on budget with our first Frist

Tracks event of 2018 completed.

53035 · Board Member Travel Expenses 0.00 0.00 0.00 0.00 0.0%

No Board Member travel expenses received as of this

report.

54000 · Income Tax Expense 0.00 0.00 0.00 0.00 0.0% No income tax expenses realized as of this report.

59999 · Depreciation Expense 10,317.96 16,333.36 16,333.36 0.00 100.0%

Depreciation expenses are on budget through April, but may

change after the CPA reviews the current schedule.

61000 · Event Dept. Expenses 73,474.14 77,278.25 82,153.28 58,300.96 94.07%

General event dept. expenses are under budget with

insurance/permits and general marketing trending below

budget. As we enter the busy summer event season we

anticipate these accounts to come within budget.

69999 · Events & Festivals 25,354.94 52,970.85 49,758.92 3,211.93 106.46%

Festival expenses are trending over budget due to the

purchasing of event supplies, licenses, rental equipment and

entertainment deposits for the upcoming summer festival

season. As we move into the summer festival season these

accounts will normalize.

70000 · Warren Station Operations 147,745.89 231,169.55 229,275.17 1,894.38 100.83%

Warren Station operating expenses are over budget in April

with cleaning/supplies, repair/maintenance and concert

entertainment expenses over budget. We anticipate Warren

Station expenses will be normalizing as we move through

summer.

72000 · Weddings 5,572.23 9,691.94 9,617.65 7.00 100.77% Wedding expenses have come within budget.

81000 · Neighbourhood Operations 408,860.98 337,519.17 338,762.73 -1,243.56 99.63%

Neighbourhood operations is showing a minor decrease to

budget with fuel, vehicle maintenance and common area

restroom expenses over budget offset by a reduction in

office/tools/supplies and temporary labor being attributed to

limited snow and warmer temperatures in late 2017/2018

winter season.

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83000 · Pool & Spa Maintenance 22,594.33 25,453.41 24,845.05 608.36 102.45%

Pool and spa expenses are showing a minor increase to

budget due to an increase in chemicals, repair/maintenance

and pool towels.

84000 · Road Snow Removal & Maintenance 64,093.02 78,586.71 82,265.76 -3,679.05 95.53%

Snow removal is below budget as we close the 2017/2018

winter season due to limited snow fall reducing or eliminating

additional snow removal/hauling and warmer temperatures

reducing snowmelt heating costs.

85000 · Landscaping 0.00 131.95 0.00 131.95 100.0% We purchased some replacement barrel liners.

89000 · KNC Design Review Board 7,589.96 7,996.53 8,327.72 -331.19 96.02% KDRB expenses are trending on budget through April.

91000 · Capital Reserve & Replacement 48,933.05 123,386.89 122,800.00 586.89 100.48%

We have purchased 2 new mushroom heaters, a new

camera for day of event photos, electrical/mechanical

projects in Warren Station and web site updates. We have

completed the design work for the River Run snowmelt

system, purchased 11 new bear proof trash/recycle cans for

the village, 25 additional barricades, new radios with charges

and a new LED street light to be tested for illumination of

darker areas.

92000 · Community Improvements 39,757.72 6,320.00 7,500.00 -1,180.00 84.27%

Improvements expenses reflect the initial planning of the

replacement of the Bear Pit and Warren Station.

Total Expense 1,059,216.21 1,174,408.58 1,183,351.51 -8,942.93 99.24%

Net Ordinary Income -90,748.94 61,760.58 -384,886.84 446,647.42 -16.05%

Net Income -90,748.94 61,760.58 -384,886.84 446,647.42 -16.05%

April 2018 Year to Date:· Income was $1,236,169 or 154.8% the budgeted amount.· Operating Expenses were $1,044,702 or 99.2% of the budgeted amount.· Capital Expenditures were $129,707 or 99.5% of the budgeted amount · Net Operating Income year to date was $191,467 or (75.2%) of the budgeted amount. · Net Income (after Capital Expenditures) year to date was $61,761 or (16.05%) of budgeted amount.

