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THE KEYSTONE NEIGHBOURHOOD COMPANY
SPECIAL MEMBERS’ MEETING June 29th, 2018
(Warren Station at Keystone)
AGENDA I. Call the Meeting to Order . . . . . . Verbal
A. Introduction of Executive Board . . . . Verbal B. State of the County by Summit County Officials . . . Verbal C. Resort Update . . . . . . Verbal D. Approval of Previous Meeting Minutes . . . . 1 - 6
II. Audit Report (Paul Backes of McMahon & Associates) A. Audit and Year-End 2017 . . . . . Verbal III. Executive Director’s Report (Mark Mathews)
A. Year-to-Date April 30, 2018 Financial Reports . . . 7 - 15 B. Capital Projects Status . . . . . . Verbal IV. Vote (Mark Mathews) A. Determination of Quorum . . . . . Verbal
B. Candidate Forum . . . . . . Verbal a. Ski Tip Residential Board Seat Election currently held by David Stelzer b. Lodge Director Board Seat Election currently held by EJ Schanfarber c. River Run Commercial Director Board Seat Election currently held
by Don McCoy C. Vote on Board Nominees. . . . . 16 - 18 (Ballots on page 16)
V. General Discussion A. Events and Warren Station Update (Maja Russer) . . Verbal B. 2018 Summer Event Calendar . . . . . 19 - 20 C. Member Questions / Comments (2 minutes each)(Mark Mathews) Verbal
VI. Election & Voting Results (Mark Mathews) . . . . Verbal VII. Set Next Meeting Date (Mark Mathews) . . . . . Verbal
Friday, November 16th, 2018 from 2:00 – 5:00 pm VIII. Adjournment . . . . . . . . Verbal
The Keystone Neighbourhood Company
Annual Members’ Meeting
November 17, 2017
I. Call the Meeting to Order and Introductions
The Keystone Neighbourhood Company (KNC) Annual Members’ Meeting was called to order
at 2:13 p.m. by Mr. Buchheister in Warren Station.
Board Members Present Were:
Geoff Buchheister, President, Resort Director Gail Allaman, Residential Director
Robert Lepkowski, Secretary, Residential Director David Stelzer, Residential Director
Maria Fox, At Large Director Clare Lehman, At Large Director
Donna Nolz, Commercial Director Don McCoy, Commercial Director
Homeowners Present Were:
G. & S. Duree, #8075 Leo Hattrup, #8456
Suzanne Brannon, #8593 Craig & Annette Bolt, #6525
Judy & John Uban, Alders #66 Ann & Tom Matchell, #8510
Linda & Judd Ellmers, #8702 Doug Sims, #6223
Ginger Boult, #2241 Julie Imbler, #8515
Brian Van Vechter, #2326 Marnie Stelzer, #6453
Tom Courson, #8366 M. Dammell, #8603
David Bacon, #8386 Tom Hutter, #8481
Barb Schwarte, #8481 Penny Gibson, #8810
Patty & Glen Murray, #8531
Representing the Keystone Neighbourhood Company Were:
Mark Mathews, KNC Executive Director Mindy Bothel, Business Manager
Maya Russer, Director of Events & Marketing Chelsea Rybak, Spcl. Events Mgr.
Michelle Anderson, Warren Station Coord. Brendan Lawrence, Office Sprvsr.
Chris Duncan, Warren Station Mgr. Jewels Tortorello, Event Coord.
Representing Keystone Property Management Was:
Josh McReynolds, Community Association Manager
Others Present Were:
Ralf Garrison, DestiMetric
Erika Krainz, Summit Mgt. Resources, Recording Secretary
II. Approval of Previous Meeting Minutes
Mr. Sims motioned to approve the June 30, 2017 Special Members’ Meeting minutes as
presented. Mr. Bacon seconded and the motion carried.
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III. One Keystone Award Presentation
Mr. Riley presented Mr. Lepkowski the One Keystone Award in recognition of his
contributions to the Keystone community over the past 19 years.
IV. Mountain Travel Market Update – Ralf Garrison
Mr. Garrison presented his Mountain Resort Towns 2018 Situation Assessment, Indicators and
Trends. He announced that DestiMetrics has been purchased by Entopia. Highlights were as
follows:
1. Breckenridge, Copper Mountain and Keystone are the Summit County destinations that
have provided statistically relevant data.
2. Since 2007, summer occupancy has increased 53.3%, ADR has increased 39.6% and
revenue has increased 117.6%. For Summit County, summer 2017 occupancy was flat,
ADR was up 1.3% and revenue was up 1.3%. The most significant growth has been in
the shoulder seasons, especially during September and October.
3. Skier visitation was 54.7 million in 2016/2017 ski season.
4. Since 2007, western resorts winter occupancy has increased 3.6%, occupancy has
increased 21.9% and revenue has increased 26.8%. For last winter, occupancy was
down 4.7%, ADR was up 3% and revenue was down 1%.
5. For the most recent period, summer occupancy is almost equal to winter but the ADR is
only about half.
6. The rent by owner market has been disruptive to the lodging industry. The number of
rent by owner units varies dramatically by day, week and season. Each unit is usually
listed on four different websites. Between 30 – 50% of the inventory comes from
management companies. The average number of bookings for rent by owner units is 15
– 20 nights per year.
