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2015 ANNUAL REPORT
Annual Meeting of Owners
May 16, 2015
The Old Salt at Lamie’s Inn
490 Lafayette Road
Hampton, NH 03842
Annual Meeting of Unit Owners
May 16, 2015
MEETING AGENDA
I.
Count for Quorum
pg 3
Reading of the Notice of the Meeting
pg 4
Reading of 2014 Annual Meeting Minutes
pg 12 Board of Director’s Report
pg 13 April 30, 2015 Financial Statement
II.
2014-15 Operating Review and 2015-2016 Budget Proposal
pg 14 Insurance Expenses
pg 15 Property Management Expenses
pg 16 Administration Expenses
pg 17 Operating Income
pg 18 Net Operating Gain/(Loss)
pg 19 Bank Account and Loan Status
pg 20 Proposed 2015-2016 Operating Budget
III.
Vote on Proposed 2015 – 2016 Operating Budget
IV.
Open Forum
V.
Election of 2015 – 2016 Board of Directors
pg 21 Ballot for the Election of Board Members
VI.
2015 Fall Meeting – To be determined
VII.
2016 Annual Meeting – Proposed Saturday May 14
Holidays: Mother’s Day Sunday May 8 Memorial Day Monday May 30
VIII.
Adjournment of Meeting
pg 22 Important Contact Information
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 2 of 21
Notice of 2015 Annual Meeting
To:
All Harbor at Whitten and Dustin Condominium Association Owners
From:
Len Busha
Date:
April 15, 2015
Re:
Notice of Annual Meeting
The 2015 annual meeting of unit owners will be held Saturday, May 16, from 9:00 a.m. to 12:00 noon,
at The Old Salt Restaurant at Lamie’s Inn, 490 Lafayette Rd (Rte 1), Hampton, NH. Please make every
effort to attend this important meeting. In the event that you are unable to attend, please use the
enclosed form to designate one of your fellow unit owners to cast your Board of Directors vote by
Proxy. Completed Proxy designations must be received by the Board prior to the meeting and should
be mailed to the Association’s main address:
HWD CONDOMINIUM ASSOCIATION
PO Box 1437
Hampton, NH 03843
Proxies may also be hand delivered to a Board member prior to the meeting.
For the Board,
Len Busha
Clerk, Board of Directors
Harbor at Whitten and Dustin Condominium Association
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 3 of 21
Harbor at Whitten and Dustin Condominium Association
Annual Meeting Minutes
May 17, 2014
Count for Quorum:
The annual meeting was called to order at 9:40 AM at the Old Salt Restaurant at Lamie’s Inn, 490
Lafayette Road, Hampton NH 03842. There were twenty-four (24) Unit owners present units and sixteen
(16) valid proxies received. Ten (10) proxies were assigned to the Board of Directors, two (2) were
assigned to Janet Allard, two (2) were assigned to Glen Gagnon, one (1) was assigned to Paul Mungovan
and one (1) was assigned to Frances Fields. The total of forty (40) votes far exceeded the 33 1/3 quorum
to conduct business and represented a majority of all Unit owners in good standing. Board members
present included Glen Gagnon, Len Busha, Mike Currid, Amanda Singleton, and Deanna French.
Acknowledgement:
The Board of Directors welcomed and thanked all owners in attendance for their time and participation.
Annual Report:
The 2014 Annual Report was mailed to all unit owners in advance of the meeting and used to facilitate
discussion. All owners in attendance were welcomed to ask any questions about the report.
Meeting Handouts:
Annual report copies were made available at the meeting.
Reading of the Notice of the 2014 Meeting:
Ron Sevigny moved to waive the reading of the Notice of the Meeting, seconded by Janet Allard, the vote
was unanimous and the notice was accepted as written.
2013 Annual Meeting Minutes:
Hank Pietrasiak moved to waive the reading of the 2013 Annual Meeting minutes, seconded by Ron
Sevigny, the vote was unanimous and the minutes were accepted as written.
2013-14 Board of Director’s Report:
The Board submitted a report summarizing key events and decisions made by the Board of Directors
since the 2013 annual meeting. 2013-14 represented the 7th fiscal year of self-management.
 5 Board of Director Meetings where held (Jul, Feb, Mar, Apr(x2))


