Minutes from the October 20^th, 2007 meeting of the Summit POA

Jim McCormick, President called the meeting to order at 1:15PM.

• Jim introduced our guests, Richard William, attorney for the POA from Rutherfordton, NC and Todd Black our developer.
• Cheryl Nelson, secretary read the minutes
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  from the January 20^th, 2007 meeting of the Summit POA.

• Motion to accept the minutes as read was offered, 2^nd and passed by the POA membership.

Jim McCormick pointed out a couple of corrections to the minutes:

• Meeting notes indicated that we would have another POA meeting in July, because the thought then was to have two meetings a
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  year, but the directors decided that one meeting a year was sufficient at this time.

Next Summit POA meeting is 10/18/08.

• Fiscal year was supposed to read January 1^st, not June 1^st.

Don Small, Treasurer gave the treasurer’s report:

1. $250 Supplies
2. $1203 Electric
3. $9240 BRC – Landscaping
4. $352 Legal
5. $630 Openers
6. $900 Contract Help (food for POA meetings etc.)
7. $1238 Insurance
8. $200 Refund to a homeowner who paid for a contiguous lot.

Total $14,131.65

$17,437.00 in deposits

18 Property owners have not paid 2007 dues

Budget for 2008

1. $250 Supplies
2. $1330 Electric
3. $10,000 Landscaping
4. $1300 Insurance
5. $1000 Attorney/CPA
6. $900 Contract help

Total $14,780.00

$21,800 should be collected from dues.

Questions raised:

Will there be reserve funds for roadways etc.?

• YES

How will we collect the outstanding dues?

• Initial reminder letter
• 2^nd Notice letter
• Phone call
• Penalty/Interest
• Lien against property

A suggestion was made that we earn the maximum amount of interest on our reserve funds as possible.

Attorney/CPA will help us make this decision so

that our reserve funds are

in a solid and investment portfolio.

Question was raised about owed dues and sales of property.

• Dues follow property and should be collected at the closing.

2008 Dues are due 1/1/08

Todd Black, developer said he would be sure to put up the two road signs that were missing. He also explained that the land at the back of The Summit was now only going to be subdivided into 9 or 10 lots versus the original 25-30 lots that were planned. Some of the land was not developable so it was sold to The Ridge development. This means there will not be a back entrance to The Summit as originally planned.

Jim McCormack said that

the POA is up and running now and that we have insurance. Steve Nelson helped set up our professional help by contacting attorney Richard Williams and CPA Michael Gray.

Questions from property owners:

Are we getting other bids on landscaping?

• Yes, Steve Nelson already had one bid that was lower than our current provider. Jim McCormack is going
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  to solicit a few more and will describe the service that we need. Services will include storm clean up, snow removal etc.

The gate is open 6A-6P. All other times you much use the code or have a gate opener.

Mike Smith, Lot #54, has lost some things from his lot and would like for us to consider more security.

The current directors are Jim McCormack, Steve Nelson, Cheryl Nelson, Don Small, and Todd Black.

• Suggestion was made that we need two more property owners to serve.
• Joel Turner and Mike Smith were interested.
• Motion to nominate the current directors and add Joel and Mike was made, 2^nd and passed by the POA membership.

Joel Turner suggested we have our own website. Cheryl Nelson had already researched domain names and www.thesummitpoa.org was available for purchase. The POA membership thought this was a good idea.

• Motion to accept was made, 2^nd and passed by the membership.

Once the website is up and running it will be used for POA meeting minutes, newsletters, updates, weather, links etc.

The meeting was adjourned by Jim McCormack.