V. Resort Update
Mr. Buchheister introduced himself and showed a Keystone promotional video focused on
youthfulness and family. USA Today named Keystone one of the best US ski resorts for
families, noting that “The ski resort has wrapped its brand around family ski trips with a gusto
that is unmatched in the industry.”
New developments for 2017/2018:
1. Replaced the Montezuma Express quad with a six-seat high speed lift, increasing uphill
capacity by more than 25%.
2. Renovated and expanded Labonte’s Smokehouse BBQ with a new 190-seat indoor
dining facility.
3. Kidtopia signature events include the Kidtopia Spectacular in December, Culinary
Festival in February and Music Experience in March.
4. There will be dedicated shuttles to transport skiers and riders to and from the Powerline
Lot to the Hunki Dori Lot/River Run Gondola, and a north shuttle lot to Mountain
House West. Keystone continues to encourage and reward carpooling with preferred
parking for families and HOV’s.
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5. There are two housing projects underway. The Wintergreen project is 196 units of
workforce housing on Highway 6 in Keystone with a $6 million commitment from Vail
Resorts. A Silverthorne workforce housing project has been approved by Silverthorne
Town Council, with a $440,000 commitment from Vail Resorts.
VI. Hospitality Update
Ms. Lehman provided a hospitality update:
1. A soft renovation of Ski Tip Lodge is underway including new carpet and a guest room
refresh.
2. The Alders Townhomes and River Run Townhomes are new developments.
3. The Inn is being renovated and will reopen as a Hyatt Place, the first branded hotel in
Keystone.
VII. KNC Overview
Mr. Mathews introduced the KNC staff, noting “Our mission is to make the Neighbourhoods at
Keystone a premier mountain community by maintaining a high-quality environment and
investing in amenities, facilities, events and services that will attract residents and visitors to
create a vibrant resort community. “
Services provided by the KNC include general maintenance of common areas, snow and trash
removal, landscaping and beautification, enforcement of covenants, rules and regulations,
security, public and private event promotion, coordination and execution and management an
upkeep of facilities and amenities including Warren Station and the pool behind Dakota Lodge.
The KNC drives value through events and amenities.
KNC highlights in 2017 included:
1. It was another great year of growth for summer festivals and events.
2. The Instructure conference group used Warren Station and River Run.
3. There were continued strong budget controls and a clean audit.
4. There is new construction consisting of the River Run Townhomes, Estates at the
Alders and Alders Townhomes.
KNC summer projects included:
1. Landscaping projects at Buffalo Lodge, east neighbourhoods, Arapahoe Lodge and
Jackpine.
2. The construction of the Arapahoe patio with a new fire table.
A major upcoming project is replacement of the 20-year old asphalt with pavers and a
snowmelt system. It will update the image of the Village, provide a better guest experience,
eliminate snow removal machine noise, decrease potential liability from slips and falls and
reduce conflicts between snow removal machinery and pedestrians. The cost to replace the
asphalt would be around $800,000 and the estimated cost for the new snowmelt and pavers is
$3.7 million. The project will be phased over one summer (in the spring and fall of 2018). The
estimated annual operating costs of $60,000 will be partially offset by decreased labor costs
($46,000 – $55,000). The system will cover the area from Ida Belle Drive to Ina’s Bridge. The
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Annual Members’ Meeting
11/17/17 Page 4 of 6
timeline is to break ground in April 2018 and to do garage work for the main line. The first
phase will conclude in early June 2018. Garage work for the main line will be completed in
August. The second phase will begin in September and be completed sometime in November.
Mr. Mathews provided a Design Review Board Update:
1. Starting the design review process for One River Run. The Hunki Dori lot is under
contract for potential hotel development and the buyers are in the due diligence process.
2. Preparing for the third phase of Alders Townhomes.
3. The River Run Townhomes construction is almost complete.
VIII. Executive Director’s Report
A. 2017 Balance Sheet as of September 30, 2017
1. Total Checking/Savings - $9,636,353 vs. $8,364,553 last year.
2. Total Accounts Receivable - $73,297 vs. $59,721 last year.
3. Total Assets - $10,095,405 vs. $8,715,230 last year.
2017 Projected Year-End Results:
1. Total Revenue - $3,693,370 budget vs. $4,525,742 projected, 22% ahead of
budget.
2. Total Expenses – $2,985,853 budget vs. $2,985,141 projected, less than 1%
under budget.
3. Operating Income (before allocations) – $707,516 budget vs. $1,540,601
projected, 217% ahead of budget.
4. Capital - $619,378 budget vs. $492,694 projected, 20% under budget.
B. 2018 Budget
1. Total Income - $3,986,128, including a $200,000 credit to members for AREA.
2. Total Expenses - $3,284,517.
3. Reserve Allocation (before expenditures) - $701,611.
4. Capital Expenditures - $616,043.
5. Capital Snowmelt - $4,500,000.
The Finance Committee has determined that it will be financially beneficial to pay for
the snowmelt system out of the Reserve Fund rather than financing the cost.
Owner questions and comments included:
1. Ms. Brannon asked if there were plans to add snowmelt in front of Dakota
Lodge so the sidewalk is accessible during the winter. Mr. Mathews said
extending the snowmelt system in that area was considered but had to be
removed from the plan based on budgetary constraints. Options are being
explored to minimize disturbance and noise stemming from snow removal
operations.