Frequent Board member communication through email – subscribed to Citrix go-to-meeting to
facilitate video conferencing
Managed expenses within operating budget without increasing monthly condominium fees for the 7th
consecutive year
Conducted 6th full year-end independent audit

Provided year end account statements to all Unit owners

Secured estimates for over/underdeck protection against water & sand intrusion

Installed new bike rack – 7 Dustin building

Completed fall clean-up / minor maintenance projects

Purchased proto-type rubber mat to mitigate underdeck issues (added to 2014-15 budget)


Installed Christmas wreaths on all lamp posts
Published two informational Newsletters (Fall 2013 & Winter 2013)

Updated postings on Association website

Completed the Dustin fire prevention monitoring system installation (2 year project)

HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 4 of 21


Deactivated one dumpster during off-season for the 5th consecutive year resulting in estimated
savings of $1,500 to $2,000
Facilitated the sale of one unit: 22D increasing operating income by $1,000

Managed through frozen & burst water pipes in 14B and 6B Whitten

Supervised significant 3rd party water damage repairs to 6B Whitten

Managed through water freeze threat to all buildings January – February

Signed service agreement with Mr. Rooter for premier service / future plumbing issues

Added 7A Dustin to master electric account in order to maintain electricity/heat


Annual insurance review with Tobey & Merrill – resulted in increased crime coverage
Met with Tobey & Merrill and Casassa & Ryan legal counsel to solicit advice on re-writing
Association bylaws to require personal insurance and share risk of loss

Completed re-write of bylaws (5 drafts) for submission to general membership for vote

Placed property lien on 6B Whitten & filed suit against mortgage holder (Greentree Services)


Len contacting the members of the Hampton legislative delegation to propose amending the NH
Condominium Act to enable condominium associations to initiate foreclosure on a lien similar to laws
in Florida and North Carolina.
Mutual of Omaha Bank annual reporting compliance to loan covenants

Trim painting to be completed in May
Financials:
The April 30, 2014 monthly financial statement was presented, reviewed and is summarized below.
Monthly Financial Statem ent
30-Apr-14
Total Bank Accounts
Total Aged Receivables:
Total Prepaid:
Other Receivables:
Total Financial Assets:
$
$
$
$
$
91,503
70,802
8,752
153,553
Total Aged Receivables includes both unpaid monthly condominium fees and associated fines. $67,326
(96%) of the total aged receivables account is due to past and present delinquencies at 2 properties on
Dustin Avenue (7A & 7C). 7A Dustin is currently abandoned pending foreclosure sale. The outstanding
balance of accounts on the 7C Dustin has been attached to the principle residence of the prior owner. In
addition, the Association continues to collect court ordered monthly periodic payments of $100 against
the outstanding balance. $2,409 (3%) is due to abandonment of the property at 6B Whitten also pending
foreclosure. Liens are recorded at the Rockingham County Registry of Deeds against all above
properties.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 5 of 21
2012-13 Operating Budget Review:
Accounts
Total Incom e
2012-13
Budget
Forecast
$ 123,259
$ 124,171
Insurance $
Property Mgmt $
Administration $
Total Expense
63,650
80,834
9,500
$ 153,984
$
$
$
49,407
96,660
9,084
$ 155,150
Net Operating Gain/(Loss): $ (30,725) $ (30,979)
Total Income:
Total income includes all income from monthly condominium fees, late fees and fines, bank
interest, and insurance refunds. Total income in the 2013-14 fiscal year is forecasted on budget
due to on-time payments of 96% of unit owners, initial assessments and from the sale of one
condominiums (since the publish and distribution of the Annual Report, a second condominium
sales has closed and an additional $1,000 has been deposited in our money market account).
Insurance:
Insurance includes premiums paid for all insurance policies including property and liability,
worker’s compensation, flood, director’s liability and criminal loss. The insurance forecast is
favorable due to $20,000 in unrealized loss budgeted as a reaction to heavy losses in the prior
year. Other insurance spend was nominally on budget.
Property Management:
Property management includes maintenance of fire protection systems in Dustin buildings,
landscaping, repairs and maintenance, snow removal, trash removal, capital improvements and
repayment of capital improvement loan. Capital improvement spending is $20,000 over budget
due to a decision to paint the buildings earlier than expected, the cost being offset by favorability
on the insurance line above. It was noted at the meeting that the capital improvement loan
taken in 2006 in the amount of $175K will be paid in full before the end of this coming
fiscal year!
Administration:
Administration includes meeting costs, bank fees, audit and taxes, legal, postage and supplies,
PO Box fees and misc/petty cash. Administration expenses are anticipated to be well under
budget due to favorable spending on legal and postage & supply lines.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 6 of 21
2014-15 Operating Budget Proposal:
The 2014-15 operating budget was built with the following goals in mind…

