Report 2015

 

WEKIVA GOLF VILLAS HOMEOWNERS’ ASSOCIATION, INC.
PO Box 915501, Longwood, Florida  32791-5501

ANNUAL MEETING
January 26, 2016

Treasurer’s Report for Calendar Year 2015

With no increase in the 2015 Annual Assessment, the Board limited operating costs by approving only necessary repairs and no capital expenditures. The Board continued to focus on the goal of saving money and maintaining the value and safety of our pool and common area. During 2015 the Board continued the installation of energy-efficient LED floodlights when a floodlight needed to be replaced. The Association did have unplanned expenses after vandals damaged the property, so please question anyone that does not look like they belong in the pool area.

In January 2015 the Board approved moving forward with a lien on behalf of the Association on a property that went into foreclosure in 2014. The Association incurred $2,376.53 in legal fees and costs, however, due to a change in Florida law, the Association was only able to collect $588.33 from the new homeowner for past due assessments, interest and late fees.

The Association also had an $803.00 D & O insurance payment to make in Calendar Year 2015. This three-year insurance policy had split payments that resulted in two payments due in Calendar Year 2014 (January 30, 2014 and November 24, 2014) and the third payment due on December 13, 2015, which was included in the 2015 Budget.

On July 27, 2015, the Association renewed its CD for one year. The next interest payment is due on January 27, 2016.

The Association had no non-payments or homes in foreclosure at the end of 2015. Although collection of dues from owners was generally good, the Association is dealing with several cases of repetitive past due accounts. The Association will continue to follow the late payment collection policy from past years, as authorized in the Association Articles of Incorporation; Declaration of Covenants, Conditions and Restrictions; and Bylaws. The Board shall refer all debt collection for payments 30 days past the due date to the Association’s attorney, with all applicable legal fees and expenses billed to the homeowner.

The Association had a net gain in 2015 as a result of no new projects. These funds will be applied towards 2016 budget items. The 2015 Financial Statement will be prepared by the Association’s accountant and will be available upon request. Attached is the 2015 Operating Statement, which is summarized below:

Income: $23,001
Expenses: $17,518
Net gain/loss: $5,483
Cash and Reserves as of 12/31/2015: $35,885.75

Prepared by Patrice Burke, WGVHA Treasurer, January 17, 2016
Note: Due to Kirk Kief’s resignation from the Board in February 2015, in March 2015 Patrice Burke was elected to the Board to fulfill the remainder of Kirk’s three year term (through December 2015) and subsequently appointed Treasurer by fellow Directors.

Attachment to Treasurer’s Report:

2015 Operating Statement

2015 Operating Statement