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PCHA Treasurer’s Report Plymouth Commons Homeowners’ Association 2009 Annual Association Meeting Treasurer's Report Rebecca Ufford February 16, 2009

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Plymouth Commons Homeowners’ Association. 2009 Annual Association Meeting Treasurer's Report Rebecca Ufford February 16, 2009. Topics. Current Status 2004-2008 Financial Statements Moving Forward. Current Status. Approved Budget—90 homes are participating in votes. Current Status. - PowerPoint PPT Presentation

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Page 1: Plymouth Commons  Homeowners’ Association

PCHA Treasurer’s Report

Plymouth Commons Homeowners’ Association

2009 Annual Association MeetingTreasurer's Report Rebecca UffordFebruary 16, 2009

Page 2: Plymouth Commons  Homeowners’ Association

PCHA Treasurer’s Report

1. Current Status2. 2004-2008 Financial

Statements3. Moving Forward

Topics

Page 3: Plymouth Commons  Homeowners’ Association

PCHA Treasurer’s Report

Current Status

Approved Budget—90 homes are participating in votes

Page 4: Plymouth Commons  Homeowners’ Association

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

Page 5: Plymouth Commons  Homeowners’ Association

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

Page 6: Plymouth Commons  Homeowners’ Association

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

Page 7: Plymouth Commons  Homeowners’ Association

PCHA Treasurer’s Report

Current Status

Approved Budget—90 homes are participating in votesControls 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

Page 8: Plymouth Commons  Homeowners’ Association

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

Page 9: Plymouth Commons  Homeowners’ Association

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)

Page 10: Plymouth Commons  Homeowners’ Association

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

Page 11: Plymouth Commons  Homeowners’ Association

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!!

Page 12: Plymouth Commons  Homeowners’ Association

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

Page 13: Plymouth Commons  Homeowners’ Association

PCHA 2009 Annual Meeting

2009 Update/Outlook- Results of Voting- Next Steps, Implementation- PCHA Cash Position- 2009 Elections- Reach Out - Volunteers

Page 14: Plymouth Commons  Homeowners’ Association

Results of 2009 Vote and Spending Proposals

Budget and Proposals1. 2009 Operating Budget2. Management Co.

Proposal3. $100 dues for 20094. 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

Page 15: Plymouth Commons  Homeowners’ Association

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

Page 16: Plymouth Commons  Homeowners’ Association

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

Page 17: Plymouth Commons  Homeowners’ Association

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

Page 18: Plymouth Commons  Homeowners’ Association

Updated PCHA Cash Position

Amount in Reserve $ 97,000

Subtract Previous Tax penalty payments (if necessary) $ (14,400)

New Reserve Amount in 2009 $ 82,600Subtract

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

Page 19: Plymouth Commons  Homeowners’ Association

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)

Page 20: Plymouth Commons  Homeowners’ Association

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.

Page 21: Plymouth Commons  Homeowners’ Association

You can please some of the people some of the time…

But you can’t please all of the people all of the time.

Page 22: Plymouth Commons  Homeowners’ Association

Brinton Baker - Secretary

PCHA Communications

Page 23: Plymouth Commons  Homeowners’ Association

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

Page 24: Plymouth Commons  Homeowners’ Association

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

Page 25: Plymouth Commons  Homeowners’ Association

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

Page 26: Plymouth Commons  Homeowners’ Association

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

Page 27: Plymouth Commons  Homeowners’ Association

Please provide one or more email addresses!

Providing your email address ensure prompt receipt of all official PCHA communications

Email CommunicationsPCHA Communications