Waterford Lakes HOA Reserve Fund Special Meeting & Announcements September 24, 2020

 

Waterford Lakes HOA Reserve Fund Special Meeting & Announcements

September 24, 2020

 

Announcements:

 

1.     We would like to stress the importance of considering insuring your unit with the UtilityShield protection plan offered by Citizens Energy Group (888-544-4541).  It is currently $19.95 for total line protection which is added to your water bill.  We continue to have residents experience broken water lines between the water meter and the home which can be very expensive to repair. You are financially responsible for the critical lines, pipes and wires inside and under your slab. Your HO6 Homeowners Policy typically does not cover these repair situations. Discuss this with your insurance agent.

 

2.     Contact Anne Inman @ 317-504-9268 if you would like to hire a teenager to rake leaves or clean up your landscaping this fall.  Also, garage door magnets are available for $15/set.  If you are interested in replacing your exterior light fixtures contact Anne for the information and specifications (approx. $200 including installation).

 

3.     It has been extremely hot and dry this summer.  We have had to hold off on the next lawn application until we get some rain.  Our infamous weed this year is called “spurge” will be treated in this next treatment.  Unfortunately, the spurge weed drops lots of seeds and is the gift that keeps on giving!

 

 

4.     Sandavol will mow around the ponds and clean the banks up for the winter.  We have asked PSG to hold off cutting down the decorative grasses until Spring.

 

Upcoming Social Events:

 

·       Saturday, October 30^th                  Ladies Pot Luck Lunch and Recipe Exchange  

Noon-2pm @ Clubhouse

Bring a copy of your recipe to be printed.

                                   

·       Friday, November 13^th                   Ladies early 4pm dinner @ the Iron Skillet.  

Ride sharing will leave at 3pm; RSVP with Janell Miller; meal paid for in advance.

 

·       Saturday, December 5^th                Christmas Open House 1-3pm @ the Clubhouse

 

·       RSVP for social events to Janell Miller 317-506-0758 or Geri Conway 317-268-4253.

 

Some Financial Facts: 

·       $14,000 average cost to roof each building (54 buildings); Materials have gone up significantly and shingles are hard to buy; Plywood sheeting for the roof has gone from $18/sheet to $40/sheet

·       $1520 winterization package to pull, store and do maintenance checks on our four fountains

·       $3850 annually to treat the ponds for green algae and submersed weeds

·       $27,000 average annual cost to mow and trim the property

·       $22,000 insurance premium for our master business owner’s policy with Nationwide.

 

Annual Budget Meeting:                Thursday, November 19^th @ 6:30pm Clubhouse

You will be receiving the annual budget packet for review prior to the November 19^th meeting.  The annual budget will include the establishment and maintenance of a General Reserve Fund for capital expenditures and replacement/repair of Common Area and the exterior portion of the dwelling units. Homeowners will vote to adopt the annual budget presented by the Board and Finance Committee at this time. Immediately following approval, each Owner shall be given written notice of the monthly assessment for 2021.

The establishment of a General Reserve Fund was presented at the September 24^th special meeting.  Overall the importance of building our reserves; painting the exteriors; repairing gutters, privacy fence & concrete; and completing the roofing project was well received.  100% of the increase in the monthly assessment will go directly into your unit over the next five year phase.

 

Sincerely,

 

Anne Inman, Secretary

Waterford Lakes Homeowners Association Notice of Special Finance Meeting Thursday, September 24th

Waterford Lakes Homeowners Association   

Notice of Special Finance Meeting     Thursday, September 24^th

 

In 2017, the Board approved a monthly assessment increase from $125/month to $150/month to help fund the $750,000 roof replacement project. In addition, $72,000/annually was to be moved from the operating budget to the Roofing Reserve Fund.  By the end of 2020, we will have completed 28 roofs with 25 buildings and the clubhouse remaining.  However, due to increases in material costs over the past four years, the association’s original timeline for the completion of the roofing project has been extended. As promised, this project will be completed without the need for a Special Assessment.

