GENERAL MANAGER’S REPORT/ACTIVITY UPDATE 3/15/2018
Account Statements: All bank accounts have been reconciled for February without discrepancy.
2009 Lawsuit through 2016: 37 Lots unpaid (1.83%).
2017 Assessment Status: 1958 Lots (97.12%) paid in full.
2018 Assessment Status: 1294 Lots (64.19%) paid in full.
2017 Assessment Collections. In September 2017 our attorney sent out a total of 62 notices. Since his letter, 10 properties have started payment plans, 24 properties have paid in full, and 1 property has filed bankruptcy. We are now in the process of filing a notice of default on 27 properties.
Business Activities: The monthly transfers for the allocations of Annual Assessments transferred from the Operations Checking account in February are:
- The monthly transfer to the SVRA Savings account was:
2012 – $44.09 (1 lot x $44.09 for each assessment paid)
2013 – $40.00 (1 lot x $40.00 for each assessment paid)
2014 – $40.00 (1 lot x $40.00 for each assessment paid) Total = $124.09
The account balance as of 2/28/2018 is $220,312.41 which includes accumulated interest, minus any approved expenses.
- The monthly transfer for the Major Maintenance Reserve Account was:
2015 – $131.28 (6 lots X $21.88 for each assessment paid)
2016 – $101.12 (8 lots x $12.64 for each assessment paid)
2017 – $54.18 (14 Lots x $3.87 for each assessment paid)
2018 – $4,622.02 (613 lots x $7.54 for each assessment paid) Total = $4,908.60
The account balance as of 2/28/2018 is $18,587.44 which includes accumulated interest minus any approved expenses.
- The monthly transfer for the Future Needs Account was:
2017 – $560.00 (14 Lots x $40.00 for each assessment paid)
2018 – $24,520.00 (613 Lots x $40.00 for each assessment paid) Total = $25,080.00
The account balance as of 2/28/2018 is $107,059.86 which includes accumulated interest minus any approved expenses.
An overview of SVRA Financials finds the February Gross Profit at budgeted levels (100.8%) and Total Expense slightly below budgeted levels (99.2%) resulting in year-to-date Net ordinary income prior to depreciation at 101.2% of budgeted levels. The YTD cash assets (2/28/2017 Balance Sheet) Total $1,556,951.94. The summary of the financials are, as always, available on the SVRA website.
The annual audit of SVRA financials is scheduled for April 23-24. DeCoria, Maichel & Teague will again be conducting the annual audit.
This month we still have 2 active DCC&R Complaints. One property we are asking the court to find the property owners in contempt, due to the fact that they refuse to comply. The second complaint has been through the 1st and 2nd notice and has been handed over to our attorney.
Forest Service Permits:
This winter we have been able to renew the two permits for the water lines up green canyon. They are the Brog and the Stewart water line. The permits have been successfully renewed until 2047.
Funds spent in the month of February on the Barn/Silo development total $1,651.44. This is our monthly rent for the modular facility. As part of this project, we have started the process to add a ceiling in the lounge area in the barn. Next week, Ernie will begin the process of installing a wall to make room for the pro shop that will be needed once the modular buildings are removed.
House & Entertainment:
March 31st SVRA will host its annual Easter Egg Hunt. The hunt will be held at Cedar Creek Park beginning at 10 a.m. There will be 3 different age groups 1-3, 4-6, & 7-9. As always if you are interested in volunteering to help with this event, please contact Whitney at the SVRA office.
The snow is melting quickly with the warm weather. Watch the SVRA emails and marquee for updates and notices regarding snowmobiles and the groomed trails.