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PCHA Treasurer’s Report
Plymouth Commons Homeowners’ Association
2009 Annual Association MeetingTreasurer's Report Rebecca UffordFebruary 16, 2009
PCHA Treasurer’s Report
1. Current Status
2. 2004-2008 Financial Statements
3. Moving Forward
Topics
PCHA Treasurer’s Report
Current Status
Approved Budget—90 homes are participating in votes
PCHA Treasurer’s Report
Current Status
Approved Budget—90 homes are participating in votes
Controls on Financial Spending Board approval on all outgoing funds prior to
commitment Dual signature required Checks and Balances
PCHA Treasurer’s Report
Current Status
Approved Budget—90 homes are participating in votes
Controls on Financial Spending Board approval on all outgoing funds prior to
commitment Dual signature required Checks and Balances
Regular monthly Treasury Report to PCHA Board
PCHA Treasurer’s Report
Current Status
Approved Budget—90 homes are participating in votes
Controls on Financial Spending Board approval on all outgoing funds prior to
commitment Dual signature required Checks and Balances
Regular monthly Treasury Report to PCHA Board
U.S. Taxes Prepared and Filed No tax burden deemed required for 2004-2007 Tax payment will be necessary for 2008
PCHA Treasurer’s Report
Current Status
Approved Budget—90 homes are participating in votes
Controls on Financial Spending Board approval on all outgoing funds prior to commitment Dual signature required Checks and Balances
Regular complete monthly Treasury Report to PCHA Board
U.S. Taxes Prepared and Filed No tax burden deemed required for 2004-2007 Tax payment will be necessary for 2008
Association Records All records known to exist to association business have
been consolidated and organized in logical method
PCHA Treasurer’s Report
2004-2008 Financial Statements
Extraordinary expenses in 2008: Banking Fees $1,115.00 Research fees, prior year
statements, check copies Professional Fees $6,424.50 Accounting, Legal from 2007
and 2008 1Q Removing these items brings 2008 expenditures to $23,632.00 Per lot burden $181.00
PCHA Treasurer’s Report
2004-2008 Financial Statements
Extraordinary expenses in 2008:
Amount due from Member (Footnote #3 of Exhibit C in compilation)
$44,958.57 was returned to PCHA during 2007 and 2008 by Bhru Patel (principal amount)
$9,007.21 was received by PCHA in 2008 from Bhru Patel (interest amount)
PCHA Treasurer’s Report
2004-2008 Financial Statements
Extraordinary expenses in 2008:
Amount due from Member Items in process
– Small Claims issue of $3500—details later in meeting $1100 in banking and research fees $2400 in accounting work that had to be
completely redone
PCHA Treasurer’s Report
Moving Forward
Formalized procedures for Treasurer position being drafted for Board approval
Homeowner's Association Members rights—include all records available at regular monthly board meetings and by appointment, please!!
PCHA Treasurer’s Report
Moving Forward
Formalized procedures for Treasurer position being drafted for Board approval
Homeowner's Association Members rights—include all records available at regular monthly board meetings and by appointment, please!!
Volunteers required!! Special thanks to Ric Borsos, Finance Committee
Members: Brahm Kataria, Phil and Michelle Bourassa, Frank Del Col, Rebecca Ufford; Diane Harrison
Thanks to others who have helped: Lois Heikkinen, Jean Hannon, Don Ufford
PCHA 2009 Annual Meeting
2009 Update/Outlook- Results of Voting
- Next Steps, Implementation
- PCHA Cash Position
- 2009 Elections
- Reach Out - Volunteers
Results of 2009 Vote and Spending Proposals
Budget and Proposals
1. 2009 Operating Budget
2. Management Co. Proposal
3. $100 dues for 2009
4. Entrance Beautification
Entrance Beautification
57 – 32 Passed
Management Co.44 – 44 Not Passed
Dues Reduction
63 – 26 Passed
Quorum Achieved – 90 ballots were received, 87 (or 2/3rds of the lots) being required for quorum.