2. Mr. Murray commented that some of the parking issues could be alleviated by
installing signage warning that unauthorized vehicles may be towed. He
suggested raising the gates at the Dakota pool to deter unauthorized access.
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Annual Members’ Meeting
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3. Ms. Matchett said the pool and hot tub at Dakota should be covered more
consistently at night.
4. Mr. Courson commented that the snowmelt system will be a great improvement.
He did not think a 6% financing rate was a good option. Mr. Mathews agreed.
IX. General Discussion
A. Events and Warren Station Update
Ms. Russert provided a summary of the summer activities:
1. There were record festival numbers with 2 – 18% revenue growth.
2. Third party and private events included the Instructure group, a fine arts festival,
Kidtopia, Kidfests, Discovery Days and Strider Cups.
3. There were 22 weddings in Warren Station.
4. New Warren Station public events include BLAM, a comedy show and festival
activation.
5. There were 75 million public relations impressions throughout the summer.
6. The “pillars” of Warren Station are “Enrich Educate Entertain”.
B. 2017/2018 Winter Event Calendar
Winter events include the Winter Comedy Series, Winter BLAM on December 9th, the
Pinkalicious musical in January, Rocky Mountain Country Festival in March and
Reggae Concerts on closing weekend.
2018 Events will include tie-ins to Keystone Resort large winter events such as lighting
of River Run, Mardi Gras Kids Choice Gumbo Competition, Kidtopia Culinary Festival
and Kidtopia Music Experience. The Art Festival will be back and Wine & Jazz has
renewed. Instructure will be returning in July.
X. Voting Results
A. Determination of Quorum
Mr. Mathews confirmed a quorum.
B. Ratification Vote on 2018 Budgets
The 2018 Budget was ratified with 1,732 voting in favor and 5 opposed. There were
1,721 voting in favor of Other Matters and 13 opposed.
XI. Owner Comments
1. Mr. Hattrup said the pool gate is often left open. He asked if the insurance premium
would be reduced based on the reduction of machinery in the Village after the snowmelt
system is installed. Mr. Mathews was not sure of the impact. He confirmed that the
River Run Townhome owners would have access to the Dakota pool.
2. Ms. Murray asked if the pavers were heated around Dakota pool. Mr. Mathews said
three feet from coping stones is heated but the rest is not. This area is included in future
year capital plans. She said the gate by the garage allows for unauthorized access and
the landscaping around the Dakota pool needed improvement.
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Annual Members’ Meeting
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3. Mr. Courson suggested installing a bubble over the pool.
4. Ms. Brannon asked if Keystone was looking at expanding the conference space. Ms.
Lehman said this was not under consideration. Instructure will outgrow the conference
space before the bed space. If One River Run moves forward, there will be some
additional meeting space.
5. Mr. Hutter said there should be better signage at the Dakota pool reminding guests to
leave their pool towels after use.
6. Ms. Schwarte asked if One River Run will have an area for putting on ski boots and
lockers. Mr. Mathews said there would be some skier services but there will not be a
day lodge.
7. Ms. Uban thanked Mr. Mathews for installation of the dog waste stations. She said the
construction crews should be encouraged to pick up trash from the work site. She
requested spraying of noxious weeds. Mr. Mathews confirmed that there is a program
for spraying weeds.
XII. Set Next Meeting Date
The next KNC Members Meeting was scheduled for Friday, June 29, 2018 at 2:00 p.m.
XIII. Adjournment
Mr. Hutter made a motion to adjourn at 4:32 p.m. Mr. Sims seconded and the motion carried.
Approved By: ________________________________________ Date: ______________________
Board Member Signature
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Financial Report as of April 30, 2018
Executive Director Summary
Profit & Loss Budget vs. Actual YTD Variance Report
Balance Sheet Year-Over-Year Comparison as of April 30, 2018
Accounts Payable Aging Summary as of April 30, 2018
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TO: KNC FINANCE COMMITTEE
FROM: MARK MATHEWS
RE: APRIL 2018 FINANCIALS AND YTD
DATE: MAY 31, 2018
RETA continues to pace well ahead of last year as well as budget. Sales and Rec Assessments
are tracking well above budget and this is encouraging as it shows the economic strength of
River Run. Other Income is over budget due to interest on our large savings for the snowmelt
project but this will even out as we make payments to the contractor. We continue to track
Warren Station subsidy which is currently above budget slightly.
Revenues 155% over Budget YTD
Expenses 1% Below Budget YTD
RETA $392,599 above budget
Payroll Overall tracking under Budget
Events & WS Events Investment (subsidy) is under Budget. WS slightly over budget.
Operations Below Budget
RETA UPDATE
As of 6/14/2018: $965,259 (Total budget for 2018 $1,100,000.00)
Same time last year: $789,810
Budget to date: $555,687
Total collected to budget: $409,572 over budget or 173.7%
# of transactions for current year: 75
# of transaction previous year:69
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Keystone Neighbourhood Company, Inc. Profit & Loss Budget vs. Actual
January through April 2018
Jan - Apr 17 Jan - Apr 18 Budget$ Over Budget % of Budget Comments
Income40000 · Annual Real Estate Assessments 28,790.83 11,452.75 12,790.83 -1,338.08 89.54% 2018 AREA estimates paid at closing
41000 · Real Estate Transfer Assessment 539,882.00 800,299.10 407,700.00 392,599.10 196.3%
RETA continues to show a significant increase to budget and
same time last year. Twelve units sold in April for $120,671
compared to nineteen in April 2017 for $230,596. One unit
sold in Arapahoe Lodge and Buffalo Lodge. Two units sold
in Red Hawk Lodge, three in the Springs Lodge and five
units sold in Silver Mill Lodge.
