GENERAL MANAGER’S REPORT/ACTIVITY UPDATE 10/19/2017
Account Statements: All bank accounts have been reconciled for September without discrepancy.
2009 Lawsuit through 2016: 56 Lots unpaid (2.78%).
2017 Assessment Status: 1907 Lots (94.59%) paid in full.
Assessment collections with our attorney began in September. The attorney sent out a total of 62 notices. Since his letter 4 properties have started payment plans and 7 properties have paid in full. The next step will be placing legal complaints on each of the 55 remaining properties.
Business Activities: The monthly transfers for the allocations of Annual Assessments transferred from the Operations Checking account in September are:
- There were no transfers for the Barn/Silo Redevelopment into the Restricted Account 2012 – $0 (0 lots x $44.09 for each assessment paid)
The account balance as of 9/30/2017 is $143,604.12 which includes accumulated interest, minus any approved expenses.
- The monthly transfers for the Major Maintenance Reserve Account in September are:
2015 – $0 (0 lots X $21.88 for each assessment paid)
2016 – $25.28 (2 lots x $12.64 for each assessment paid)
2017 – $69.66 (18 Lots x $3.87 for each assessment paid) Total = $94.94
The account balance as of 9/30/2017 is $39,465.44 which includes accumulated interest minus any approved expenses.
The future needs account was set up this month. The opening balance was $23,825.24.
An overview of SVRA Financials finds the September Gross Profit slightly above budgeted levels (1.9%) and Total Expense slightly above budgeted levels (2.0%) resulting in year-to-date Net ordinary income prior to depreciation at 101.7% of budgeted levels. The YTD cash assets (9/30/2017 Balance Sheet) Total $1,625,762.89. The summary of the financials are, as always, available on the SVRA website.
This month we had 2 active DCC&R Complaints. These complaints were sent to the attorney. 1 of these complaints have since come into compliance, the other is still actively being pursued by our attorney.
Budget 2018: The 2018 budget is in progress. A draft copy has been sent to the Board and Legal and Finance Committee for their review and input. The budget will be presented at the Board meeting in November for final Board approval.
Facilities: Facilities are being shut down for the winter. This includes the golf course bathrooms, the Aspen Hills building, and the barn. Ernie has taken the fountain out of the Aspen Hills #8 pond for the winter. While taking the fountain out, Ernie observed many fish in the pond, most of them getting quite big.
Ernie will be patching parts of the Tennis court this month to help prevent some of the cracks from getting larger over the winter.
Golf: The end of the golf season is nearing. We are hoping for a November 5th closure, but the actual closing date will be ultimately driven by Mother Nature. The weather is beautiful go out and get in a round of golf, the course is still in fantastic condition.
Just a reminder all pro shop credits will be lost if not used by November 30th. Stop in the pro shop and do a little shopping, if we don’t have what you want/need, Ben is always happy to make special orders.