This year the Board appointed a Finance Committee to undertake a General Reserve Study and present a detailed 10 year Reserve Plan with a Phase #1 and Phase #2.  This Reserve Study included:

·       an infrastructure assessment estimating the remaining useful life of the major physical components of the Waterford Lakes property;

·       obtaining price quotes from contractors;

·       putting together capital repair & replacement timelines and schedules; and to

·       determine how much money is necessary for the Association to adequately fund the General Reserves to meet both our immediate and future capital maintenance, repair and replacement needs as set forth in our governing documents.

The Board and Finance Committee are set to present the 10 year General Reserve Plan and fee schedule on Thursday, September 24^th.  We will have two sessions so we can better socially distance.

 

            6pm-7pm      Waterford Court, Lakewood Court, Lake View Court Residents

            7:30pm – 8:30pm               Crystal Court & Waterford Lane Residents

 

 

Respectfully,

Board of Directors and Finance Committee

 

 

Finance Background Information

 

Roofing Reserve Project

·       The amount spent on roof replacement between 2015-2020:                     $384,628

·       Average cost per roof:                                                                                                               $13,736.72

·       Equivalent to 46 months @ $150/month HOA assessment to pay for your unit’s new roof

 

Scheduled General Reserve Fund Capital Costs between 2021 and 2030

·       Complete roof replacement project:                                                                              $376,000 (2024)

·       Power wash, seal, caulk & paint exteriors:                                                                $154,285 (over 10 yrs.)

·       Privacy fence repair:                                                                                                                  $10,400 (phase 1)

·       Replace gutters:                                                                                                                            $66,000 (phase 2)

·       Replace clubhouse windows:                                                                                              $4,000 (phase 2)

·       Replace clubhouse flooring & upgrades:                                                                                       $12,000 (phase 2)

·       Replace two fountains:                                                                                                                              $10,000 (phase 2)

·       Repair concrete driveways, sidewalks:                                                                                          $150,000 (phase 2)

·       Replace lost common area trees (Dan Jones Rd)                                                                     $10,000 (phase 2)

·       Master Insurance Policy Deductible in reserves                                                                      ($25,000)

·       Future roof replacement in 30 years/approx. $1.5 M.    (+$30,000/yr. set aside beginning 2025)

Projected Ten Year Capital Expense:                                                                                                $792,685 + Reserves  

 

The Board has approved the implementation of the 10 year Reserve Plan and the following assessment increases to be put toward the General Reserve Fund:

2021                        $150/month + $10/month = $160/mo. (+$12,720 General Reserve Fund)

2022                        $150/month + $20/month = $170/mo. (+$25,400 General Reserve Fund)

2023                        $150/month + $30/month = $180/mo.  (+$38,160 General Reserve Fund)

In addition, 38% of the operating budget ($72,000) will continue to be transferred to the General Reserves annually to fund capital expenses.  

 

 

 

What our documents state about the replacement Reserve Fund:

Article X: Assessments   “The annual budget may include the establishment and maintenance of a replacement reserve fund for capital expenditures and replacement and repair of the Common Area and such exterior portion of the Dwelling Units as designated in this Declaration, which replacement Reserve Fund shall be used for such purposes and not for usual and ordinary repair expenses. Such replacement reserve fund for capital expenditures and replacement and repair of the Common Area and Dwelling Units shall be maintained in an interest bearing account or accounts in a bank or savings & loan association that does business in Hendricks County selected from time to time by the Board.”

Article IV: Common Area “Common Area includes all the uses designated as such on the recorded final Plat of Waterford Lakes including but not limited to the lakes, yards, gardens, driveways, sidewalks, parking areas, nature paths, and recreational area, if any, but excluding all Lots and dedicated streets.”

Article VII: Maintenance, Repairs & Replacements  “In addition to maintenance of the Common Area, the Association should provide exterior maintenance upon each Lot, which is subject to assessment hereunder as follows: paint, repair, replacement and care of roofs, gutters, downspouts and exterior building surfaces. Such exterior maintenance shall not include glass surfaces, screens and screen doors, window fixtures and other hardware, patios, and such items as the Board of Directors may designate as long as items of exception apply equally to all units.”