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Keystone Neighbourhood Company, Inc. Balance Sheet As of April 30, 2018

Apr 30, 18 Apr 30, 17 $ Change % Change

ASSETS

Current Assets

Checking/Savings

10000 · Alpine Bank Checking 311,824.65 231,148.55 80,676.10 34.9%

10001 · Alpine Bank -Operations Reserve 130,745.59 59,391.02 71,354.57 120.14%

10003 · Alpine Bank - Capital Reserve 66,241.27 62,178.69 4,062.58 6.53%

10005 · Alpine Bank - Improvement Resv. 45,327.51 12,246.54 33,080.97 270.13%

10008 · Alpine Bank - Facilities Reserv 35.69 635.65 -599.96 -94.39%

10015A · VRDC - DRB Checking YE 0.00 30,908.65 -30,908.65 -100.0%

10021 · UMB Bank - Capital Checking 968,923.97 219,232.52 749,691.45 341.96%

10021A · UMB Bank - Capital Investment 735,000.00 1,910,000.00 -1,175,000.00 -61.52%

10022 · UMB Bank - Improvements Chcking 281,026.75 159,040.46 121,986.29 76.7%

10022A · UMB Bank - Improvements Invest 735,000.00 1,050,000.00 -315,000.00 -30.0%

10023 · UMB Bank - Facilities Checking 5,599.48 611.95 4,987.53 815.02%

10023A · UMB Bank - Facilities Invest 703,000.00 698,000.00 5,000.00 0.72%

10030 · MBS - Pershing Operations

10030A · MBS - Pershing Oper Investment 1,493,601.85 1,736,248.50 -242,646.65 -13.98%

10030 · MBS - Pershing Operations - Other 1,704,841.81 300,963.87 1,403,877.94 466.46%

Total 10030 · MBS - Pershing Operations 3,198,443.66 2,037,212.37 1,161,231.29 57.0%

10031 · MBS - Pershing Capital

10031A · MBS - Pershing Capital Invstmnt 1,009,386.60 594,695.01 414,691.59 69.73%

10031 · MBS - Pershing Capital - Other 633,434.50 249,563.75 383,870.75 153.82%

Total 10031 · MBS - Pershing Capital 1,642,821.10 844,258.76 798,562.34 94.59%

10032 · MBS - Pershing Improvement

10032A · MBS - Pershing Impv Investment 248,817.72 547,533.17 -298,715.45 -54.56%

10032 · MBS - Pershing Improvement - Other 338,820.79 2,214.17 336,606.62 15,202.38%

Total 10032 · MBS - Pershing Improvement 587,638.51 549,747.34 37,891.17 6.89%

10033 · MBS - Pershing Facilities

10033A · MBS - Pershing Facilities Invst 333,236.17 174,233.50 159,002.67 91.26%

10033 · MBS - Pershing Facilities - Other 2,834.04 1,671.07 1,162.97 69.59%

Total 10033 · MBS - Pershing Facilities 336,070.21 175,904.57 160,165.64 91.05%

Total Checking/Savings 9,747,698.39 8,040,517.07 1,707,181.32 21.23%

Accounts Receivable11000 · Accounts Receivable 72,189.71 96,483.44 -24,293.73 -25.18%

Total Accounts Receivable 72,189.71 96,483.44 -24,293.73 -25.18%

Other Current Assets

12003 · Undeposited Funds* 8,407.35 0.00 8,407.35 100.0%

12306 · Warren Station Bank 750.00 750.00 0.00 0.0%

12308 · Prepaid Expenses - Current Year 13,193.55 10,938.08 2,255.47 20.62%

12309 · Prepaid Insurance 20,700.40 18,857.15 1,843.25 9.78%

12310 · Prepaid Taxes 0.00 4,044.55 -4,044.55 -100.0%

12311 · Resort Reimbursable -600.00 2,920.00 -3,520.00 -120.55%

12340 · Inventory Asset 14,171.06 12,560.65 1,610.41 12.82%

12350 · Alcohol Inventory 7,028.69 8,676.07 -1,647.38 -18.99%

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Keystone Neighbourhood Company, Inc. Balance Sheet As of April 30, 2018

