GENERAL MANAGER’S REPORT/ACTIVITY UPDATE 2/15/2018
Account Statements: All bank accounts have been reconciled for January without discrepancy.
2009 Lawsuit through 2016: 42 Lots unpaid (2.09%).
2017 Assessment Status: 1947 Lots (96.58%) paid in full.
2018 Assessment Status: 754 Lots (37.4%) paid in full.
Assessment collections with our attorney began in September 2017. The attorney sent out a total of 62 notices. Since his letter 9 properties have started payment plans, 18 properties have paid in full, and 1 property has filed bankruptcy. This leaves 34 lots remaining in our active legal collection process.
Business Activities: The monthly transfers for the allocations of Annual Assessments transferred from the Operations Checking account in January are:
• The monthly transfer to the SVRA Savings account is:
2012 – $220.45 (5 lots x $44.09 for each assessment paid)
2013 – $280.00 (7 lot x $40.00 for each assessment paid)
2014 – $200.00 (5 lots x $40.00 for each assessment paid) Total = $700.45
The account balance as of 1/31/2018 is $219,586.65 which includes accumulated interest, minus any approved expenses.
• The monthly transfer for the Major Maintenance Reserve Account is:
2015 – $0.00 (0 lots X $21.88 for each assessment paid)
2016 – $12.64 (1 lot x $12.64 for each assessment paid)
2017 – $38.70 (10 Lots x $3.87 for each assessment paid)
2018 – $3,656.90 (485 Lots x $7.54 for each assessment paid) Total = $3,708.24
The account balance as of 1/31/2018 is $14,878.56 which includes accumulated interest minus any approved expenses.
The monthly transfer for the Future Needs Account is:
2017 – $400.00 (10 Lots x $40.00 for each assessment paid)
2018 – $19,400.00 (485 Lots x $40.00 for each assessment paid) Total = $19,800.00
The account balance as of 1/31/2018 is $25,546.66 which includes accumulated interest minus any approved expenses.
An overview of SVRA Financials finds that the January Gross Profit at 100.3% and Total Expense at 100.6% resulting in year-to-date Net ordinary income prior to depreciation at 100.3% of budgeted levels. The YTD cash assets (1/31/2018 Balance Sheet) Total $1,336,745.49. The summary of the financials are, as always, available on the SVRA website.
As a friendly reminder the Board of Directors set the 2018 assessment at $366.80. Assessments are due 2/28/2018 and considered late if not paid by 3/31/2018. If not paid by 3/31/2018, interest on unpaid balance commences retroactive to 3/1/2018.
We have implemented an online payment portal ClickPay. To date nearly 20% of our assessment payments have been received through ClickPay.
This month we have 2 active DCC&R Complaints. One property we are waiting on the court to rule on a default judgment on them, the second complaint just came in and we have sent out the friendly reminder and notice of violation.
At the January 2018 Board Meeting the Board voted to move the funds from our CDs and Barn/Silo Restricted Account to the SVRA savings account. As part of that the Board and I committed to report funds spent on this project, each month. Since the January meeting we have spent $9,196.64. This was spent on rent for the modular building, consulting and engineering.
Kurt and Ernie have been working together to maintain our groomed trails and sledding hill. We continue to receive positive response to the trails as these two men have done an outstanding job with them again this year. For the remainder of the winter we will continue to groom 18 holes at Cedar Creek for snow shoeing and cross-country skiing. We will also groom Aspen Hills #1 for sledding. Grooming will only be done as weather and staffing allows. There is no set schedule for grooming.