Continue to self-manage the Association

Hold condominium fees flat for a seventh consecutive year

No un-forecasted collection risk

Continue to pay down loan at current rate and add additional $500 per month against the principal

Association shared insurance risk allows increased deductible and decreased premiums

No catastrophic property loss
Accounts
Total Incom e
2012-13
Budget
Forecast
2013-14
Budget
$ 123,259
$ 124,171
$ 120,830
$
$
$
$
$
$
Insurance $
Property Mgmt $
Administration $
Total Expense
63,650
80,834
9,500
$ 153,984
49,407
96,660
9,084
$ 155,150
39,525
58,446
9,590
$ 107,561
Net Operating Gain/(Loss): $ (30,725) $ (30,979) $
13,269
Total Income:
The 2014-15 budget anticipates $3,759 risk (7A Dustin & 6B Whitten). Income assumes no initial
assessment from the sale of properties.
Insurance:
Insurance budget decrease is due to $25,000 decrease in the loss (claims) line supported by risk sharing
between the Association and individual owners.
Property Management:
The budget assumes no capital spending as we have most major projects behind us for the time being.
Administration:
The proposal holds administration budget to last year’s budget level.
The 2014-15 Operating Budget was unanimously accepted as written by “show of hands” vote.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 7 of 21
Bank Accounts:
We hold our money in two bank accounts. One is a money market account at Piscataqua Savings Bank in
Portsmouth NH and the second is a checking account at Citizens Bank. The money market account is used as a
reserve for unplanned future spending with a current balance of $79,472. The checking account is used for ongoing
operating costs with a current balance of $12,031 totaling $91,503. The noticeable drop in bank accounts in April
2013 was primarily due to the $27,504 spend for insurance loss and resulted in the by-law amendment brought to the
Annual Meeting focused on owner-shared liability.
Meanwhile, the outstanding balance on our capital loan (originally $175,000) has been reduced to $33,230 as of the
writing of these minutes and will be paid in full within the coming fiscal year.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 8 of 21
Vote to Amend Current Association by-laws:
At the 2013 Annual Meeting, the Board proposed budgeting for a legal review and re-write of the existing
Association bylaws in order to clarify, specifically the segregation of responsibilities for insurance
coverage and risk between the Association and individual Unit owners. In addition, it was presumed other
language clarifications would be forthcoming. The budget for the review and re-write was unanimously
approved. Since that time, with the counsel of legal and insurance professionals, the bylaws have been
re-written and published. Hard copy of the proposed bylaws were distributed to all unit owners in
December 2013 with an invitation for questions and comments along with notice that a vote to amend the
bylaws would be taken at the annual meeting. No questions or comments were received.
At the meeting, Eileen Daboul introduced a new amendment with regard to Article III, Board of Directors,
specifically Section 2. Managing Agent. suggesting that the paragraph be amended to include a
requirement that a vote of the general membership be taken prior to hiring a Managing Agent. Two key
points were presented against Eileen’s objection:
1. Curiosity as to why this objection would be raised at this time. It was noted that the language in
the paragraph under objection was not changed as a result of the bylaw re-write. In fact the
powers of the Board as expressed in the language have been in force and used as guidance by
all Boards of Directors for the past fourteen (14) years since the current bylaws were adopted on
September 30, 2000 at the annual meeting of the Association.