The Purpose of a General Reserve Fund

Annual budgets must include an amount set aside into a General Reserve Fund.  Calculated properly, this will provide the necessary funding for the Association’s long term capital repairs and replacements. The purpose of the General Reserve Fund is to project and plan for the major expenses ahead of time, so when the useful life of the infrastructure item is gone, the funds are available for capital repair and/or replacement.  This is also a mechanism for owners to pay for the use of items while they are owners.  For instance, if an owner lives in a home 15 years, and the useful life of the roof is 25 years they will have paid for fifteen years’ worth of the use toward replacement.  Without sufficient General Reserves, an association can face financial circumstances which ultimately result in greater expense to the owners and negatively impact the appearance of the community and property values.  An underfunded reserve fund leads to deferred replacement/repairs; maintenance issues grow more expensive; further straining an already inadequate reserve fund.  Buyers may shy away from a home in an older community that does not have a meaningful Reserve Fund.

The Bottom Line… Adding money to our HOA Reserves will not be popular for many of our Association members, however, everyone will benefit immediately.  The Board has the fiduciary duty to maintain the infrastructure, adequately fund the Reserves, and continue to make this a desired Community.

Waterford July 2020 Board Minutes

 

Waterford Lakes HOA Board Meeting Minutes

July 16^th, 2020

Attendance:    3 Board Members, 7 residents, Susan Keene & Larry Edwards

Call to Order & Pledge of Allegiance

June Minutes Q&A and Approval:     

*A resident clarified that she would like to see at least bi-monthly meetings.

Treasurer’s Report:     

 Checking Account:      $21,874           

Certificate of Deposit:  $53,209

Roofing Reserve Fund: $119,574        Total Net Worth:       $183,618

Two of the six roofs scheduled to be done this year have been completed.  A reminder that residents cannot dictate the hours the roofing contractor works.  They need to start early in the morning before the shingles get to hot by mid-day.  Hot shingles can be damaged when they are walked on. Temps get over 120 degrees on the roof.

The Finance Committee will do a power point presentation at a Special Meeting Thursday, September 24th to walk through the establishment of a General Reserve Fund; the next 5-Year General Reserve Plan; and how we will fund the General Reserve.  Stay tune for a special meeting notice at your door for times.  We will have two back-to-back meeting sessions to allow for more distancing. Masks recommended.

Committee Reports:

Social Committee:      This Saturday, July 25^th will be the Cookout from 1-3pm.  RSVP to Janell Miller (317-506-0758) or Geri Conway (317-268-4353) if you plan to attend no later than Tuesday.  Special Accommodations are being made including: Servers will wear masks and gloves; there will be a canopy outside with tables and chairs; indoor seating will only be four per table; carryout and “car hops” available; pre-package utensils, condiments and chips.  Please make a reservation by Tuesday so we have enough food available. Currently we have 50 signed up.  Please come rain or shine.

Saturday, September 12^th will be the popular Biscuits & Gravy Breakfast from 8:30am -10:30am.

Landscape & Architecture Control:  A reminder to not permanently attach anything to the exterior surfaces of your unit.  We appreciate that resident are taking the time to submit the architecture & landscaping change form for approval before starting a project.  The forms are on our website at www.psgcondos.com.  There are many considerations as to whether we mow any given week including: those who have shaded back yards, watering, units for sale, how dry it is, etc.    We will have weeks we skip most likely between now and November.  We budget $27,240 for the season. We pay approximately $12/yard to have the mowing and trimming done.  On top of that, the Sandavol’s do special projects like mowing around the ponds, edging the sidewalks, and picking up limbs & trash along the way.  Mr. Sandavol has experienced the past two years how difficult it is to find employees that will do this type of hard work. He is behind on the shrubbery trimming as a result this year. Crystal Court and Waterford Lane are completed.  Contact Anne Inman @ 317-504-9268 if you are interested in purchasing the garage door hardware ($15) or new exterior lights.

Geese Control:            The work done this spring to destroy the nests and eggs has really paid off.  Typically, during the June/July timeframe when the geese cannot fly, we have hundreds on our property.  Thanks to all the residents that are herding them away with their lasers.  The sidewalks are much cleaner this year as a result which the walkers appreciate.

