LAKESHORE WOODS ASSOCIATION, INC.
Minutes of the 19^th ANNUAL MEETING
May 24, 2008
Location: The Pavilion

Association President Jim Hogan formally opened the meeting at 11:13 A.M. It was determined that there was a quorum of Members necessary as specified in the By-Laws of the Association. The following lots were represented at the meeting: 2, 4, 8, 9, 10, 11, 15, 17, 18, 19, 21, 26, 27, 28, 44, 45, 46, 47 & 53. President Hogan asked each of those present to introduce themselves to the others at the meeting.

Minutes of 2007 Annual Meeting had been posted on the website and copies were made available at this meeting. The Minutes were approved after a minor date correction was noted.

Secretary-Treasurer’s Report

Secretary-Treasurer Jay Youngquist made available a copy of the 2007 year-end financial report he had prepared which showed a Balance of Funds of $42,633 as of the end of 2007. There were no 2007 accounts receivable as all 2007 annual dues and associated late fees had been received. In addition, there was approximately $3,608 of accrued CD interest. The report also included a May 24, 2008 Balance Sheet, 2007 Statement of Revenues & Expenses, Budget Status, and 10-Year Financial History (1998-2007).

As of the meeting, the assets of the Association were $47,667, which included $422.39 in accounts receivable for 2008 annual dues and late fees and $1,300 in annual fees due to officers for the past term. Jim Hogan noted that the current annual dues of $250 had been reduced from the original $320 several years ago. Jay noted that at this point in the year all revenues are billed for the year and that the rest activity for the year is expense-related.

The 2007 corporate taxes for federal and state taxes had been paid. Jay reported that there had been significantly more expenditures than normal in the first part of 2008 for repairs to the bulkhead repairs, re-driving mooring posts, trash area and port-a-potty enclosures, wildlife management, director fees, and mowing.

There were no questions pertaining to the Treasurer’s report and it was approved as presented.

Kevin Willis (Lots 46 & 47) asked if the financial information was available on the website. It currently was not. After a brief discussion, it was decided that it would not be appropriate to make this available to the entire worldwide web. The information was available to any Member upon request, or any Member is always welcome to attend a board meeting where the current financial information is a regular agenda item.

Jay reported that he had mailed the Notice of Annual Meeting to Members of record at least 30 days before the meeting, as required by law.

Election of New Directors

President Hogan reported that there were 3 open director positions. As of the meeting date, there had been no Members who had expressed interest in serving other than the current board members whose 3-year terms were expiring; Lori McMillen, Jerry Perkins, and Michael Organ. Kevin Willis expressed interest at the meeting. Since Michael Organ was unable to attend the meeting, Jim Hogan will contact him as to whether he was interested in continuing as a board member in light of another willing candidate. The three candidates who had expressed interest in a timely manner prior to the Annual Meeting were affirmed as board members with Kevin to be an alternate should Michael wish to step down or a board position become open before the next election.

** Post-Meeting Note: Michael Organ decided to step down as director, Kevin Willis accepted the Michael's 3-year Director position.

Report of the Environment Control Committee

Vice President & ECC Chairman Frank Dietrich reported that there were culverts in the subdivision that were clogged with leaves. He requested that the Association hire a vendor to clean them. After a brief discussion it was decided that this should be considered in the Board meeting which was to follow.

Jay Youngquist gave a short report of the current status of the make up of Lakeshore Woods Subdivision. He reported that there are 43 owners of the 52 Lakeshore Woods lots, 28 homes were now built, there were 6 full-time residences, 8 lots currently known to be for sale (2 with homes), and 2 lot sales (both with homes) in the past year.

Over the winter months, several renovations to the Beach and Boat Dock Area had been completed. Reflectors had been added to the boat piers as required by a new Louisa County ordinance, mooring poles had been re-driven, riprap had been added under the piers to help contain the beach sand, the bulkhead had been repaired, enclosures were built to expand the trash area and to screen the port-a-potty.

The port-a-potty had been installed in the newly built enclosure. Service was returned to the vendor of 2 years prior who had provided better service than last year. A new trash service provider had placed a 90-gallon bin in our new enclosure and service had commenced. It was felt that the 90-gallon bin would be adequate since it was 50% larger than the 2-30 gallon cans that were there previously. An additional bin can be added for an extra $5 per month, if necessary. Additional sand for the beach area had been ordered but not yet installed.

Kevin and Eve Willis (Lots 46 & 47) volunteered their landscape company to spruce up the Lakeshore Woods entrance sign area at no charge. They will provide a sketch of the plans to the Board. Jim Hogan will contact Tina Chaleki who had previously volunteered to help out on the sign area to advise her of this offer.

New Business

The date of the Association’s annual picnic was set for Saturday, July 5^th at the Pavilion. Pat & Nancy Herrity volunteered to spearhead the organization effort again this year.

Kevin Willis raised the issue of boat slip assignments. He had prepared a summary of summary of past references to the boat docks and slip assignments from the Association’s Declaration of Protective Restrictions and Covenants and Annual Meeting Minutes. As a regular user of the slips, he was requesting reassignment of the two slips assigned to his two lots to a more usable location. Jim Hogan and Jay Youngquist gave a brief history of the assignments, which had originated with the Developer, and multiple resolution discussions that had taken place by the Board over the years, once control had been turned over to the Lakeshore Woods Association. The general feeling of many owners (presumably, those with favorable slips) is that, although they are not deeded to the lot, a favorable slip adds value to the lot. Thus, it has been difficult to facilitate trading or temporary use of slips even when not being used by a lot owner because they don’t have a boat, or don’t frequent the lake. It has been acknowledged that the growth in the number of regular users of the slips has increased steadily and that a resolution will need to be addressed. Construction of new docks (slips) is not likely to occur soon due to the reasonably good condition of the current docks and, even then, there are concerns about the requirements of the new Louisa County dock requirements, which may be more limiting. Kevin was invited to attend the Board Meeting that was to follow the Annual Meeting for further discussion of the problem.

The next Annual Meeting will be held on Saturday, May 23, 2009 (Memorial Day weekend).

There being no further business, the meeting was adjourned at 11:52 A.M.

Respectfully submitted,

James A. Youngquist
Secretary-Treasurer
Lakeshore Woods Association, Inc.