Apr 30, 18 Apr 30, 17 $ Change % Change

Total Other Current Assets 63,651.05 58,746.50 4,904.55 8.35%

Total Current Assets 9,883,539.15 8,195,747.01 1,687,792.14 20.59%

Fixed Assets

12000 · Accumulated Depreciation -451,257.45 -375,440.75 -75,816.70 -20.19%

12001 · Equipment 529,563.33 484,519.08 45,044.25 9.3%

12002 · Tenant Improvements 187,606.92 187,606.92 0.00 0.0%

Total Fixed Assets 265,912.80 296,685.25 -30,772.45 -10.37%

Other Assets12200 · Security Deposits / Bonds 605.00 605.00 0.00 0.0%

Total Other Assets 605.00 605.00 0.00 0.0%

TOTAL ASSETS 10,150,056.95 8,493,037.26 1,657,019.69 19.51%

LIABILITIES & EQUITY

Liabilities

Current Liabilities

Accounts Payable20000 · Accounts Payable 57,304.86 56,910.29 394.57 0.69%

Total Accounts Payable 57,304.86 56,910.29 394.57 0.69%

Credit Cards

28000 · Credit Cards

28002 · Credit Card - Wells Fargo MC 18,636.04 9,191.56 9,444.48 102.75%

28003 · Credit Card - Lowe's 286.20 0.00 286.20 100.0%

Total 28000 · Credit Cards 18,922.24 9,191.56 9,730.68 105.87%

Total Credit Cards 18,922.24 9,191.56 9,730.68 105.87%

Other Current Liabilities

20001 · Tips Payable 464.58 233.79 230.79 98.72%

21500 · IRA Employee Contribution 1,574.00 50.00 1,524.00 3,048.0%

23000 · DRB Refundable Deposits 105,500.00 98,000.00 7,500.00 7.65%

23100 · WS Damage Deposit - Current Yr. 7,000.00 3,000.00 4,000.00 133.33%

23100a · WS Damage Deposit - Next Year 500.00 500.00 0.00 0.0%

24000 · Sales Tax 12,156.30 367.68 11,788.62 3,206.22%

25503 · Prepaid WS Deposit - Current Yr -3,076.56 44,482.19 -47,558.75 -106.92%

25503a · Prepaid WS Deposit - Next Year 26,481.52 2,826.56 23,654.96 836.88%

Total Other Current Liabilities 150,599.84 149,460.22 1,139.62 0.76%

Total Current Liabilities 226,826.94 215,562.07 11,264.87 5.23%

Total Liabilities 226,826.94 215,562.07 11,264.87 5.23%

Equity

30002 · Retained Earnings- Com Cap Rsrv 4,625,411.00 4,146,447.00 478,964.00 11.55%

30003 · Retained Earnings-Comm Imprvmts 2,446,650.57 2,448,470.57 -1,820.00 -0.07%

30004 · Retained Earnings-Facilities 1,295,451.00 1,134,316.00 161,135.00 14.21%

32000 · Unrestricted Net Assets 1,532,074.46 638,990.56 893,083.90 139.77%

32000A · VRDC-DRB Unrst Net Asset YE -38,117.60 0.00 -38,117.60 -100.0%

Net Income 61,760.58 -90,748.94 152,509.52 168.06%

Total Equity 9,923,230.01 8,277,475.19 1,645,754.82 19.88%

TOTAL LIABILITIES & EQUITY 10,150,056.95 8,493,037.26 1,657,019.69 19.51%

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Keystone Neighbourhood Company, Inc. A/P Aging Summary