Clubhouse:      We are starting to rent the clubhouse once again.  We appreciate the care our residents are taking in cleaning up after their event.  We are sanitizing surfaces between events.  Contact Brandon at PSG if you would like to rent the facility for a family get together.

Community Directory:           Peggy Burke has updated the community directory but we have 3 more units in the process of being sold.  We will hold off distribution until these residences are closed. 

Old Business:  None

New Business:            None

Open Forum:   A resident asked about if low hanging tree limbs would be trimmed. The Board has a standing authorization for Mr. Sandavol to trim tree limbs that are too low to clear his mowers.  Another resident mentioned that the American Legion will take old flags that are worn and shredded to dispose of them properly.  A resident called to say a bag of dog waste was put in her garbage can on a Wednesday night.  It got in the bottom of her can and did not get disposed of by Rays.  All we can say is, as a dog owner do your best to be respectful.

Meeting Adjourned

Future Meetings:

Thursday, September 24^th      Special Reserve Fund Meeting 6pm & 7:30pm

Thursday, November 19^th      6:30pm            Annual Budget Meeting

Waterford Lakes HOA September 2020 Bulletin

 

Waterford Lakes HOA September 2020 Bulletin

 

Financial Report (through 7/31/2020):       Checking -                                       $21,784.75

                                                                             Certificate of Deposit -                 $53,291.31

                                                                             Reserve Fund Money Market -   $119,305.17

                                                                             Year-to-date Income (Loss) -       $4,600.67

 

Board Action:     The Board approved the nominations of Becky Hindman (357 Lakewood Court) and Janell Miller (308 Lakewood Ct.) to fill the two empty Board positions left open in April.  The following are the current Board members and their terms of office:

1.     Maggie Jones, President                                 (2021)

2.     Dave Richardson, VP                                          (2021)

3.     Anne Inman, Secretary & Treasurer        (2022)

4.     Becky Hindman                                                                       

5.     Janell Miller                                                            

Upcoming Social Events at the Clubhouse:

·       Biscuits & Gravy Breakfast             Saturday, September 12^th             8:30am-10:30am              RSVP

·       Ladies Pot Luck Lunch & Recipe Exchange              Friday, October 30^th        noon-2pm                              RSVP

*Bring your favorite dish and the recipe card.

·       Christmas Open House & Bazaar                 Saturday, December 5^th   1-3pm

*Display & sell your hobbies and crafts                                    **Contact Geri Conway for Booth space.

 

RSVP for these social events to:                 Janell Miller       317-506-0758

                                                                        Geri Conway       317-268-4353

 

Fall Clean Up:     If you would like to hire a high school student to clean up your flower beds or rake leaves contact Anne Inman @ 317-504-9268 to arrange. 

 

Indiana Law Regarding Political/Election Signs:                    Indiana Code 32-21-13-4

·       Election signs are allowed 30 days prior to an election until 5 days after the election.

·       HOA’s can restrict the size, number and location of a sign (Waterford Lake’s Amendment to the Declaration of Covenants states that the sign should be no larger than four (4) feet square; no more than one (1) sign per candidate; displayed in the front flower bed or window. No signs maybe displayed on any Common Area.

Mailbox Flags:    Recently the badly frayed American flags on the mailboxes were picked up and disposed of at the American Legion.  The flags have been donated from time to time by residents for your enjoyment.  It is usually the individual owner’s responsibility to purchase and care for a flag on their mailbox.  However, we have about 25 more new flags donated by Linda Osborn.  If you would like a flag please call Anne Inman @ 317-504-9268.  This is not an HOA sponsored activity.

Geese Posse:      A special thank you to the geese posse who have been dispersing the geese with their laser lights this summer. Between disrupting the nests, breaking the eggs and the laser lights our geese situation is markedly improved. As a result we are enjoying a cleaner community!

Entrances:            Our entrances have looked especially nice this year thanks to all our volunteers. A special thank you to Joy Shew, Carol Gillespie, Anna Brown, Peggy Birch, Janell Miller and Geri Conway who have purchased the plantings; pulled the weeds; and carried the water to keep them looking nice. Some day we might get rid of the road signs at the entrances.

 

HOA Financial Meeting Thursday, September 24^th.          

Refer to your recent special meeting notice.