42000 · Sales Assessment (1/2%) 118,367.06 123,213.52 116,641.12 6,572.40 105.64%
Sales assessments finish the 2017/2018 winter season over
budget and same time last year. The village restaurants,
rental outlets and property management companies are
experiencing strong sales through the end of the winter
season. As of this report we do not have the merchant sales
assessments for April.
43000 · Recreation Assessments (1/2%) 15,388.87 18,313.34 15,088.87 3,224.47 121.37%
Rec assessments closed the 2017/2018 winter season with
all departments showing an increase to same time last year
and over budget.
45000 · Other Income 91,780.35 115,716.28 93,733.00 21,983.28 123.45%
Other income is showing a significant increase to budget.
Interest accounts exceeding budget and same time last
year. As we proceed with expenditures for the River Run
snowmelt system we anticipate interest accounts will level
off.
46000 · Keystone Design Review Board 21,100.00 20,100.00 21,850.00 -1,750.00 91.99%
KDRB is showing a slight decrease to budget through April.
We received some application fees in 2017 for reviews
continuing into 2018. There are new projects being
submitted weekly as we move into building/remodel season
with two new homes in the Estates at the Alders and
completing a review for a third new home that was started in
2017.
47000 · Community Events 56,179.83 11,106.34 7,300.00 3,806.34 152.14%
Mardi Gras started the year off right with an increase of
almost $2,000 over revenue budget. The Kidtopia event in
the plaza in March generated strong bar sales adding to the
increase over budget. The decrease to same time last year
is due to the timing of production partners payments and will
stablize in early summer.
48000 · Warren Station 96,978.33 135,967.83 123,360.85 12,606.98 110.22%
Warren Station revenue continues to show a significant
increase to budget and same time last year.
Wedding/venue rental revenue is under budget due to a
reduction in confirmed wedding contracts. An increase in
ticket sales and a revision in compensation methods for
entertainers are contributors to the increase over budget and
same time last year.
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Keystone Neighbourhood Company, Inc. Profit & Loss Budget vs. Actual
January through April 2018
Jan - Apr 17 Jan - Apr 18 Budget$ Over Budget % of Budget Comments
Total Income 968,467.27 1,236,169.16 798,464.67 437,704.49 154.82%
Gross Profit 968,467.27 1,236,169.16 798,464.67 437,704.49 154.82%
Expense
51000 · Administrative Expenses 135,961.98 137,194.11 138,595.21 -1,341.39 98.99%
Administrative expenses are slightly under budget with
continuing education and legal fees under budget offset by
an increase in meetings/meals expense.
52000 · Insurance 13,141.28 12,705.05 12,755.60 -50.55 99.6% Business insurance is on budget.
53000 · Leasehold 20,985.62 21,236.04 21,551.78 -315.74 98.54% Leasehold expenses are on budget.
53020 · Security 32,714.64 34,349.76 36,809.28 -2,459.52 93.32% Security is showing a decrease to budget through April.
53030 · Member Expenses 2,118.47 2,085.01 2,000.00 85.01 104.25%
Members expenses are tracking on budget with our first Frist
Tracks event of 2018 completed.
53035 · Board Member Travel Expenses 0.00 0.00 0.00 0.00 0.0%
No Board Member travel expenses received as of this
report.
54000 · Income Tax Expense 0.00 0.00 0.00 0.00 0.0% No income tax expenses realized as of this report.
59999 · Depreciation Expense 10,317.96 16,333.36 16,333.36 0.00 100.0%
Depreciation expenses are on budget through April, but may
change after the CPA reviews the current schedule.
61000 · Event Dept. Expenses 73,474.14 77,278.25 82,153.28 58,300.96 94.07%
General event dept. expenses are under budget with
insurance/permits and general marketing trending below
budget. As we enter the busy summer event season we
anticipate these accounts to come within budget.
69999 · Events & Festivals 25,354.94 52,970.85 49,758.92 3,211.93 106.46%
Festival expenses are trending over budget due to the
purchasing of event supplies, licenses, rental equipment and
entertainment deposits for the upcoming summer festival
season. As we move into the summer festival season these
accounts will normalize.
70000 · Warren Station Operations 147,745.89 231,169.55 229,275.17 1,894.38 100.83%
Warren Station operating expenses are over budget in April
with cleaning/supplies, repair/maintenance and concert
entertainment expenses over budget. We anticipate Warren
Station expenses will be normalizing as we move through
summer.
72000 · Weddings 5,572.23 9,691.94 9,617.65 7.00 100.77% Wedding expenses have come within budget.
81000 · Neighbourhood Operations 408,860.98 337,519.17 338,762.73 -1,243.56 99.63%
Neighbourhood operations is showing a minor decrease to
budget with fuel, vehicle maintenance and common area
restroom expenses over budget offset by a reduction in
office/tools/supplies and temporary labor being attributed to
limited snow and warmer temperatures in late 2017/2018
winter season.