As of April 30, 2018Current 1 - 30 31 - 60 61 - 90 > 90 TOTAL

Alpine Security, LLC 0.00 425.25 0.00 0.00 0.00 425.25

Always Mountain Time, LLC. 1,500.00 0.00 0.00 0.00 0.00 1,500.00

BEARCOM 0.00 0.00 404.44 0.00 0.00 404.44

Black Duck Builders Inc 0.00 1,183.50 0.00 0.00 0.00 1,183.50

Bobcat of the Rockies 0.00 104.74 0.00 0.00 0.00 104.74

Burris, Janae 600.00 0.00 0.00 0.00 0.00 600.00

CenturyLink 0.00 143.07 0.00 0.00 0.00 143.07

Colorado Mountain News Media 675.36 0.00 0.00 0.00 0.00 675.36

Comedy Works Entertainment 200.00 0.00 0.00 0.00 0.00 200.00

DIRECTV 0.00 37.99 0.00 0.00 0.00 37.99

F.D. Taylor Electrical Const. Co. 0.00 1,893.35 0.00 0.00 0.00 1,893.35

Garhart, Jessica 0.00 60.00 0.00 0.00 0.00 60.00

Goodbarn, Elizabeth 0.00 120.00 0.00 0.00 0.00 120.00

Great America Financial Services 0.00 844.34 0.00 0.00 0.00 844.34

High Country Copiers 125.77 0.00 0.00 0.00 0.00 125.77

Kerr-Schlaefer, Heidi M. 0.00 900.00 0.00 0.00 0.00 900.00

Krystal Broadcasting 0.00 800.00 0.00 0.00 0.00 800.00

Lawrence, Brendan 52.88 0.00 0.00 0.00 0.00 52.88

Local Pest Control 0.00 100.00 0.00 0.00 0.00 100.00

Lowe's 256.15 0.00 0.00 0.00 0.00 256.15

Maas, Zachary 200.00 0.00 0.00 0.00 0.00 200.00

Mountain High Chem-Dry 0.00 1,422.00 0.00 0.00 0.00 1,422.00

O'Bryan Partnership 0.00 4,279.20 0.00 0.00 0.00 4,279.20

Peak Elevator, LLC 65.00 0.00 0.00 0.00 0.00 65.00

Pitney Bowes Purchase Power 0.00 63.79 0.00 0.00 0.00 63.79

Rosenberg, Jeremy 438.75 0.00 0.00 0.00 0.00 438.75

RS May & Associates, LLC 5,460.00 0.00 0.00 0.00 0.00 5,460.00

Sanitary Supply Corp, Inc. 0.00 357.78 0.00 0.00 0.00 357.78

Sno-White Linen/Uniform 128.63 0.00 0.00 0.00 0.00 128.63

Spierer, Woodward, Corbalis & Goldberg 852.50 0.00 0.00 0.00 0.00 852.50

Stroup, Derrick 0.00 200.00 0.00 0.00 0.00 200.00

Team Clean 220.00 0.00 0.00 0.00 0.00 220.00

Ten Mile Engineering, Inc. 742.50 0.00 0.00 0.00 0.00 742.50

Tiger, Inc. 5,240.95 0.00 0.00 0.00 0.00 5,240.95

Todd Webber Architect 749.23 -405.00 0.00 0.00 405.00 749.23

Vail Resorts 4,049.57 0.00 747.48 0.00 0.00 4,797.05

Voth, Christopher 0.00 600.00 0.00 0.00 0.00 600.00

Wells Fargo 0.00 14,184.10 0.00 0.00 0.00 14,184.10

Western Slope Beverage 0.00 64.82 0.00 0.00 0.00 64.82

Western States Fire Protection Co. 0.00 1,442.00 0.00 0.00 0.00 1,442.00

Xcel Energy 5,369.72 0.00 0.00 0.00 0.00 5,369.72

TOTAL 26,927.01 28,820.93 1,151.92 0.00 405.00 57,304.86

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PROXY AND BALLOT

I am/we are unable to attend the Annual Members' Meeting of The Keystone Neighbourhood Company, Inc. (“The Neighbourhood Company”) to be held on Friday June 29h, 2018 at 2:00 p.m. at Warren Station at Keystone. In order that I am/we are represented at the meeting, I/we do hereby appoint _______________________________________________, (insert name of individual) and vote as follows: INSTRUCTION: FOR SKI TIP AREA HOMEOWNERS (includes The Alders, Estates at the Alders, Alders Townhomes, River Meadows, Ski Tip Ranch, Trappers Crossing, Settlers Creek Estates, and Settlers Creek Townhomes.) Please vote on all items below.

1. RESOLVED, that the following individual be elected as the Ski Tip Residential Director. (Please see Nominee Biography on the back side of this proxy/ballot).

__________ David Stelzer

_______________________________________ _________________________________ Print First and Last Name Print Lodge/Neighbourhood & Unit Number

______________________________________ _________________________________ Owners Signature and Date Owners Signature and Date

THIS PROXY & BALLOT MUST BE RETURNED ON OR BEFORE Wednesday June 27th, 2018 TO

THE KEYSTONE NEIGHBOURHOOD COMPANY, 140 IDA BELLE DRIVE, SUITE F4, KEYSTONE, CO 80435 OR BY FAX TO 970-423-8995 OR YOU CAN PRINT/SCAN AND EMAIL THE SIGNED

PROXY/BALLOT TO [email protected].

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mailto:[email protected]

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DAVID F. STELZER 53 Wolf Rock Road Keystone, CO 80435 970-262-7911 (Home) 513-258-5148 (Cell) [email protected]

______________________________________________________________________________________

KEYSTONE HISTORY AND EXPERIENCE We bought our first home in 1998 in Dakota. In 2001 we purchased a condo in the Lone Eagle property where I became a member of the HOA Board and continue on the board today as a non-voting director. I retired in 2003, and in 2008 we built a home in Settlers Creek Estates. I joined that HOA board right away and remain on the board today. I was president of the board in 2010 and 2011. In 2013 I was appointed to the board of the KNC representing the Ski Tip (eastern area) residents of the Neighbourhood Company. I am presently a member of the KNC Finance Committee, the Nominating Committee and the Executive Committee. In 2016 I was elected to the Board of the Keystone Citizens League. This position allows me to appreciate the needs and desires of the citizens and businesses in the broader Keystone area. In 2015 we moved permanently to our Keystone home. I am committed to working to maintain and improve the Keystone area in a fiscally responsible way so that all of our owners are proud to be a part of Keystone.

