Pat MathenyPresidentStonewood POA

Discussion and member vote for replacing the damaged brick wall north of Greystone. Presentation of the financial report. Discussion of the landscaping contract.Decide on the maintenance fees for the period October 1, 2009 to September 30, 2010. Open the floor to questions and comments. Election of officers and board members.

Eric G. BlohmVice PresidentStonewood POA

Current SituationCurrent Situation

In November of 2008 the masonry wall north of Greystone Drive was starting to lean significantlyThe Board realized that something had to be done to stabilize the wallThe Board met and agreed upon having Milestone Construction attempt to straighten the wall where it is leaning and install metal bracing rods for stabilityBefore this happened the wall completely collapsed – April 2009

Replacement IssuesLiabilityAesthetics of subdivisionFuture Brick Wall Replacement

Setting precedent for future needs

Replacement OptionsBrick Replacement/Combination

Significant CostNo availability of original brick usedFinancial Impact on POA fundsPotential assessment of all POA members

Replacement Options – continuedCombination of Brick Pillars and Wood Fence

Reduced cost

Future Aesthetics ConsiderationR-0 lots between Crossover and SubdivisionIn the future there will be constructionWill the fence be seen from 265?

Option 1 – Brick Masonry Wall ReplacementPOA Board received 3 QuotesReplace 420 linear feet of fenceRemoval of old wall – additional $1,500New footings, new columns new brick columns and walls

QuotesGreg Brewer Masonry - $48,085McBride Masonry - $58,000Tracy Davis Masonry - $49,938

Option 2 – Wood Fence Replacement with Masonry ColumnsNew 3’x3’x3’ concrete footings7 foot columns with block and brick6 foot fencing Removal of current fencing material

Option -2Columns every 12 feet –(Match existing schema)Footings - Milestone Construction – $9,093Columns - Tracy Davis - $15,200Fence – Carnahan White - $5,670Wall Removal/General Contractor – approx.$4,500Total - $34,463

Option 2 – Wood Fence Replacement with Masonry ColumnsNew 3’x3’x2’ concrete footings7 foot columns with block and brick6 foot fencing Removal of current fencing material

Option -3 – PICK-IT Construction - FayettevilleSingle Vendor Solution

Includes General Contractor pricingMaterials and Labor - $29,299.19Optional – Captains Rail - $1,900.00Total - $29,299.19/$31,199.19

Option 2 – Wood Fence Replacement with Masonry ColumnsNew 3’x3’x3’ concrete footings7 foot columns with block and brick6 foot fencing removal of current fencing material

Option -4Columns every 24 feetFootings - Milestone Construction – $5,420Columns - Tracy Davis - $7,600Fence – Carnahan White - $5,670Wall Removal/General Contractor - approx.$4,500Total - $23,190

Woodcliff Pinehill

Copperwood fence by OZARK Timber has 25 year limited warranty

Pressure Treated LumberGeorgia Pacific

Stonewood P.O.A.Anticipated Expenses & Reserves

June 1, 2009 to September 30, 2010

June 1 - Oct 1, 2009

Description Sep 30, 2009 Sep 30, 2010 Totals

Landscaping (1) $2,720.00 $8,450.00 $11,170.00Water (2) 1,500.00 1,500.00 3,000.00Irrigation system repairs (3) 300.00 0.00 300.00Brick wall stabilization 400.00 0.00 400.00Liability insurance premium 0.00 364.00 364.00Mail services and sign preparation 60.00 150.00 210.00Tax return preparation 0.00 110.00 110.00Federal income tax 0.00 100.00 100.00Petty cash 0.00 100.00 100.00

Total Expenses $4,980.00 $10,774.00 $15,754.00

Expense Per Lot $42.93 $92.88 $135.81

Estimated Additional Needed (4)

Brick wall replacement: Cost Amount Per Lot

Masonry - Option 1 $55,000 $25,000 $210.08

Wood with masonry columns every 12' - Option 2 $34,463 $4,463 $37.50

Single Vendor Solution columns every 12" - Option 3 $31,199 $1,199 $10.08Wood with masonry columns every 24' - Option 4 $23,190 $0 $0.00

Footnotes:(1)Assumes a renewal of this year's contract ($8,200) plus expenses for items not covered by the contract

(plant replacement and storm damage cleanup, for example).(2)Estimated expense based on water bills provided by Mark Foster for part of 2006.

(3)Before the system can be used, repairs are needed to correct a problem with one of the stations that comes onwhen several other stations are running.

(4)Assumes that we have $30,000 available to spend.

We need to have a vote on your preferenceOption 1

Complete Masonry replacementOption 2 – Multiple Vendor Solution

Combination Wood Fence and Masonry ColumnsColumns every 12 feet

Option 3 – Single Vendor SolutionCombination Wood Fence and Masonry Columns

Columns every 12 feet

Option 4 – Multiple Vendor SolutionCombination Wood Fence and Masonry Columns

Columns every 24 feet

Bob AndersonSecretary -TreasurerStonewood POA

Stonewood P.O.A.Financial Statement

Description Amounts    Balance as of August 31, 2008 $11,566.68

Income:117 lots @ $150 per lot $17,550.00 (1)1 lot @ $150 per lot (previous year's fee) $150.00Late fees 75.00 $17,775.00

Expenses:Landscaping (2) $7,440.00 (2)Liability insurance premium 364.00Water bills - City of Fayetteville 114.65Federal income tax 172.50Tax return preparation - Frost, PLLC 101.25Annual meeting and Halloween signs 81.94Maintenance fee invoice mailings 61.19Snacks for annual meeting 51.30Treasurer's petty cash fund 50.00Deposit slip order 9.10 ($8,445.93)

Bank Balance @ June 30, 2009 $20,895.75

Certificates of Deposit (3)Initial investment - August 25, 2007 $12,500.00 Interest earned $755.65 Balance at June 30, 2009 $13,255.65

Total Assets @ June 30, 2009 $34,151.40

Footnotes:(1)Maintenance fees are owed on 119 lots. Two lot owners have not paid their current dues, so we have collected

on 117 of 119 lots (98.3%). We may be able to collect on one of the unpaid lots when the foreclosure processis complete and the bank puts the house up for sale.

(2)This amount consists of 8 payments of $680 under the previous contract, 1 payment of $720 and 1 payment of$680 under the existing contract, which runs from April 1, 2009 to March 31, 2010. The contract was renewedat the same price as the previous contract, which is $8,200 for the contract year. An additional payment of $600was made for cleaning up damage from the ice storm.

(3)The CD's were automatically renewed on August 25, 2008 with a new expiration date of September 25, 2009.The interest rate is 2.72%.