2. Concern that the Board of Directors is a volunteer body elected to manage the business affairs of
the Association. A certain level of decision making latitude is required in order to perform both
efficiently and effectively. While transparency into Board decisions is critically important,
particularly in how Association money is spent, it is simply not reasonable to require a vote for all
management decisions as long as the budget is respected.
3. According to our current (and proposed) bylaws, an amendment to the bylaws cannot be
submitted for vote at a meeting without prior notification to the general membership regarding the
content of the amendment or written ratification by 51% of the membership. While Eileen
suggested that her newly proposed amendment could be ratified at the meeting under
parliamentary procedure, Len Busha explained that parliamentary procedure does not trump the
bylaws by which the Association is governed, nor could the proxies be construed to meet the
conditions required by the bylaws. It cannot be, as Eileen suggested, an "if you snooze you lose"
proposition for those owners who had not received notice of a new amendment.
At the conclusion of considerable debate, the Board sought an up or down vote as planned on the bylaw
changes that had already been circulated to all owners prior to the meeting and properly reviewed by
legal counsel. Ballots were distributed and a “secret” up/down vote was taken on the proposal to amend
the bylaws. Votes were collected and counted by Amanda Singleton and Mike Frobese. In a 17 to 11
vote, the Association approved the proposal and the amended bylaws will be recorded at the Rockingham
County Registry of Deeds. It is also noted that while the current Board of Directors unanimously approves
the amendment they did not cast their 10 proxies in order to avoid diluting the wishes expressed by 60%
of the voters. In the course of debate, Eileen was requested to provide her proposed amendment in
writing for review by owners in accordance with the bylaws.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 9 of 21
Straw Poll on Weekly Rentals
Earlier this year, the Board of Directors sent a “straw poll” ballot to all (43) Unit owners asking for
feedback on our current practice to allow owners to rent on a weekly basis, typically during the summer
vacation season. The intention of the straw poll was non-binding, simply to “take the temperature” of Unit
owners regarding the topic. 28 votes (65% of total) of the ballots returned. Results are summarized
below.
12 votes (43% of total): YES, unit owners should continue to have the right to rent units on a weekly
basis, however, must provide the Association with a security deposit in advance to cover fines or damage
to common property.
10 votes (36% of total): YES, unit owners should continue to have the right to rent units on a weekly
basis.
6 votes (21% of total): NO, the ability to rent units on a weekly basis should be eliminated.
While it seems that a majority of owners 18 votes (64% of total) would like to see changes to our current
practice, agreement was made to take no action at this time as problems related to weekly renters have
diminished over the years.
Open Forum:
Appropriate actions and timing for each of the issues raised and listed below will be discussed at the Board of
Directors meeting on May 30th

Peg Kane requested that the Association purchase a rubber mat for the second floor deck above her Unit in
order to prevent water, sand and other materials from dropping down onto her patio. She agreed to work
with the 10C Unit owner to maintain the rubber mat.

Glen Gagnon proposed the need to centrally locate Unit access keys for immediate access by emergency
responders. A proposal was made to install lock boxes on each building. A policy will be required to
communicate and manage the storage of keys in order to balance access and security.