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Keystone Neighbourhood Company, Inc. Profit & Loss Budget vs. Actual
January through April 2018
Jan - Apr 17 Jan - Apr 18 Budget$ Over Budget % of Budget Comments
83000 · Pool & Spa Maintenance 22,594.33 25,453.41 24,845.05 608.36 102.45%
Pool and spa expenses are showing a minor increase to
budget due to an increase in chemicals, repair/maintenance
and pool towels.
84000 · Road Snow Removal & Maintenance 64,093.02 78,586.71 82,265.76 -3,679.05 95.53%
Snow removal is below budget as we close the 2017/2018
winter season due to limited snow fall reducing or eliminating
additional snow removal/hauling and warmer temperatures
reducing snowmelt heating costs.
85000 · Landscaping 0.00 131.95 0.00 131.95 100.0% We purchased some replacement barrel liners.
89000 · KNC Design Review Board 7,589.96 7,996.53 8,327.72 -331.19 96.02% KDRB expenses are trending on budget through April.
91000 · Capital Reserve & Replacement 48,933.05 123,386.89 122,800.00 586.89 100.48%
We have purchased 2 new mushroom heaters, a new
camera for day of event photos, electrical/mechanical
projects in Warren Station and web site updates. We have
completed the design work for the River Run snowmelt
system, purchased 11 new bear proof trash/recycle cans for
the village, 25 additional barricades, new radios with charges
and a new LED street light to be tested for illumination of
darker areas.
92000 · Community Improvements 39,757.72 6,320.00 7,500.00 -1,180.00 84.27%
Improvements expenses reflect the initial planning of the
replacement of the Bear Pit and Warren Station.
Total Expense 1,059,216.21 1,174,408.58 1,183,351.51 -8,942.93 99.24%
Net Ordinary Income -90,748.94 61,760.58 -384,886.84 446,647.42 -16.05%
Net Income -90,748.94 61,760.58 -384,886.84 446,647.42 -16.05%
April 2018 Year to Date:· Income was $1,236,169 or 154.8% the budgeted amount.· Operating Expenses were $1,044,702 or 99.2% of the budgeted amount.· Capital Expenditures were $129,707 or 99.5% of the budgeted amount · Net Operating Income year to date was $191,467 or (75.2%) of the budgeted amount. · Net Income (after Capital Expenditures) year to date was $61,761 or (16.05%) of budgeted amount.
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Keystone Neighbourhood Company, Inc. Balance Sheet As of April 30, 2018
Apr 30, 18 Apr 30, 17 $ Change % Change
ASSETS
Current Assets
Checking/Savings
10000 · Alpine Bank Checking 311,824.65 231,148.55 80,676.10 34.9%
10001 · Alpine Bank -Operations Reserve 130,745.59 59,391.02 71,354.57 120.14%
10003 · Alpine Bank - Capital Reserve 66,241.27 62,178.69 4,062.58 6.53%
10005 · Alpine Bank - Improvement Resv. 45,327.51 12,246.54 33,080.97 270.13%
10008 · Alpine Bank - Facilities Reserv 35.69 635.65 -599.96 -94.39%
10015A · VRDC - DRB Checking YE 0.00 30,908.65 -30,908.65 -100.0%
10021 · UMB Bank - Capital Checking 968,923.97 219,232.52 749,691.45 341.96%
10021A · UMB Bank - Capital Investment 735,000.00 1,910,000.00 -1,175,000.00 -61.52%
10022 · UMB Bank - Improvements Chcking 281,026.75 159,040.46 121,986.29 76.7%
10022A · UMB Bank - Improvements Invest 735,000.00 1,050,000.00 -315,000.00 -30.0%
10023 · UMB Bank - Facilities Checking 5,599.48 611.95 4,987.53 815.02%
10023A · UMB Bank - Facilities Invest 703,000.00 698,000.00 5,000.00 0.72%
10030 · MBS - Pershing Operations
10030A · MBS - Pershing Oper Investment 1,493,601.85 1,736,248.50 -242,646.65 -13.98%
10030 · MBS - Pershing Operations - Other 1,704,841.81 300,963.87 1,403,877.94 466.46%
Total 10030 · MBS - Pershing Operations 3,198,443.66 2,037,212.37 1,161,231.29 57.0%
10031 · MBS - Pershing Capital
10031A · MBS - Pershing Capital Invstmnt 1,009,386.60 594,695.01 414,691.59 69.73%
10031 · MBS - Pershing Capital - Other 633,434.50 249,563.75 383,870.75 153.82%
Total 10031 · MBS - Pershing Capital 1,642,821.10 844,258.76 798,562.34 94.59%
