2012 Annual HOA Meeting

Post date: Oct 15, 2009 8:21:23 PM

On January 7, 2012 we held our first annual meeting for the Devonshire Homeowners Association at the Wake County Stony Hill Fire & EMS Station on Stony Hill Road in Wake Forest. We had a great turnout and are very relieved to have finally gotten the HOA turned over from the developer. The minutes from the meeting are posted in the MS Word file below.The topics covered were:

- Introduction of Kohn-Ell Association Management company

We have entered into a contract with Kohn-Ell Association Management which is renewable annually.

- Review & ratification of 2012 HOA budget

After the developer turned over the HOA to the homeowners, the interim board scrubbed the annual expenses in attempts to find cost savings and ensure the books we inherited were in order. It was clear that the annual dues previously charged did not cover the annual expenses - and shortfalls were paid by the developer for each of the last several years. The following actions were taken:

• Re-bid our landscaping - We changed landscapers effective 2/1/12 and will now be getting "more for less" - a savings of $2200/year

• Hired Kohn-Ell Association Management Services - The savings found in the landscaping will offset the management company fees

• Re-bid our insurance - Previously, our community only had general liability insurance, but no property insurance coverage for our front entrance. There was also the need to add Directors Errors & Omissions Insurance to cover our new board members. Our insurance cost is increasing year-to-year but this is necessary to ensure appropriate coverage for our community & HOA.