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Idlewood Condo Association

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					Idlewood Condo Association


             Town Hall Meeting
               Tucker Library
            Saturday, August 13th
Meeting Agenda

   Review of Responsibilities
     - Individual Homeowners - Idlewood Association
      - Idlewood Board       - Heritage

   Accomplishments and Goals for 2005

   Financial Statement Review and Impact on Our Goals &
    Accomplishments

   Voting Issues:
     – Roofs Only
     – Roofs + Capital Improvements
Responsibilities



             Idlewood Condo       Idlewood Board
                   Assoc            5 Homeowners
               65 Individual
               Homeowners        Managing the Assoc
                                                          Heritage

   Homeowner Association Consists of the 65 Individual Homeowners
   5 Homeowners Are on the Board of Directors Working For the
    Interest of the Association
   Heritage Property Mgmt Company Helps the Association Manage the
    Community
Responsibilities of Homeowners


   Pay Association Dues in a Timely Manner

   Notifying the Board and/or Heritage of Necessary
    Repairs or Service

   Follow Established Rules and Regulations –
    Including Requests for Temporary Exceptions or
    Rule Modification
Homeowner
Repair Responsibilities

   Unit Interior

   Pipes Supply the Unit Inside

   Repair Options
    – Owner May Complete Repair If They Have the
      Skills and Ability
    – Utilize a Reputable Contractor of Their Choice
    – Ask Heritage to Coordinate for the Service the
      Individual Homeowner Will Fund
Responsibilities of the Board


   Meet the Financial Obligations of the Association

   Identifying If Requests for Repair or Service Are
    the Financial Responsibility of the Homeowner or
    Association

   Ensure Repairs/Improvements Are in the Best
    Interest of All Homeowners

   Meet With Homeowners About Community Issues
Association


   Goals
    – Protect and Promote Homeowner Investment
    – Enhance Enjoyment of the Community


   Responsibilities
    – Developing and Enforcing Policies and Rules
    – Maintaining and Improving Common Areas
    – Creating a Sense of ‘Community’
Association – Repair
Responsibilities

   Mandated By, and Described In, By-Laws

   Most Services or Repairs to Common Areas
    – Funded by Our Association Dues and
      Assessments

   Many Services or Repairs to ‘Limited Common
    Areas’
     – Funded by the Homeowner
Responsibilities of Heritage

   Basic Bookkeeping and Paying Bills

   Coordinate Bids for Service and Repairs

   Coordinating Requests for Service From
    Homeowners With the Board
Repair Service Concerns

   For a Homeowner Funded Service, By a Homeowner
    Identified Vendor
      Work with the Vendor


   For a Homeowner Funded Service, by the Association or
    Heritage Identified Vendor
      Work with the Vendor


     NotifyBoard and Heritage of Problem and Resolution
      We Don’t Want to Use/Recommend a Vendor Providing
      Poor Service
Accomplishments
Previous Board

  Established a Working Board
  Hired a Management Company (Heritage)
  Successfully Implemented Processes to Collect
   Back Dues
  Installed Central Water Pressure Valve
  Began the Roof Replacement Project
  Sponsored Volunteer Clean-up days and
   Beautification Projects
Accomplishments
Current Board

 Established Idlewood Website and Newsgroup
 Removed Approx 15 Cubic Yards of Downed &
  Drooping Vegetation
 1st Annual Party on the Patio
 Began Pressure Washing of Building Exteriors
 Published & Centralized Policies and Procedures
 Reviewing/Evaluating All Contracts – Ensuring
  We’re Getting the Best Level of Service Possible
    New Landscaping Contract Began This Aug
Goals for the Remainder of 2005

   New Roofs!

   Identify and Implement Affordable & Value Added
    Renovations

   Continue to Improve Communication of Association
    Policies and Renovation Project Progress

   Identify and Prepare Association Members to Take-On
    Board Positions
Plan of Attack


         Approx 100 Association Members

                   65 Condo Units

                  5 Board Members



          SUBCOMMITTEES!
Idlewood’s Needs Far Out Way Just the Board’s Capacity
Subcommittee Opportunities

   Nomination Committee - Identify Potential Board Candidates

   Architectural and Beautification Committee
     – Prioritize Renovation Projects
          Value Added
          Evaluate Cost to Complete


   Communication
     – Share Information About Renovation Projects & Items of
       Community Interest

   Neighborhood Watch
     – Safety
     – Contractor Feedback
Financial Picture


    The Difference Between a Dream and a Plan is
    the Bank Account Statement!

    The Association’s Financial Situation is Improving

   Most Decisions Have Required - ‘Is There a
    Cheaper Way to Do That?’