Paul Mungovan raised safety issues with the decking surrounding his building. He stated that he has
decking boards that are raised due to poor joist structure. He is concerned that the raised boards pose a
tripping risk.

Fred Iannuccilli proposed outside water shutoffs be installed in all buildings as current water shut offs are
located within the A Units in Whitten buildings (the water shut offs for 5 & 7 Dustin buildings are located
inside the sprinkler rooms.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 10 of 21
Election of Board of Directors:
After serving on the Board of Directors for 8 years, 7 years as President, Glen Gagnon announced that he is
resigning his seat at the close of the fiscal year (June 30, 2014) leaving four (4) positions available on the Board of
Directors as terms for Mike Currid, Amanda Singleton and Deanna French are expiring. Each offered interest in reelection. The seat currently held by Len Busha is not up for re-election for another year. Ballots were distributed and
a count of votes was conducted by Amanda Singleton and Mike Frobese.
Following the meeting, the new Board of Directors met to discuss plans and set a first meeting date.
The 2014-15 Board of Directors is comprised of the following members.…
Len Busha
Amanda Singleton
Deanna French
Ron Sevigny
Lino Patti
Mike Currid (Alternate)
Next Board of Directors Meeting
The next Board of Director’s meeting will be held at on Friday, May 30, 2014 at 7:00 PM.
Next Annual Meeting
The 2014 Annual Meeting will be held at a time and location TBD
Adjournment
There being no further business, the meeting was adjourned at 11:45 AM.
Respectfully Submitted,
The Board of Directors
Contact information:
Harbor @ Whitten & Dustin Condominium Association
Board of Directors
PO Box 1437
Hampton NH 03843
website:www.hwd48.com
email: [email protected]
voicemail/fax: 603.926.4622
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 11 of 21
2014-15 Board of Director’s Report
May 16, 2015
Key Activities & Decisions Made

Concluded 8th full year of self-management

Successfully transitioned Board Presidency to Ron Sevigny and Treasury function to our new
Treasurer, Lino Patti

7 Board of Director Meetings where held (6/08/2014, 6/29/2014, 8/09/2014, 11/15/2014, 1/10/2015,
2/14/2015, 4/25/2015)
Managed expenses within operating budget without increasing monthly condominium fees for the 8th
consecutive year


Conducted 7 full year-end independent audit

Provided year end account statements to all Unit owners

Inventoried and addressed maintenance issues

Facilitated sale of units 16C and 16B

Posted insurance documents and updated other information on Association website

Completed ongoing improvements and annual inspection of Dustin buildings fire prevention system

Completed insulation of Whitten plumbing chases to mitigate risk of frozen pipes, which helped to
avoid significant freezing incidents during one of the coldest winters on record

Engaged in a proactive email campaign to alert owners to take measures to avert pipe freezing
incidents
Interceded to resolve pipe burst incident (resulting from no heat) within Unit 7B Dustin

th

Addressed water main freeze incidents and have developed a plan to insulate the water shed and
replace heating equipment to prevent future incidents

Deactivated one dumpster during off-season for 6rd consecutive year resulting in estimated savings of
$1,500 to $2,000

Proactively managed abandoned 7A and 6B units to protect the Association’s interests

Negotiated $18,000 settlement of back fees and fines with 7A unit owner and $9,000 settlement of
back fees and fines with 6B unit owner
Prepared a capital expenditure plan per auditor recommendation






