Jamie Braithwaite, President

Stonebrook Homeowners Association

VIA EMAIL AND HAND DELIVERY

January 25, 2018

Patti Fielding

Re: Stonebrook Homeowners Association Management and Bookkeeping

Dear Patti:

This letter is to outline for you the duties and expectations of the Stonebrook Homeowners Association (“SBHA”) Board related to bookkeeping and management services we previously discussed with you. You will perform these services as an independent contractor and not an employee of the SBHA.

As we explained, we would expect you to track your time spent fulfilling tasks set forth herein and to invoice the SBHA monthly for time expended. We will pay you for your time at the agreed-upon rate of fifteen ($15) per hour expended on SBHA business.

In addition, we would like your invoice to include details, by date, about what tasks were performed and how much time was spent on each task. This will allow the SBHA to get an idea as to the time required for theses tasks for purposes of budgeting and benchmarking going forward, and will be valuable.

We expect that, in general, you should be able to complete the assigned tasks in fewer than fifteen (15) hours per month. If you find that more time is required for any reason, please obtain authorization from the President and/or Treasurer of SBHA. Given the seasonal nature of the SBHA’s activities, we imagine that most months will require much less than 15 hours, but there may also be months in which more time is required.

Subject to the directions you receive from the Treasurer or President of the Board (or another authorized Board member), we expect you will perform the following tasks:

Producing and sending annual invoices to SBHA members for assessments. Our fiscal year is July 1 to June 30, and there are 316 homes to be invoiced and collected on.
Deposit collected funds into SBHA account.
Tracking payments and follow to-be-established collection procedures if payment is not received—including writing letters, filing liens, and other steps as necessary.
Continuously updating records as new information is received (for example, from title companies) and verifying the name, address, and other information of each homeowner from county records on at least an annual basis. Transmitting a copy of each change to a designated member of the SBHA Board.
Tracking bills and expenses and preparing needed checks for signature by association officers to pay bills received. On average we receive 2-3 bills per month.
Sending standardized covenant violation letters as the Board deems necessary. Recent average has been 5-10 such letters per year
Preparing and transmitting to the Board for review a quarterly report and an annual report detailing the results of activities, including finances, collection efforts, verification efforts, enforcement efforts, etc.
Receiving mail for SBHA. As a one-time matter, we will want you to establish a post office box to which mail can be directed.
Answering questions from title companies, as needed, regarding homeowner assessment payments
Preparing and filing an annual tax return, if, as, and when required
Acting as the Registered Agent for the SBHA
Other duties as requested by the Board

[signature page follows]

We hope these duties and terms are acceptable to you. If they are, please execute where indicated below and return to me at your earliest convenience. We look forward to working with you.

Sincerely,

Jamie Braithwaite

President

I agree to and accept the terms and conditions set forth above.

______________________

Signatures

cc: The SBHA Board