PERSONAL

Married with two grown children and three grandchildren. Board member (Chairman, 2005-2007) of the Coalition for a

Drug Free Greater Cincinnati 2001-2015. Church officer.

Chairman of the Board, Hospice Care, Inc., 1991-1995. Chairman of Corporate United Way Campaign, 1992, 1999

WORK EXPERIENCE 12/88 – 3/2003 Convergys Corporation, Cincinnati, Ohio.

Various Executive positions

11/83 - 12/88 STRUCTURAL DYNAMICS RESEARCH CORPORATION, Cincinnati, Ohio. .Various Executive Positions

12/76 - 11/83 ZONIC CORPORATION, Cincinnati, Ohio.

Executive Sales positions

3/73 - 12/76 ACCURAY CORPORATION, Columbus, Ohio. National Account Manager 6/68 - 3/73 NATIONAL INSTITUTE FOR OCCUPATIONAL SAFETY AND HEALTH, Rockville, Maryland.

Research Engineer

EDUCATION MBA, Industrial Management - University of Cincinnati - 1972 BSME, Mechanical Engineering - Purdue University - 1968

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mailto:[email protected]

The KNC 2018 Summer Event Schedule

8 - Opening Day - Keystone Resort

10, 17 - Strider Bike Series - River Run Village

19, 26 - National Repertory Orchestra - Quaking Aspen Amphitheater

27 - Kid's Discovery Days - River Run Village

21 - Summer Comedy Series - Warren Station

23 & 24 - 8th Annual Bacon and Bourbon Festival - River Run Village

23 & 24 - Bacon Education Center - Quaking Aspen Amphitheater

29 - KNC Member's Meeting - Warren Station

30 - Kidtopia Kidzfest - River Run Village

29 & 30 - Merchant Tent Sale - River Run Village

29 & 30 - Kidtopia Stars & Guitars - Keystone Resort

JUNE 2018

WWW .KEYSTONENEIGHBOURHOOD .COM

WWW .KEYSTONEFESTIVALS .COM

WWW .WARRENSTATION .COM

JULY 20181-4 - Kidtopia Stars & Guitars - Keystone Resort

1 - Merchant Tent Sale - River Run Village

1, 8, 22 - Strider Bike Series - River Run Village

3 - Independence Day Celebration - Keystone Resort

4 - 4th of july Bike Parade - River Run Village

7 - Big Mountain Enduro - Gondola Plaza

7 - Kidtopia Kidzfest - River Run Village

7 - BLAM (Beer, Local Art, Music) - Warren Station

10 - National Repertory Orchestra - Quaking Aspen Amphitheater

11, 18 - Kid's Discovery Days - River Run Village

13 - Reserve Wine Tasting - Warren Station

14 & 15 - Keystone Wine and Jazz Festival - River Run Village

14 & 15 - Wine Seminars - Warren Station


28 - Hike MS - Gondola Plaza

28 & 29 - River Run Art Festival - River Run Village

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The KNC 2018 Summer Event Schedule

1, 8 - Kids Discovery Days - River Run Village

3 - Eat, Drink, Pick: Beer Maker's Pairing with New Belgium - Warren Station

4 & 5 - 22nd Annual Bluegrass and Beer Festival - River Run Village

4 & 5 - Beer Seminars - Warren Station

11 - Canvas Uncorked - Warren Station

11 - Frontier Roundup - River Run Village

12, 19, 26 - Strider Bike Series - River Run Village

17 - Mountain Town Kick-Off Concert - Warren Station

18 - Mountain Town Music Festival - River Run Village


25 - Chalk Art & Chocolate - River Run Village

AUGUST 2018

WWW .KEYSTONENEIGHBOURHOOD .COM

WWW .KEYSTONEFESTIVALS .COM

WWW .WARRENSTATION .COM

SEPTEMBER 20181 - Keystone Oktoberfest - River Run Village

1 - 3 - Merchant Tent Sale - River Run Village

2 - Taste of Keystone - Lakeside Village

16 - Closing Day - Keystone Resort

UPCOMING WINTER EVENTS 2018November 10th & 17th - Get Stoked Movie Series - Warren Station

November 16th - KNC Member's Meeting - Warren Station

November 24th - Welcome Winter Family Carnival - Warren Station

November 24th - Lighting of River Run - River Run Village

November 30th - Winter Comedy Series - Warren Station

December 1st - The Nutcracker Suite - Warren Station

December 28th - Winter Comedy Series - Warren Station

December 31st - New Year's Eve Concert - Warren Station

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