Reset Dustin Unit Sprinkler Systems due to Hampton Water “water spikes” to restore water to the
buildings
Contracted for a maintenance program for the Dustin unit sprinkler systems, which had no
maintenance performed for the prior two years
Developed a plan to bring the Dustin unit sprinkler systems up to code and perform code
recommended system flushing (main water feed)
Facilitated the Hampton Fire department approval/acceptance of the Dustin units fire protection
system
Started transition of HWD Condominium Association accounting software from Peachtree Accounting
Software to Quickbooks
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 12 of 21
Financials
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 13 of 21
2014-15 Operating Review & 2015-16 Proposal
Insurance Expense
Accounts
Insurance Coverage
Master Policy (prop & liab)
Worker's Comp
Flood
Director's Liability
Criminal Loss
Insurance Loss (claims)
Total Insurance:
2014-15
Budget
$
$
$
$
$
$
$
15,500
725
16,500
950
850
5,000
39,525
2014-15
Forecast
$
$
$
$
$
$
$
21,678
653
17,817
1,020
819
250
42,237
2015-16
Budget
$
$
$
$
$
$
$
22,978
700
19,010
1,100
850
4,000
48,638
^
$
$
$
$
$
$
$
(7,478)
25
(2,510)
(150)
1,000
(9,113)
Flood insurance will increase for 2015-16 by $1,193 and the master policies for
property and liability are expected to increase by approximately $1,300. These
increases are reflected in the 2015-16 column in the above chart. Insurance claims
are expected to remain low based on the By-Laws requirement for each owner to
insure their unit consistent with unit boundaries definitions.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 14 of 21
2014-15 Operating Review & 2015-16 Proposal
Property Management Expense
Accounts
Property Management
Electricity - Common/Fire Sys/Etc.
Fire Systems - Maintenance
Fire Systems - Water
Telephone - Conferencing/Monitoring
Landscaping
Repairs & Maintenance
Snow Removal
Trash Removal
Capital Improvements
Repayment of Loan
Total Property Management:
2014-15
Budget
$
$
$
$
$
$
$
$
$
$
$
Accounts
Capital Improvements
Painting Trim - Whitten & Dustin
Power Washing - Whitten & Dustin
Duston Fire Prevention Monitoring
New Mailboxes Whitten
Replacement Gravel
Sprinkler System Code Upgrade
New Association Sign
Rubber Flooring - Whitten & Dustin
Insulation Project - Whitten
Sprinkler Room Doors - Dustin
Total Capital Improvements:
2014-15
Forecast
3,000
750
3,742
2,280
5,000
4,000
7,000
4,300
27,400
57,472
$
$
$
$
$
$
$
$
$
$
$
2014-15
Budget
$
$
$
$
$
$
$
$
$
$
$
$
4,317
4,205
3,715
2,340
4,658
180
11,590
3,943
6,660
29,260
70,869
2015-16
Budget
$
$
$
$
$
$
$
$
$
$
$
2014-15
Forecast
-
$
$
$
$
$
$
$
$
$
$
$
2,773
440
3,448
6,660
4,000
4,000
4,000
2,500
5,000
3,000
8,000
4,300
18,177
52,977
^
$
$
$
$
$
$
$
$
$
$
$
2015-16
Budget
$
$
$
$
$
$
$
$
$
$
$
3,500
10,877
300
3,500
18,177
(1,000)
(3,250)
(258)
(220)
1,000
(1,000)
(18,177)
27,400
4,495
^
$
$
$
$
$
$
$
$
$
$
$
(3,500)
(300)
(3,800)
The power washing of the buildings was deferred to the 2015-16 fiscal year. Additionally 5 and 7
Dustin sprinkler sheds will be upgraded to prevent the sprinkler water feeds and the building water
feeds from freezing. During this past winter, the main water feed valve froze in building 7, preventing
water flow to all six units. Estimated cost for both sheds is $3,500 and is reflected in the 2015-16
budget proposal.
Twice during this past year, the sprinkler systems were disabled by the Hampton Fire Department. The
failure was caused by water spikes, typical of the Hampton Water system. A maintenance service
contract for both sprinkler systems was purchased and a code review performed. The systems
