President’s Comments – Jan 2018
Board of Directors Meeting
January 4, 2018
By Tom Sopko
Due to bad weather, the January meeting was cancelled.
Let’s begin the New Year by reviewing the Status of your Association.
There are a new set of Membership Rules which eliminates the Guest Status and with this elimination, it is expected to make access to amenities easier.
Besides making access to the amenities easier, the Board is also in a pilot program to allow the use of Membership Card pictures on electronic devises like a smartphone. These legible pictures will be considered the equivalent to the original Membership Card. Members need to remember that they are responsible for taking and saving the Membership Card pictures, which must be legible.
Your Association is Financially Solvent.
The budget has been balanced for the past year 2016-2017.
$50,000 has been put into a Reserve Fund. What are Reserves? Reserves: “an amount adequate to repair and replace major capital items in the normal course of operations without the necessity of special assessments.” In addition, $10,000 from the 2018 budget is targeted to the Reserve Fund.
$25,000 has been put against the principal of the Office Loan. The Board will consider an additional amount to pay down the Office Loan based upon a cash flow study.
Dues and Assessments have not increased since 2011.
The Office was built with no increase in dues/assessments to the members. The Board demonstrated and published that it was cheaper to buy than rent a new Office. The Board committed to paying down the loan ASAP. The Board voted to apply $25,000 toward the principal to pay down quicker.
Dredging has been done at no additional cost to the Members, and no additional increase in dues or assessments.
Major Management Positions changes in the Association:
For Officers: we have a new Treasurer, Jack McMillin.
For Village Liaison, a Standing Committee, Shawn Morris is now the representative.
For the Amenities Committee, a Standing Committee, the committee is now active with Pat Swartz as Chairperson.
As always, I hope you are convinced we are managing your money and your Association in a prudent manner.
The Board is looking forward to working with the new management of the Village Council.
The Association and the Board of Directors wish every Member a Happy New Year. Here’s looking forward to a happy, healthy and prosperous 2018 for all of us.