10032 · MBS - Pershing Improvement
10032A · MBS - Pershing Impv Investment 248,817.72 547,533.17 -298,715.45 -54.56%
10032 · MBS - Pershing Improvement - Other 338,820.79 2,214.17 336,606.62 15,202.38%
Total 10032 · MBS - Pershing Improvement 587,638.51 549,747.34 37,891.17 6.89%
10033 · MBS - Pershing Facilities
10033A · MBS - Pershing Facilities Invst 333,236.17 174,233.50 159,002.67 91.26%
10033 · MBS - Pershing Facilities - Other 2,834.04 1,671.07 1,162.97 69.59%
Total 10033 · MBS - Pershing Facilities 336,070.21 175,904.57 160,165.64 91.05%
Total Checking/Savings 9,747,698.39 8,040,517.07 1,707,181.32 21.23%
Accounts Receivable11000 · Accounts Receivable 72,189.71 96,483.44 -24,293.73 -25.18%
Total Accounts Receivable 72,189.71 96,483.44 -24,293.73 -25.18%
Other Current Assets
12003 · Undeposited Funds* 8,407.35 0.00 8,407.35 100.0%
12306 · Warren Station Bank 750.00 750.00 0.00 0.0%
12308 · Prepaid Expenses - Current Year 13,193.55 10,938.08 2,255.47 20.62%
12309 · Prepaid Insurance 20,700.40 18,857.15 1,843.25 9.78%
12310 · Prepaid Taxes 0.00 4,044.55 -4,044.55 -100.0%
12311 · Resort Reimbursable -600.00 2,920.00 -3,520.00 -120.55%
12340 · Inventory Asset 14,171.06 12,560.65 1,610.41 12.82%
12350 · Alcohol Inventory 7,028.69 8,676.07 -1,647.38 -18.99%
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Keystone Neighbourhood Company, Inc. Balance Sheet As of April 30, 2018
Apr 30, 18 Apr 30, 17 $ Change % Change
Total Other Current Assets 63,651.05 58,746.50 4,904.55 8.35%
Total Current Assets 9,883,539.15 8,195,747.01 1,687,792.14 20.59%
Fixed Assets
12000 · Accumulated Depreciation -451,257.45 -375,440.75 -75,816.70 -20.19%
12001 · Equipment 529,563.33 484,519.08 45,044.25 9.3%
12002 · Tenant Improvements 187,606.92 187,606.92 0.00 0.0%
Total Fixed Assets 265,912.80 296,685.25 -30,772.45 -10.37%
Other Assets12200 · Security Deposits / Bonds 605.00 605.00 0.00 0.0%
Total Other Assets 605.00 605.00 0.00 0.0%
TOTAL ASSETS 10,150,056.95 8,493,037.26 1,657,019.69 19.51%
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable20000 · Accounts Payable 57,304.86 56,910.29 394.57 0.69%
Total Accounts Payable 57,304.86 56,910.29 394.57 0.69%
Credit Cards
28000 · Credit Cards
28002 · Credit Card - Wells Fargo MC 18,636.04 9,191.56 9,444.48 102.75%
28003 · Credit Card - Lowe's 286.20 0.00 286.20 100.0%
Total 28000 · Credit Cards 18,922.24 9,191.56 9,730.68 105.87%
Total Credit Cards 18,922.24 9,191.56 9,730.68 105.87%
Other Current Liabilities
20001 · Tips Payable 464.58 233.79 230.79 98.72%
21500 · IRA Employee Contribution 1,574.00 50.00 1,524.00 3,048.0%
23000 · DRB Refundable Deposits 105,500.00 98,000.00 7,500.00 7.65%
23100 · WS Damage Deposit - Current Yr. 7,000.00 3,000.00 4,000.00 133.33%
23100a · WS Damage Deposit - Next Year 500.00 500.00 0.00 0.0%
24000 · Sales Tax 12,156.30 367.68 11,788.62 3,206.22%
25503 · Prepaid WS Deposit - Current Yr -3,076.56 44,482.19 -47,558.75 -106.92%
25503a · Prepaid WS Deposit - Next Year 26,481.52 2,826.56 23,654.96 836.88%
Total Other Current Liabilities 150,599.84 149,460.22 1,139.62 0.76%
Total Current Liabilities 226,826.94 215,562.07 11,264.87 5.23%
Total Liabilities 226,826.94 215,562.07 11,264.87 5.23%
Equity
30002 · Retained Earnings- Com Cap Rsrv 4,625,411.00 4,146,447.00 478,964.00 11.55%
30003 · Retained Earnings-Comm Imprvmts 2,446,650.57 2,448,470.57 -1,820.00 -0.07%
30004 · Retained Earnings-Facilities 1,295,451.00 1,134,316.00 161,135.00 14.21%
32000 · Unrestricted Net Assets 1,532,074.46 638,990.56 893,083.90 139.77%
32000A · VRDC-DRB Unrst Net Asset YE -38,117.60 0.00 -38,117.60 -100.0%
Net Income 61,760.58 -90,748.94 152,509.52 168.06%
Total Equity 9,923,230.01 8,277,475.19 1,645,754.82 19.88%
TOTAL LIABILITIES & EQUITY 10,150,056.95 8,493,037.26 1,657,019.69 19.51%
