LEEWOOD HOMEOWNERS ASSOCIATION

ANNUAL MEETING

APRIL 11, 2017

Board members present: Pat Willingham, President

Janet Rourke, Vice President

Leona Taylor, Treasurer

The meeting was called to order at 8:00 p.m. A quorum was reached with representation of 28 homeowners in person or by proxy. Pat welcomed the homeowners and introduced the board members that were present.

Officer Alice Eggers of the Franconia District of the Fairfax County Police Department presented information on home and property safety. She also outlined the staffing at the District station and talked about the types of crimes seen in the District and the need to report incidents so that the Police can identify trends to target enforcement efforts. The officer also provided handouts on property protection and safety with salesmen. [Both handouts will be added to the Leewood website.] Officer Eggers also answered various questions from homeowners.

Officer & Committee Reports

Vice President: Janet discussed the status of the reserve study that is being completed by the Board as required by law. A study is required every five years to identify common area maintenance and repairs, timing of the expected repairs, and the funding required.

Treasurer: Leona identified the remaining board members and the main duties each board member has assumed for the association indicating that the board members are also performing much of the committee work due to lack of volunteers.

Leona then discussed the updating of the Leewood website that was completed over the past year. She also discussed the RFP process that was completed for an association management company. Based on the proposal received, basic management company services translate to at least $100 per homeowner annually. Additional services would be needed in addition to the base fee. Leona discussed that the Board has to continue the analysis, including expanding the geographic area for companies, forming an ad hoc committee as recommended by CAI, and modeling the financial impact on the association finances.

Leona also reviewed the 2017 budget indicating that there were no major changes from prior year. Grounds maintenance takes up 25%, reserve contribution 29% and trash service 28%. The remainder is administration and other things we cannot do without. The assessments were increased to $235 in conjunction with the research into management companies. Leona also briefly discussed the 2016 financial results. The association ended the year with $470,000 of replacement reserves. The operating reserve was $60,000. Leona indicated that industry standard is for an operating reserve of 10-20% which for Leewood would be $20,000-$40,000. The excess is potentially available to fund a management company. Leona also indicated that one-half of the Vanguard equity investment was sold in 2016, resulting in a gain of $30,000. The Board felt it was prudent to reduce the percentage invested in equities, as this percentage had reach 30% during 2016.

President: Pat provided an update on grounds and maintenance activity for 2016 and plans for 2017. For 2016, the entrance bed was updated, and a new contract for grounds maintenance was negotiated. The Board renewed with the same company for a reduced rate. For 2017, the board will be looking at mailbox landscaping and tree removal. Pat also introduced Khaleaph Luis who completed the last walk-through with the grounds contractor and has volunteered to work on grounds & maintenance issues. Pat also reminded everyone of the spring ARC walk-through indicating that violation letters will be going out soon to those who need to make repairs.

Voting

Nominations from the floor were taken for the open board position. Nathan Parsons-Schwarz put forth his name for nomination. Leona briefly described the purpose for the tax resolution that was also on the ballot. [Voting took place.]

Pat announced the results of the voting. Nathan was elected to the Board with 27 votes, and the tax resolution was passed with 26 votes and one abstention.

Open Forum

Throughout the meeting and during the open forum, homeowners asked various questions on maintenance and other issues as well as opportunities for volunteering.

The meeting was adjourned at 9:15 p.m.

Certified for the record:

__________________________________________________ ____5/9/17_____________
Leona Taylor, Treasurer Date