   Moving Towards Decisions Based - ‘Which
    Options Provides the Most Value’
 2005 Financial Performance
 Overview
                                           Capital
     40,000                                Reserves
                                           G&A
     20,000
           0                               Landscaping
     (20,000)
     (40,000)                              Pest &
                                           Recreation
     (60,000)
                                           Revenue
     (80,000)
    (100,000)                              Taxes & Ins
                2005 YTD Expenses
                                           Utilities

                                           Maintenance &
$9K YTD Net Income Primarily Driven by   Back Dues Collections
                                           Services
 Financial Statement Review

      YTD Net Income of $8,803 – Driven Primarily by Collection of
       Delinquent Fees
      12.31% Decrease in % of Delinquent Units
      Aggressive Vendor Evaluation & Replacement
                                                       Total                      1 to 4
            (Net Inc)/Net Current   Delinquent      Delinquent         %         Months    4+ Months
                Loss       Units       Units             $        Delinquent    Delinquent Delinquent
   Jan-05             498   38          27               35,131        41.54%       19          8
  Feb-05          (13,164)  44          21               37,901        32.31%       12          9
  Mar-05           12,666   42          23               41,757        35.38%       11         12
   Apr-05         (16,382)  43          22               34,309        33.85%       10         11
  May-05            5,251   44          21               37,348        32.31%        9         12
   Jun-05           2,327   46          19               37,810        29.23%        8         13
YTD Total          (8,803)  43          22               37,376        34.10%       12         11

* Excl Net Inc, All YTD Totals Represent Averages


  Noncontributing Homeowners Are Taxing the Association
Financial Statement Review

                                   Idlewood Condo YTD Delinquency


                50.00%

                40.00%       41.54%
 % Delinquent




                                               35.38% 33.85%
                                      32.31%                    32.31%
                30.00%
                                                                      29.23%
                20.00%

                10.00%
                0.00%
                         Jan-05   Feb-05   Mar-05   Apr-05   May-05    Jun-05
                                               Month



Decrease in Delinquencies Driven By:
• Increased Communication with Homeowners
• Expedited and Aggressive In House Collections
• Improvement in Communication Responsibilities & Guidelines
Association Dues

                            Association Monthly Payment

              Dues: $165 Two Bedroom OR Three Bedroom Dues
                    Plus Vinyl Siding Assessment: $40 Per
                  Total = $205 to $215 Per Unit/Per Month:

   Insurance                        Building Maintenance       Pool Service
                                       – Pressure Washing          – Phone,
   Trash Removal
                                       – Gutter                    – Electrical
      – Dumpsters, Large Items
                                           Cleaning/Repair         – Pool Care
   Water and Sewer
                                       – Roof Repair             Landscaping
   Community Lighting
                                     Community Maintenance
   Management Service
                                       – Asphalt Repair
      – Bookkeeping / Bill Paying
                                       – Fence Repair
      – Contractor Scheduling
                                       – Tree Removal
      – Community Notifications
How Your Association Fees Are
Invested

             Idlewood Expenses by Category

  31,500
  28,000
  24,500
  21,000
  17,500
                                       Expense $ Amount
  14,000
  10,500
   7,000
   3,500
     -

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How Your Association Fees Are
Invested

                                           Expense %

    25.00%
    20.00%
    15.00%
                                                                              Expense %
    10.00%
     5.00%
     0.00%




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Insurance, Water & Sewer, Maintenance, Repairs and Renovations
                 Are Our Biggest Investments
New Roofs and Renovations


   Most Buildings Need New Roofs
    – Age of the Roof and Leaks


   New Roofs Will Improve the Value of the Unit, Building, and
    Community

   Roofing Project is Expected to be Completed During the Fall
    of 2005

   Roofing Project will be Paid for by an Assessment to Start
    After the Siding Assessment Ends
Assessment to Cover

   Only Roofs
     – $50/month for 5 Years
     – Approx $3,000 per Unit for New Roof


                or

   Roofs Plus Renovation Budget
     – $55/mo for 5 years


    –   Will Provide Funds to a Special Account to Only be
        Used for Renovation Projects Identified by the
        Architectural and Beautification Subcommittee
Concurrent Renovations Options


   Gutter Cleaning, Including Downspouts
   Gutter Guard Additions
   Replace Railroad Ties Along Landscaping
   Upgrade Pool Deck
   Refurbish Pool House
   Upgrade Back Fence
   Upgrade Front Fence
   Others?
Voting


   Association Members as a Group Will Choose Between the
    Roof Only and Roof Plus Renovations Assessment Options

   Homeowners as Individuals Will Select Their Payment
    Option

    –   Homeowners Are Assumed to Choose the Monthly
        Payment Option Unless They Contact the Board and
        Request to Make a Lump-Sum Payment
Campaign/Discussion


   Roofs Plus Renovation
     Allows Us to ‘Jump Start’ a Renovation
      Program - Increase Value of Community
      Faster

   Roofs Only
     Smaller assessment

				
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posted:7/18/2012
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