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Keystone Neighbourhood Company, Inc. A/P Aging Summary
As of April 30, 2018Current 1 - 30 31 - 60 61 - 90 > 90 TOTAL
Alpine Security, LLC 0.00 425.25 0.00 0.00 0.00 425.25
Always Mountain Time, LLC. 1,500.00 0.00 0.00 0.00 0.00 1,500.00
BEARCOM 0.00 0.00 404.44 0.00 0.00 404.44
Black Duck Builders Inc 0.00 1,183.50 0.00 0.00 0.00 1,183.50
Bobcat of the Rockies 0.00 104.74 0.00 0.00 0.00 104.74
Burris, Janae 600.00 0.00 0.00 0.00 0.00 600.00
CenturyLink 0.00 143.07 0.00 0.00 0.00 143.07
Colorado Mountain News Media 675.36 0.00 0.00 0.00 0.00 675.36
Comedy Works Entertainment 200.00 0.00 0.00 0.00 0.00 200.00
DIRECTV 0.00 37.99 0.00 0.00 0.00 37.99
F.D. Taylor Electrical Const. Co. 0.00 1,893.35 0.00 0.00 0.00 1,893.35
Garhart, Jessica 0.00 60.00 0.00 0.00 0.00 60.00
Goodbarn, Elizabeth 0.00 120.00 0.00 0.00 0.00 120.00
Great America Financial Services 0.00 844.34 0.00 0.00 0.00 844.34
High Country Copiers 125.77 0.00 0.00 0.00 0.00 125.77
Kerr-Schlaefer, Heidi M. 0.00 900.00 0.00 0.00 0.00 900.00
Krystal Broadcasting 0.00 800.00 0.00 0.00 0.00 800.00
Lawrence, Brendan 52.88 0.00 0.00 0.00 0.00 52.88
Local Pest Control 0.00 100.00 0.00 0.00 0.00 100.00
Lowe's 256.15 0.00 0.00 0.00 0.00 256.15
Maas, Zachary 200.00 0.00 0.00 0.00 0.00 200.00
Mountain High Chem-Dry 0.00 1,422.00 0.00 0.00 0.00 1,422.00
O'Bryan Partnership 0.00 4,279.20 0.00 0.00 0.00 4,279.20
Peak Elevator, LLC 65.00 0.00 0.00 0.00 0.00 65.00
Pitney Bowes Purchase Power 0.00 63.79 0.00 0.00 0.00 63.79
Rosenberg, Jeremy 438.75 0.00 0.00 0.00 0.00 438.75
RS May & Associates, LLC 5,460.00 0.00 0.00 0.00 0.00 5,460.00
Sanitary Supply Corp, Inc. 0.00 357.78 0.00 0.00 0.00 357.78
Sno-White Linen/Uniform 128.63 0.00 0.00 0.00 0.00 128.63
Spierer, Woodward, Corbalis & Goldberg 852.50 0.00 0.00 0.00 0.00 852.50
Stroup, Derrick 0.00 200.00 0.00 0.00 0.00 200.00
Team Clean 220.00 0.00 0.00 0.00 0.00 220.00
Ten Mile Engineering, Inc. 742.50 0.00 0.00 0.00 0.00 742.50
Tiger, Inc. 5,240.95 0.00 0.00 0.00 0.00 5,240.95
Todd Webber Architect 749.23 -405.00 0.00 0.00 405.00 749.23
Vail Resorts 4,049.57 0.00 747.48 0.00 0.00 4,797.05
Voth, Christopher 0.00 600.00 0.00 0.00 0.00 600.00
Wells Fargo 0.00 14,184.10 0.00 0.00 0.00 14,184.10
Western Slope Beverage 0.00 64.82 0.00 0.00 0.00 64.82
Western States Fire Protection Co. 0.00 1,442.00 0.00 0.00 0.00 1,442.00
Xcel Energy 5,369.72 0.00 0.00 0.00 0.00 5,369.72
TOTAL 26,927.01 28,820.93 1,151.92 0.00 405.00 57,304.86
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PROXY AND BALLOT
I am/we are unable to attend the Annual Members' Meeting of The Keystone Neighbourhood Company, Inc. (“The Neighbourhood Company”) to be held on Friday June 29h, 2018 at 2:00 p.m. at Warren Station at Keystone. In order that I am/we are represented at the meeting, I/we do hereby appoint _______________________________________________, (insert name of individual) and vote as follows: INSTRUCTION: FOR SKI TIP AREA HOMEOWNERS (includes The Alders, Estates at the Alders, Alders Townhomes, River Meadows, Ski Tip Ranch, Trappers Crossing, Settlers Creek Estates, and Settlers Creek Townhomes.) Please vote on all items below.
1. RESOLVED, that the following individual be elected as the Ski Tip Residential Director. (Please see Nominee Biography on the back side of this proxy/ballot).
__________ David Stelzer
_______________________________________ _________________________________ Print First and Last Name Print Lodge/Neighbourhood & Unit Number
______________________________________ _________________________________ Owners Signature and Date Owners Signature and Date
THIS PROXY & BALLOT MUST BE RETURNED ON OR BEFORE Wednesday June 27th, 2018 TO
THE KEYSTONE NEIGHBOURHOOD COMPANY, 140 IDA BELLE DRIVE, SUITE F4, KEYSTONE, CO 80435 OR BY FAX TO 970-423-8995 OR YOU CAN PRINT/SCAN AND EMAIL THE SIGNED
PROXY/BALLOT TO [email protected].
