Landen Meadows HOA
Annual Meeting
2016 Calendar Year Summary
Accomplishments
• Social Committee
Issues & Challenges
•
– Large amount of open AR is
hampering our ability to fund our
reserve like we need to
– Help from community members is
driving more events
• Pool drain installation
• Update of LM website
• Community Volunteers
– Planned Tree Charlotte Event
• Communication
– We want to continue increasing
the level of communication
between board and community
• Budget/Spending
– $8,189 under budget for 2016!
Reserve Funding
•
Communications
– Need LM resident to help with
coordination and disbursement of
Newsletter
•
Must budget for large future
repairs:
–
–
–
–
–
–
Playground
Pool refinish & pump replacement
Pool Bathrooms
Pool Bungalow refinishing
Pool parking lot
Tennis court
1
Board/Community Communication
Annual Meeting
• Face to Face – Board and Community
– Town Hall Meeting
• New Website
–
–
–
–
Modern Format/Curb Appeal
Informative
User Friendly
On-going, please be patient
• Need assistance with content
• NextDoor and Facebook
–
–
–
–
Tools for communication
Abuse
Appearance/Home Value
Freedom of Speech
2
Community Involvement
Annual Meeting
• Increase in Community Member Participation
• Direct Expense Reduction
– Pool umbrella repairs – Savings of $750
– Creek Tree Removal – Savings of $900
– Trees Charlotte event – Savings of $1840
• It is exciting to see so many people taking an active role in
their community and are working to make it better!
3
Landen Meadows HOA
Annual Meeting
2017 HOA Fee
Goals
•
•
•
•
Reserve Study
– $30,000.00 Reserve Funds Transferred Annually
Avoid Special Assessments
Address many aging common area components
– Community is over 25 years old
Keep in line with annual HOA fees for similar 28277 communities:
• Raeburn
$580 (Current) - $530 (2015)
• Thornhill
$540 (Current) - $480 (2015)
Results
•
Increase in dues from $480 to $490
4
Landen Meadows HOA
Annual Meeting
2016 Major Expense Comparison & Plans
374 Total Homes x $10 Revenue = $3,740 increase
Expense
2016 Budget
2017 Budget
% Change
Management Company
$20,106
$20,100
0%
Pool Management
$36,000
$36,000
0%
Landscaping
$31,512
$31,518
0%
Reserve Transfer
$30,000
$30,000
0%
TOTAL
$117,618
$117,618
Proposed 2017 plans:
- Entrance plantings renovation (includes fence repair on Rea Rd)
- Pool furniture repair
- Playground replacement
5
Landen Meadows HOA
Annual Meeting
2017 Community Improvement Plans
- Landen Park
-
-
Better use of field on
Newton Lane
Addition of soccer
goals, disc golf goals,
etc…
- Playground replacement
-
Playground showing age
Not ADA compliant –
unable to repair
6
Landen Meadows HOA 2016/17 comparative budget
Revenues
Association Assessments
Swim Team Income
Late Fees & Interest
Interest received on investments
Total Revenue
2016 budget
$ 179,520.00
$ 3,650.00
$
500.00
$
12.00
$ 183,682.00
2017 Budget
$ 183,260.00
$ 3,650.00
$
500.00
$
12.00
$ 187,422.00
Expenses
Electricity - General Usage
Water/Sewer - General Usage
Telephone
Management Fees
Violation Notices
Postage/Delivery
Audit/Tax Preperation
Website Fees
Meeting Expense
Legal/Collection Fees
Permits/Licenses/Fees
Property Insurance - Policy/Premium
Social Committee
Pool - Contract
Pool - Repair & Maintenance
Pool - Passes/Supplies/Furniture
Swim Team Expense
Athletic Court - Repair & Maintenance
Sidewalk - Repair & Maintenance
Maintenance - General
Landscape - Contract
Landscape - Improvements
Landscape - Repairs & Maintenance
Landscape - Seasonal
Bad Debt
Reserve Transfer
Total Expense
Net Income
$ 12,000.00
$ 14,000.00
$
528.00
$ 20,106.00
$ 2,000.00
$ 2,000.00
$
275.00
$
200.00
$
200.00
$
700.00
$
300.00
$ 3,057.00
$ 3,000.00
$ 36,000.00
$ 1,604.00
$ 2,000.00
$ 4,000.00
$
500.00
$ 1,000.00
$ 4,000.00
$ 31,512.00
$ 4,000.00
$ 2,500.00
$ 6,000.00
$ 1,200.00
$ 30,000.00
$ 183,682.00
$
-
$ 12,000.00
$ 20,000.00
$
600.00
$ 20,100.00
$ 2,000.00
$ 2,000.00
$
275.00
$
420.00
$
200.00
$
700.00
$
300.00
$ 3,057.00
$ 3,600.00
$ 36,000.00
$ 4,000.00
$ 2,500.00
$ 4,200.00
$ 1,000.00
$ 1,000.00
$ 4,000.00
$ 31,518.00
$ 4,000.00
$ 2,500.00
$ 6,000.00
$ 1,200.00
$ 24,252.00
$ 187,422.00
Assets
Accts Receivable
Landen Meadows FCB operating x6422
Landen Meadows FCB reserves x7311
$ 21,041.12
$ 38,759.25
$ 58,608.65
Total Assets
$ 118,409.02
Accts Receivable over collected
Accs payable - Net total
$
$
2,558.00
187.27
Total Liabilities
$
2,745.27
Current operation funds
General Reserves
Swim Team Reserves
Net Income
$ 81,705.43
$ 21,426.00
$ 4,083.00
$ 8,449.32
Total Net Worth
$ 115,663.75
Total net worth and liabilities
$ 118,409.02
Liabilities
Net Worth
7
8