required code updating and purging at a cost of $10,877. This cost is reflected in the 2015-16 budget
proposal.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 15 of 21
2014-15 Operating Review & 2015-16 Proposal
Administration Expense
Accounts
Property Management
Annual Meeting
Special Meeting
Returned Checks / Bank Fees
Independent Audit & Taxes
Management Fees
Legal/Accounting
Postage & Supplies
Document Storage
PO Box (annual rental)
CAI Membership
Miscellaneous/Petty Cash
Total Administration:
2014-15
Budget
$
$
$
$
$
$
$
$
$
$
$
$
500
200
50
2,800
3,000
1,500
720
186
134
500
9,590
2014-15
Forecast
$
$
$
$
$
$
$
$
$
$
$
$
455
40
2,650
3,749
522
720
192
134
8,462
2015-16
Budget
$
$
$
$
$
$
$
$
$
$
$
$
500
100
50
2,800
3,000
1,000
800
200
150
300
8,900
^
$
$
$
$
$
$
$
$
$
$
$
$
100
500
(80)
(14)
(16)
200
690
Administrative Costs have decreased a small amount
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 16 of 21
2014-15 Operating Review & 2015-16 Proposal
Operating Income
Accounts
Operating Income
Condominium Fees
Advanced Pay
Interest Checking/COD
Sale of Unit (Initial Assessments)
Late Fees/Fines
Total Income:
2014-15
Budget
$
$
$
$
$
$
120,130
200
500
120,830
2014-15
Forecast
$
$
$
$
$
$
128,951
140
2,000
12,733
143,824
2015-16
Budget
$
$
$
$
$
$
122,559
200
500
123,259
^
$
$
$
$
$
$
(2,429)
(2,429)
The increase in the 2014-15 operating income was primarily the result of settlement
on fees owed for Units 7A and 6B. The Board settled with the management
companies now controlling the units. Unit 7A has agreed to pay the monthly
condominium fees. Unit 6B has a new lien placed against the property for monies
owed from the settlement date.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 17 of 21
2014-15 Operating Review & 2015-16 Proposal
Net Operating Gain/(Loss)
Accounts
Total Income
Insurance
Property Mgmt
Administration
Total Expense
Net Operation Gain/(Loss)
2014-15
Budget
2014-15
Forecast
2015-16
Budget
^
120,830 $
143,824 $
123,259 $ (2,429)
39,525 $
57,472 $
9,590 $
42,237 $
70,869 $
8,462 $
48,638 $ (9,113)
52,977 $ 4,495
8,900 $
690
106,587 $
121,568 $
110,515 $ (3,928)
14,243
22,256
12,744
The net gain of $12,744 reflects the capital improvement projected costs and
the payment of the loan.
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 18 of 21
Proposed 2015-16 Operating Budget
Accounts
Operating Income
Condominium Fees
Advanced Pay
Interest Checking/COD
Sale of Unit (Initial Assessments)
Late Fees/Fines
Total Income:
Operating Expenses
Annual Meeting
Special Meeting
Returned Checks / Bank Fees
Electricity (Common/Fire Sys/Etc.)
Fire Systems - Maintenance
Fire Systems - Water
Telephone - Confering/Monitoring
Master Policy (prop & liab)
Worker's Comp
Flood
Director's Liability
Criminal Loss
Insurance Loss (claims)
Landscaping
Legal/Accounting
Management Fees
Postage & Supplies
Document Storage
PO Box (annual rental)
CAI Membership
Repairs & Maintenance
Repayment of Loan
Snow Removal
Trash Removal
Total Expenses:
Other Expenses:
Capital Improvements
Independent Audit & Taxes
Misc/Petty Cash
Total Operating Expenses:
2014-15
Budget
2014-15
Forecast
2015-16
Budget
^
$
$
$
$
$
$
120,130
200
500
120,830
$
$
$
$
$
$
128,951
140
2,000
12,733
143,824
$
$
$
$
$
$
122,559
200
500
123,259
$
$
$
$
$
$
(2,429)
(2,429)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
500
200
50
3,000
750
3,742
2,280
15,500
725
16,500
950
850
5,000
5,000
3,000
1,500
720
186
134
4,000
27,400
7,000
4,300
103,287
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
455
40
4,317
4,205
3,715
2,340
21,678
653
17,817