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DAVID F. STELZER 53 Wolf Rock Road Keystone, CO 80435 970-262-7911 (Home) 513-258-5148 (Cell) [email protected]
______________________________________________________________________________________
KEYSTONE HISTORY AND EXPERIENCE We bought our first home in 1998 in Dakota. In 2001 we purchased a condo in the Lone Eagle property where I became a member of the HOA Board and continue on the board today as a non-voting director. I retired in 2003, and in 2008 we built a home in Settlers Creek Estates. I joined that HOA board right away and remain on the board today. I was president of the board in 2010 and 2011. In 2013 I was appointed to the board of the KNC representing the Ski Tip (eastern area) residents of the Neighbourhood Company. I am presently a member of the KNC Finance Committee, the Nominating Committee and the Executive Committee. In 2016 I was elected to the Board of the Keystone Citizens League. This position allows me to appreciate the needs and desires of the citizens and businesses in the broader Keystone area. In 2015 we moved permanently to our Keystone home. I am committed to working to maintain and improve the Keystone area in a fiscally responsible way so that all of our owners are proud to be a part of Keystone.
PERSONAL
Married with two grown children and three grandchildren. Board member (Chairman, 2005-2007) of the Coalition for a
Drug Free Greater Cincinnati 2001-2015. Church officer.
Chairman of the Board, Hospice Care, Inc., 1991-1995. Chairman of Corporate United Way Campaign, 1992, 1999
WORK EXPERIENCE 12/88 – 3/2003 Convergys Corporation, Cincinnati, Ohio.
Various Executive positions
11/83 - 12/88 STRUCTURAL DYNAMICS RESEARCH CORPORATION, Cincinnati, Ohio. .Various Executive Positions
12/76 - 11/83 ZONIC CORPORATION, Cincinnati, Ohio.
Executive Sales positions
3/73 - 12/76 ACCURAY CORPORATION, Columbus, Ohio. National Account Manager 6/68 - 3/73 NATIONAL INSTITUTE FOR OCCUPATIONAL SAFETY AND HEALTH, Rockville, Maryland.
Research Engineer
EDUCATION MBA, Industrial Management - University of Cincinnati - 1972 BSME, Mechanical Engineering - Purdue University - 1968
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The KNC 2018 Summer Event Schedule
8 - Opening Day - Keystone Resort
10, 17 - Strider Bike Series - River Run Village
19, 26 - National Repertory Orchestra - Quaking Aspen Amphitheater
27 - Kid's Discovery Days - River Run Village
21 - Summer Comedy Series - Warren Station
23 & 24 - 8th Annual Bacon and Bourbon Festival - River Run Village
23 & 24 - Bacon Education Center - Quaking Aspen Amphitheater
29 - KNC Member's Meeting - Warren Station
30 - Kidtopia Kidzfest - River Run Village
29 & 30 - Merchant Tent Sale - River Run Village
29 & 30 - Kidtopia Stars & Guitars - Keystone Resort
JUNE 2018
WWW .KEYSTONENEIGHBOURHOOD .COM
WWW .KEYSTONEFESTIVALS .COM
WWW .WARRENSTATION .COM
JULY 20181-4 - Kidtopia Stars & Guitars - Keystone Resort
1 - Merchant Tent Sale - River Run Village
1, 8, 22 - Strider Bike Series - River Run Village
3 - Independence Day Celebration - Keystone Resort
4 - 4th of july Bike Parade - River Run Village
7 - Big Mountain Enduro - Gondola Plaza
7 - Kidtopia Kidzfest - River Run Village
7 - BLAM (Beer, Local Art, Music) - Warren Station
10 - National Repertory Orchestra - Quaking Aspen Amphitheater
11, 18 - Kid's Discovery Days - River Run Village
13 - Reserve Wine Tasting - Warren Station
14 & 15 - Keystone Wine and Jazz Festival - River Run Village
14 & 15 - Wine Seminars - Warren Station
19 - Summer Comedy Series - Warren Station
28 - Hike MS - Gondola Plaza
28 & 29 - River Run Art Festival - River Run Village
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The KNC 2018 Summer Event Schedule
1, 8 - Kids Discovery Days - River Run Village
3 - Eat, Drink, Pick: Beer Maker's Pairing with New Belgium - Warren Station
4 & 5 - 22nd Annual Bluegrass and Beer Festival - River Run Village
4 & 5 - Beer Seminars - Warren Station
11 - Canvas Uncorked - Warren Station
11 - Frontier Roundup - River Run Village
12, 19, 26 - Strider Bike Series - River Run Village
17 - Mountain Town Kick-Off Concert - Warren Station
18 - Mountain Town Music Festival - River Run Village
23 - Summer Comedy Series - Warren Station
25 - Chalk Art & Chocolate - River Run Village
AUGUST 2018
WWW .KEYSTONENEIGHBOURHOOD .COM
WWW .KEYSTONEFESTIVALS .COM
WWW .WARRENSTATION .COM
SEPTEMBER 20181 - Keystone Oktoberfest - River Run Village
1 - 3 - Merchant Tent Sale - River Run Village
2 - Taste of Keystone - Lakeside Village
16 - Closing Day - Keystone Resort
UPCOMING WINTER EVENTS 2018November 10th & 17th - Get Stoked Movie Series - Warren Station
November 16th - KNC Member's Meeting - Warren Station
November 24th - Welcome Winter Family Carnival - Warren Station
November 24th - Lighting of River Run - River Run Village
November 30th - Winter Comedy Series - Warren Station
December 1st - The Nutcracker Suite - Warren Station
December 28th - Winter Comedy Series - Warren Station
December 31st - New Year's Eve Concert - Warren Station
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