The annual meeting of the Fearrington Homeowner’s Association was held on Sunday, November 12, 2006 in the Barn, Fearrington Village, Pittsboro, NC. President Jim Ackerman called the meeting to order at 2:30pm. The election of FHA officers for the year 2007 and election of new members of the Nominating Committee was held from 2pm-3pm.

Board members present were: Jim Ackerman; Ingram Austin, Jim Bond; Gillian Cell; Mary Lou Einloth; Bob Flower; Joanne Flower; Carol-Ann Greenslade; Lowell Kennedy; Bill Stempfle.

Each of the Directors on the Board gave a brief synopsis of the activities and accomplishments for their area of responsibility this year. (Click here to see the full Annual Report).

The President thanked the many individuals and groups who generously volunteer their time and expertise throughout the year in order to facilitate and enrich life for all the residents of Fearrington Village. He also recognized the past Presidents of the FHA and thanked the members of the Board who are completing their terms. The candidate for Board Secretary, Leonard Kreisman, and the candidate for Treasurer, Walter Jernigan, were introduced by the President. The incoming candidates for the Nominating Committee were recognized. They are Ed Bonahue, Douglas Carson and Gail Mazzocco.

Joe Devan, representing the Nominating Committee, thanked those who have finished their terms on the Committee. He then declared that a quorum of 113 property owners had elected into office the slate of candidates presented for the coming year. The officers elected were Jim Ackerman, President; Gillian Cell, Vice-President; Leonard Kreisman, Secretary; Walter Jernigan, Treasurer; Jim Bond, Intergovernmental Relations.

The President proceeded to give a progress report on the FHA Professional Management initiative. He explained that due to the limited availability of volunteers, communities such as Fearrington Village are faced with two choices: 1) elimination or reduction of services; 2) outsourcing of selected tasks. The Long-Range Planning Committee was unanimous in their recommendation that the Board engage a Management Company. The Board reviewed this recommendation and a sub-committee was formed. Members of that sub-committee were Ingram Austin, Bob Flower and Jim Ackerman. The sub-committee reaffirmed the recommendation of the Long-Range Planning Committee and the Board authorized the sub-committee to determine a suitable Management Company. Subsequent to receiving referrals, four companies were selected and asked to submit proposals. The sub-committee recommended CAS Management Company as the most suitable based on the criteria of experience, cost, proximity to Fearrington Village and references. The Board unanimously approved that CAS be engaged for the year 2007. A contract is currently being negotiated and is expected to be in place by January 1, 2007. CAS will provide financial services and employ an on-site half-time FHA administrator. The opportunity for this employment will be extended to residents of Fearrington Village.

Resident Input

A resident requested an explanation of how the finances would be derived for the employment of a Management Company. The Treasurer referred to a line item of $30,000 in a copy of the 2007 provisional budget, which was distributed at the meeting. He said that the $4.00 increase in dues for 2007 is part of an income increase of $14,000. An expected decrease in budgeted expenses will yield $5,000. $11,000 less will be allocated to the reserve fund next year since that account is already well funded. The total of these three is $30,000 which comprises the necessary amount to employ the Management Company for selected services.

A second resident requested more specific information on what services the Management Company would provide. The Financial Officer stated that the tasks of accounting, bookkeeping and dues collection will be assumed by the Management Company. This will eliminate the need for a Financial Officer of the Board next year. Routine treasury duties such as bill paying and reports for tax purposes will be included in their service. Also, the Management Company will hire a person to work with the Board on administrative matters including the FHA office. These duties will include management of a filing system and supervision of volunteer staff. The Board will retain its authority and the Management Company will work at the direction of the Board.

The meeting was adjourned at 3:50pm.

Respectfully submitted,

Joanne Flower, FHA Secretary