Gig Harbor, Washington 98335

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Bridgewood Estates Homeowners Association

Annual Meeting Minutes

May 22, 2007

Meeting was held at the Gig Harbor Civic Center.

Attendees: Twenty-four homes were represented. HOA Board members present were: Joe Faulkner, Bill Koontz, Gordon Benjamin and Dianne Matthes; Carolyn Tucker and Naomi Friedrichsen from Compass Management.

The meeting was called to order at 6:40 p.m. by Joe Faulkner. Joe welcomed everyone and introduced the HOA board and Compass representatives.

The minutes from the last annual meeting (5/23/06) were read by Dianne Matthes, a motion was made and approved to accept the minutes.

Carolyn Tucker gave the Treasurer’s Report:

$28,773.93 in checking
$3,429.06 in Money Market
Total Assets: $32,202.99

There are 10 homeowners delinquent on dues. A question was posed from the floor regarding what we do when homeowners are delinquent. Dues not received after 90 days are considered late and are assessed a $25.00 late fee. All dues and fines outstanding after July 1st are accrued at 12% compound interest. Any homeowner fees/fines unpaid within the allotted time, shall become a continuing lien on the lot owned, which lien may be foreclosed by the HOA.

Election of HOA Board Members: Joe asked for nominees and/or volunteers from the group; Sharon Reid, Darryl Roundy and Marten Hopland all offered their services. They were added to the candidate list for voting. A vote was taken and the following persons make up the HOA Board:

Gordon Benjamin
Joe Faulkner
Rick Jones
Bill Koontz
Dianne Matthes
Sharon Reid
Darryl Roundy

Joe reviewed the need for a special assessment; mainly the trimming of the trees along our streets. A vote was held; 31 voted yes, 15 voted no – but there were not enough people for a quorum, the board will decide at their next meeting whether to pursue this by having another meeting or waiting until next year.
An open forum was held; some of the issues raised were:

Cost of Compass
Snow Removal
Storm Drain Cleaning
Replacement Roofs
Roof Cleaning of the Mailbox Structures
Mailbox Theft
Dog Deposits in common areas
Dead Trees in horse trail area
Community Day for area clean-up
Tacoma Narrows Airport

All of these issues will be brought up at HOA Board Meetings.

The meeting was adjourned at 8:35 p.m.

Respectfully submitted,

Dianne Matthes