Operating Budget
79 – 5 Passed
Finalize 2008 Accounting
Close books for 2008
Distribute YE2008 results to members
File 2008 Taxes
Launch 2009 Budget
Load 2009 budget into QuickBooks
Sync cash balance with YE09 final balance
Start tracking process
Daily Operations
Miscellaneous
Implementation of 2009 Budget
Next Steps Operating Budget
Dues Communications
Send Invoice Description to each lot owner
Use the USPS for delivery
Initial Inquiries
Respond to questions from homeownersLeverage email or web-site (if ready)Resend information if necessary
Collection Process
Checks received to PO box
Input Checks into QuickBooks
Finalize Collections
Perform review after final due date
Send reminders
Notifications
Lien Process
Implement the 1 year reduction in Association Membership Dues
$100 Dues in 2009
Next Steps Proposal #2
Establish EB Committee
Initial Due Diligence
Site walk and survey
Establish and mark property lines
Obtain easements if necessary
Review Process
Qualify 3 top bids
Board review and final award
Vendor notification and NTP
Installation/ Acceptance
Perform Punch List walk
Vendor Completion
Final Site walk and acceptance
Implementation of Entrance Beautification
Next Steps Proposal #3
Updated PCHA Cash Position
Amount in Reserve $ 97,000
Subtract Previous Tax penalty payments (if necessary) $ (14,400)
New Reserve Amount in 2009 $ 82,600
Subtract Proposal #2 Reduce Dues in 2009 to $100 $ (16,900)
New Reserve Amount in 2009 $ 65,700
Subtract Proposal #3 Entrance Beautification Project $ (40,000)
New Reserve Amount in 2009 $ 25,700
Add 2009 Dues Collections $ 13,000
New Reserve Amount in 2009 $ 38,700
Subtract 2009 Operating Budget $ (29,677)
Final Reserve Amount in 2009 $ 9,023
The cost difference of 130 lots @ $100 versus $230
2009 Elections
• Any director would be expected to sign the conflict of interest policy.
• Vote will be conducted during the month of March. • First meeting of the newly elected officers to be held on April
13.
• Two openings• one 3 - year term • one 1 - year term (Christine Bodies' remaining term).
• Exact dates will be distributed after March 9
• (our next Board Meeting)
Volunteers
Your association needs volunteers for the following:
1. Architectural Review Committee – Restrictions and Compliance
2. Bookkeeping Support3. Entrance Beatification4. Roads Maintenance Sub-Committee5. Social Sub-Committee
Sign up sheets available, or just send the board an email.
You can please some of the people some of the time…
But you can’t please all of the people all of the time.
Brinton Baker - Secretary
PCHA Communications
Your best way of keeping up on what’s happening in the association
Contents of All Minutes◦ Checks Paid◦ Account Balance◦ All Board votes taken
Distribution◦ Immediately via email◦ Within two weeks via printed distribution
BOD Meeting MinutesPCHA Communications
Contents◦ Relevant subdivision/town news items◦ Non-urgent Board communications◦ Homeowner-generated topics
Distribution◦ Roughly Quarterly◦ Immediately via email◦ Within two weeks via printed distribution
Association NewslettersPCHA Communications
Board receives many homeowner emails Two-Tier Response
◦ Those that are brief and straightforward can be answered directly and immediately
◦ Those that are more complex, or that require a Board discussion, will be brought up at the new Board meeting under “New Business” and addressed
Please be understanding - remember that we are a volunteer board with full-time jobs!
Homeowner CommunicationsPCHA Communications
Strategy: Get something up as promptly as possible and enhance it going forward
Planned Content◦ Resources: minutes, newsletters, by-laws,
covenants & restrictions, maps, key contacts, meetings schedule
◦ Homeowner Directory: publicly available information (names), home-owner specified contact information & personal information
◦ Contractor Central: single place for contractors to find available contracts, statements of work
Web SitePCHA Communications
Please provide one or more email addresses!
Providing your email address ensure prompt receipt of all official PCHA communications
Email CommunicationsPCHA Communications