STEPPING STONES WEST HOA, Inc Lehman Dr., Suite 205, Colorado Springs, CO (719)

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1 STEPPING STONES WEST HOA, Inc Lehman Dr., Suite 205, Colorado Springs, CO (719) November 7, 2012 Dear Stepping Stones West Homeowner: Perhaps the singular most important aspect to running a Homeowners Association is participation by you, the homeowner. This participation encourages a sense of community and cooperation between all the residents in Stepping Stones and keeps your association strong. A strong association is the key to maintaining your association s assets properly and protecting the rights and property values of each and every homeowner. Your best chance to participate in the Stepping Stones West Homeowners Association is at the general membership meeting, which is held annually. Your Annual Membership Meeting is scheduled for: December 6, :00 PM Westside Community Center Gymnasium 1628 West Bijou Street Your attendance is important for several reasons. First and foremost, you get to meet your neighbors and be informed as to how the Association is run. Second, you help create a quorum of voting members so that the decisions made at the meeting are official. Finally, you get to participate in the democratic process by choosing which candidate is going to fill the open positions on the Board of Directors. If you cannot attend, please fill out the attached proxy that applies to you. This proxy will designate the person of your choice to cast your vote at the meeting. All proxies should be mailed to Z & R at the above address prior to the meeting. Please ensure that you mail the proxies early enough to reach our office no later than December 5, If you have any questions about the meeting or other Association matters, please feel free to call our office and we ll do our best to help you out. We hope to see you at the annual meeting! Sincerely, Kerry Cantrell Property Manager

2 STEPPING STONES WEST HOA GENERAL MEMBERSHIP MEETING December 6, :00 PM Westside Community Center Type of meeting: GENERAL MEMBERSHIP MEETING Agenda Topics A. CALL TO ORDER 1. Roll Call 2. Certifying of Proxies 3. Proof or Waiver of Notice 4. Previous Year s Minutes B. FINANCE REPORT Budget C. PRESIDENT S REPORT 1. Mr. Kavanaugh D. NEW BUSINESS E. ELECTION OF MEMBERS 1. Introduction of Candidate(s) 2. Nominations from Floor 2. Voting for Board Member F. ADJOURNMENT

3 Stepping Stones Annual HOA meeting minutes The meeting was called to order at 6:05 p.m., on November 29, Board members in attendance were Paul Kavanaugh, Kyle Kolashinski and Megan Fisher. Also attending was Kerry Cantrell, Z & R Property Management Thirteen homeowners were represented by owners or by proxy. There was no quorum. Kerry Cantrell certified the proxies, asked for proof of meeting notice and approval of previous year s board minutes. Charlotte Green made the motion to accept and Dianne Martin seconded the motion. Kerry presented the 2012 budget report and current financial condition of the HOA, the proposed budget for next year which included a $15 per month dues increase. Currently the association has $23,000 in back dues and 3 units in foreclosure. Paul Kavanaugh presented the president s report of major expenditures during the year. Highlights included a 12% increase in water costs, and annual 12% increases through 2016 so CSUtilities can pay for the Southern Delivery System. Our $30,500 water bill for 2010 will increase to approximately $52,000 by 2016 at that rate. Homeowners asked about the $15 increase in dues and Kerry Cantrell said it was partly because the builder had artificially kept dues low through the beginning years of the project. Paul stated the continued increase in water rates through 2016 and pointed out the $23,000 in accounts receivable. Megan Fisher reminded the audience that the board was short two members and asked if anyone from the audience wanted to volunteer. No takers. Paul Kavanaugh s term on the board was up for election and since there was no quorum, a show of hands indicated that Kavanaugh would be serving another three-year term. Charlotte Green thought it was unfair that her building was one of the last to have a new roof put on and that rusting solar tanks in the basement were becoming a hazard. The HOA board will have a solar maintenance person look at the remaining tanks, note any that are about to burst and Z & R will send those homeowners a letter advising them to get the tanks fixed or replaced. Joan Eustace wanted to know how many buildings had the clean-out pipe installed to better facilitate snaking any sewage blocks in the pipes. Buildings 16 and 5 have those clean-out pipes installed. Sabrina Deeley said those who receive the envelopes and coupons to pay the monthly dues, but have their banks deposit the $$ should let Z & R know to save on printing costs.

4 Dianne Martin wanted to know the policy about installing more light outside her deck with her neighbor, pointing toward the stairs. Kerry stated he would have the HOA electrician come over and give us an estimate of what additional lighting would cost. With no new business before the board, Charlotte Green made a motion to adjourn which was seconded by Sabrina Deeley. The meeting was adjourned at 6:45 p.m. Submitted by Paul Kavanaugh, president

5 STEPPING STONES WEST HOA OPERATING INCOME: 2013 $220 / Month $5 increase MONTHLY DUES 211,200 LATE FEES/NSF CHARGES 1500 INTEREST INCOME 50 GROSS INCOME: 212,750 OPERATING EXPENSE: ACCOUNTING FEE 950 ADMIN COST 1800 CONCRETE REPAIR 2000 DECK REPAIR 3000 ELECTRIC 3000 GENERAL MAINTENANCE GUTTER REPAIR 2000 INSURANCE LANDSCAPING 2000 LEGAL 4500 (Reimb. For Collections) LAWN CONTRACT LIGHT MAINTENANCE 1000 MANAGEMENT FEE PAINTING 800 PEST CONTROL 1500 ROOF REPAIR 3500 SIDING REPAIR 500 SNOW REMOVAL 5000 STREET REPAIR/SWEEP 1000 SPRINKLER REPAIR 2000 TRASH 3800 TREE MAINTENANCE 3500 WATER TOTAL OPERATING EXP: $143,610 RESERVES: CONSOLIDATED $69,140 TOTAL EXPENSES: $212,750 DUES HISTORY: $0 increase $10 increase $20 increase $13.50 increase $0 increase $14 increase $15 increase $6 increase $5 increase $20 increase

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7 STEPPING STONES WEST HOMEOWNERS ASSOCIATION ANNUAL MEETING December 6, 2012 A. I hereby certify that I own, via recorded Deed in my name only, the following described property: (UNIT ADDRESS) B. I hereby appoint as my official Proxy, to exercise my vote on any and all matters and subject that may come to the attention of the Membership of Stepping Stones West Homeonwers Association at, and only at, the meeting of that body to be held on December 6, Name: (PRINT) Signed: Date: Give to designated proxy or forward to: Kerry Cantrell, Property Manager, Z & R Property Management, 6015 Lehman Dr., Ste. #205, Colorado Springs, CO