1,020
819
250
4,658
3,749
522
720
192
134
180
29,260
11,590
3,943
112,258
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
500
100
50
4,000
4,000
4,000
2,500
22,978
700
19,010
1,100
850
4,000
5,000
3,000
1,000
800
200
150
3,000
8,000
4,300
89,238
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
100
(1,000)
(3,250)
(258)
(220)
(7,478)
25
(2,510)
(150)
1,000
500
(80)
(14)
(16)
1,000
27,400
(1,000)
14,049
$
$
$
$
2,800
500
106,587
$
$
$
$
6,660
2,650
121,568
$
$
$
$
18,177
2,800
300
110,515
$
$
$
$
(18,177)
200
(3,928)
Net Operating Gain/(Loss): $
14,243 $
22,256 $
12,744 $
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
1,499
Page 19 of 21
Ballot for the Election of Board Members
2015-16 Board of Directors
ARTICLE III
Board of Directors
1. Powers and Duties. The affairs and business of the Condominium shall be managed by a Board of
Directors (sometimes hereinafter referred to as the “Board”) which shall have all of the powers and
duties necessary for the administration of the affairs of the Condominium and may do all such acts
and things as are not by the Condominium Act or by these By-Laws directed to be exercised and
done by the Unit Owners’ Association. The Board of Directors shall have the power from time to time
to adopt any Rules deemed necessary for the enjoyment of the Condominium provided that such
Rules shall not be in conflict with the Condominium Act, the Declaration or these By-Laws. The Board
of Directors’ may delegate to one of its members the authority to act on behalf of the Board of
Directors on all matters which might arise between meetings of the Board of Directors. In addition to
other general duties imposed by these By-Laws, the Board of Directors shall have the power to, and
be responsible for, the following (excerpted):
a) Preparation of an annual budget…
b) Making assessments against Owners to defray the Common Expenses…
c) Providing for the operation, care, upkeep, replacement and maintenance of all the Common Area
and services of the Condominium…
d) Designating, hiring and dismissing the personnel necessary for the maintenance, operation,
repair and replacement of the Common Area and providing services for the Property…
e) Making and amending Rules…
f) Obtaining and maintaining insurance…
g) Maintaining books of accounts…
h) Obtaining an audited financial statement…
i) To do such other things and acts not inconsistent with the Condominium Act or with the
Declaration…
j) The Board of Directors, shall have the right to assess any Unit Owner who fails, or whose tenants
fail, to adhere to any RULE or BYLAW after being notified in writing of being in violation of said
RULE or BYLAW…
Nominees for the 2015-2016 Board of Directors
(Vote for 1)
Len Busha
(write-in)
(write-in)
(write-in)
Voting member signature_____________________________________________________
Voting member unit number(s) _________________________________________________
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 20 of 21
Important Contact Information
Association Contacts
• Mail: HWD Condo Association
PO Box 1437
Hampton, NH 03843
• Phone: 603.888.2430
• Website: www.hwd48.com
• Email: [email protected]
Emergency Contacts
• For all emergencies call: 911
• Hampton Fire: 603.926.3316
• Hampton Police: 603.929.4444
• Crime Line: 603.929.1222 (anonymous)
• Mr. Rooter Plumbing: 603.228.6929 / 800.340.7080
Advantage Plan Member # 45323
• Allen Bousquet Plumbing: 603.765.9652
• Ebacher Plumbing: 978.388.4086
• Parson’s Electric: 603.926.2923
• Dave’s Garage: 603.926.6354
HWD Condo Association • PO Box 1437 • Hampton, NH 03843 • www.hwd48.com
Page 21 of 21