Annual Meeting

May 19, 2007

Tara Woods Pavilion 10:00 AM

Directors present were: Dave Bolden, Jack Perrigo, Bart Cameron, Russell Smith and Kathy Goldbeck.

Dave Bolden, Vice President, called the meeting to order.

A Motion was made by Jack Perrigo to add Redecking the Docks and Slips to the Agenda and to approve the Agenda as amended. Seconded by Russell Smith. Passed unanimously.

Dave Bolden welcomed the new members of Tara Woods: Anne and Robert Fernandez-Lot 5 and Ed and Jennifer Arnhold-Lot 65. Anne is our new Newsletter Editor.

Jack Perrigo gave a report on the redecking process with composite on the boat dock and boat slips. The volunteers were given certificates and shirts in appreciation for all their hard work. The Association was saved a lot of money on the cost and labor of the docks with the volunteers doing all the work. The main part of the dock is almost completed and the fingers remain to be finished. This will be placed on the June 3rd. meeting agenda. Volunteers were: Jack Perrigo, Harmel Sabourins and sons, Josh and Jake, plus some of their friends, Jim Duke, Larry Katz, John Williams, Dick Lear, Mike Miller, Doug Ward, Stewart Whitehurst, Dick Dickens, Jim Holland, Mike Mann, Ernie Burke, Russell Smith, Dave Cruickshank and Mickey Marche.

Treasurer's Annual Financial Summary was given by Jack Perrigo.

Many Tara Woods members are unaware that just three years ago we began the year with just $350.00 available in the operating fund. In fact, the association has been struggling financially for the last 6 years. The last two treasurers faced challenges that I do not. The Association finances are in pretty good shape now and I expect that in two years, I will be able to declare the association finances to be healthy and reserves sufficient.

It only took a couple of years to get into trouble and it has taken us 6 years to get out of the troubles. The association's funds were depleted, in large part, due to the changing of the covenants. I estimate that it takes about $5,000 to $10,000 to change the covenants, especially if the issues are controversial. That is why I always oppose covenant changes. We don't have money for that.

The association dug it's way out of the money problems. Several directors did not take fees in order to pay for repairs when the money was tight. Our property manager has saved us over $12,000 (and probably more) by actually doing the work unpaid instead of hiring out. For example, he replaced the circuit board on the gate at a cost of $150. If we used the gate company, they were going to charge us $650 for the part, $140 to show up, plus labor to install it. The replacement would have cost $1000! Every time we called the gate company it usually cost us about $500. Harmel has the gate working better than ever and only spent a few hundred dollars versus many thousands.

My vision for the association is that we have two more years of very careful spending. At the end of two years (March 2009), our reserve requirement will decrease because we will have taken action on the two near term projects (docks and roof) and we will only have to set aside 10 members' dues plus the interest on our reserve accounts while we currently set aside about 27 members' dues for the reserves. At this point we can reset the dues back to $320. However, that assumes that property owners pitch in and help install rails and posts.

There are about 1,500 old rails in the fence. We have 300 rails this year and if volunteers install them, we can buy 500 next year and the year after if we have a good volunteer support. At that point we will only have about 200 old rails. If we don't have the volunteers, it will take much longer. For example, it is fairly easy for a property owner to install 5 or 6 rails, but it is a big job for the property manager to install 300!

TWPOA has received $28,351.22 and disbursed $19,267.75. There are 3 members that have not paid their dues. While the disbursements from the operating fund are about $19,000, the transfer to the reserve fund was $9,087 and has not left the association. We bought rails and posts for $3,000 under the "Pavilion, Common area line. About $2,600 of the $3,329.96 board expense was for director fees.

We have $14,265.80 in the operating fund and $52,565.59 in the reserve fund. The reserve fund has more than doubled in 3 years.

Jack Perrigo, Treasurer

The Fence Survey will be on the agenda at the June 3rd, 2007 meeting and will be sent out later in the summer or fall. Addressing the disbursement of rails and posts that have been purchased will be decided on at that time. Larry Katz feels the option list to vote on should be clearer before being sent out to the membership.

Jack Perrigo gave a demonstration on the new flip-up cleat that will be required for the new decking on the boat slips. These will protect the structure of the dock and can help it to last 20 more years or so. There was an Action Without Meeting to buy and resale the cleats to slip users. Cost to be approximately $50 per boat slip.

Mowing: Homeowners need to keep the grass mowed. It is especially high in the spring and can only get a maximum of 8-12" high. At that point, homeowners will be notified by the association to cut it or it will be cut with a charge of $150.00. It is the responsibility of every homeowner to keep the grass cut. If you can't mow, arrange to have someone do it for you. Be considerate of your neighbors, and keep our neighborhood looking nice.

Fourth of July Parade and Picnic: Maryhelen Perrigo reported that the theme this year is "Americans Love Their Sports". The parade will be in Tara Woods, the same day as the fireworks show at Dike 2 at 9:15 pm. The parade will start lining up at the Lear's home on Burruss Mill Rd. promptly at 11:00 am. and start at noon. The picnic will be at the TWPOA Pavilion following the parade. Hamburgers and hotdogs will be served free to residents and the cost will be approximately $2.00 per person for nonresidents of Tara Woods. Cookers are needed to help man the grills. Come and join the fun.

Hospitality: Betty Jo Spivey reported that a Newcomers Potluck Picnic will be given at the TWPOA Pavilion on September 22nd. at 1:00 pm. Come and meet your new neighbors! We hope to make this a yearly affair. More information will be coming out later.

Newsletter: Anne Fernandez reported that the next newsletter will be coming out in the fall, September. It will be available quarterly.

Dave Bolden: Our many thanks go to Anne for our recent beautiful and informative newsletter you received and for taking on this big job for Tara Woods.

Dave Bolden thanked Dick Lear for the great job he did on the Website and new Directory he put together for Tara Woods. Everyone should receive the Directory soon in the mail. If your information isn't correct, please contact Kathy Goldbeck with any changes and we will periodically send updates to all of you. The Website will have all important information on Tara Woods at your fingertips.

Larry Katz thanked Jack Perrigo and Harmel for all their hard work on the docks.

The next TWPOA Board meeting will be June 3, 2007 at 10:00 am at the Pavilion.

Meeting Adjourned by Dave Bolden.

Respectfully Submitted,

Kathy Goldbeck, Secretary