Wekiva Golf Villas Homeowners Association, Inc.
PO Box 915501, Longwood, FL 32791-5501
Annual Meeting January 27, 2009
Treasurer’s Report for Calendar Year 2008
Despite a 5% increase in 2008 dues, combined with careful control of operating costs, minimal repairs and no capital expenditures, expenses exceeded income by $640.
In anticipation of further increase in expense as vendors and utilities raise charges, and to recoup reserves, the board authorized a 5% ($20) increase in 2009 dues to $440 per year.
A decision to replace or repair deteriorating perimeter fence and pool decking has twice been deferred in light of current economic times. Such expenditure has again not been budgeted for 2009, the impact of which however requires serious reconsideration by the board if we are to retain the value of our community pool.
Collection of dues and late charges from some owners was difficult, requiring significant effort and time and expense on the part of your volunteer treasurer. There were several cases of repetitive past due accounts which were eventually collected, with the exception of one member who filed for bankruptcy and failed to make any payment in 2008, representing a $440 shortfall. Efforts continue to collect these outstanding monies pending resolution of foreclosure proceedings.
Effective January 1, 2009 we reverted to 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.
2008 Financial Statement is being prepared by our accountant and will be made available upon request. Attached is the 2008 operating statement, which is summarized below:
Income (includes 2008 late payments deposited in 2009) $18,773
Expenses (includes 2008 property insurance paid in 2007) $19,413
Funds added or drawn (loss) from reserves ($640)
Cash and Reserves as of 12/31/2008 $26,444
Prepared by John Carter