2010 SPV HOA Meeting

• Reserves (the HOA is required to provide funds on an annual basis for large expenditures that will be necessary sometime in the future)

• Investments (checking account, 6 month, 12 month, 24 month certificates of deposit)

• Operating Expense (funds provided for the current year to sustain the HOA annual operations)

Reserves

• Common Area (all owners are responsible to support this reserve)

• Townhomes (townhome owners are responsible to support this reserve, this includes those houses that are built on lots originally plotted for townhomes)

Common Area Reserves

• Dune Ramp – major refurbishing, total rebuild• Streets and paths – patching and rebuilding

asphalt surfaces• Covered Bridges and wooden walkways, wash &

oil bridges, rebuild• Clubhouse – wash & oil, roof replacement, siding

replacement, replacement and major maintenance of equipment, furnishings, and fixtures

• Entrance signs

Townhome Reserves

• Wash & Oil• Gutter replacement• Roof replacement & maintenance• Siding replacement

Investments(Currently all with Oregon Coast Bank)

• Operating Account – checking account• Money market accounts• Certificates of Deposit – 6 month, 12 month,

and 24 month

Operating Expense

• Expenses allocated to both Townhome owners and Non-Townhome owners ( Insurance and Landscaping)

• Expenses not allocated but shared by all owners (clubhouse upkeep & utilities, common area repair & maintenance, taxes, bookkeeping, other)

Actual vs.

Actual Budget Budget Budget

2009 2009 Difference 2010

Bookkeeping Fees-Common

Bookkeeping Fees-Townhome

Clubhouse Mgt,Maint & Cleaning

Clubhouse Repairs

Clubhouse Supplies

Common Area Repairs & Maintenance

Contributions

Insurance-Common

Insurance-Townhome

Miscellaneous

Landscaping Expense-Common

Landscaping Expense-Townhome

Professional Fees

Program Expense

Utilities

Taxes

Office

Other (Dues Rec - Uncollectible)

Other (Dues Rec - Uncollectible)-Townhomes

Common Operating Expenses

Townhome Operating Expenses

Total Operating Expenses

$ 1,813 $ 3,000 $ (1,187) $ 2,350

302 500 (198) -

5,460 8,000 (2,540) 5,460

2,493 - 2,493 2,500

415 600 (185) 425

5,451 9,483 (4,032) 6,145

- 500 (500) 500

4,735 5,775 (1,040) 5,250

11,021 13,440 (2,419) 12,250

338 1,330 (992) 530

18,484 19,540 (1,056) 19,000

12,806 13,538 (732) 13,000

- 1,500 (1,500) -

- 350 (350) -

3,010 3,750 (740) 3,150

2,929 1,750 1,179 3,000

926 - 926 1,500

734 - 734 -

928 - 928 -

$ 46,788 $ 55,578 $ (8,790) $ 49,810

25,057 27,478 (2,421) 25,250

$ 71,845 $ 83,056 $ (11,211) $ 75,060

Actual vs.

Actual Budget Budget Budget

2009 2009 Difference 2010

Total Operating Expenses

Required Additions to the Reserve Account

Common

Townhome

Total Reserve Additions

Total Needed to cover Operating Expenses and Reserve Account Additions

Common

Townhome

Total to cover Op Exp & Res Acct Addns

$ 71,845 $ 83,056 $ (11,211) $ 75,060

$ 24,866 $ 24,866 $ - $ 26,121

26,186 26,186 - 27,229

$ 51,052 $ 51,052 $ - $ 53,350

$ 71,654 $ 80,444 $ (8,790) $ 75,931

51,243 53,664 (2,421) 52,479

$ 122,897 $ 134,108 $ (11,211) $ 128,410

Reserve Account-Common:

Beginning Balance $ 55,406

Additions

Dues collected for reserve fund $ 25,116

Interest earned on Bank Account investments 1,246

Total Additions $ 26,362

Expenses to be covered from Reserve Funds:

Bridges Wash and Oil $ 2,924

Asphalt Path Repair -

Garbage Can Enclosures -

Elliptical -

Asphalt Phase 1 Repair (Summerhouse Lane) -

________________________________________ -

________________________________________ -

Total Common Reserve Expenditures $ 2,924

Ending Balance-Common $ 78,844

2009 2010

$ 78,844

$ 26,121

2,365

$ 28,486

$ -

1,200

2,500

-

2,250

-

-

$ 5,950

$ 101,380

2009 2010

Reserve Account-Townhome:

Beginning Balance $ 63,504

Additions

Dues collected for reserve fund $ 25,936

Interest earned on Bank Account investments 665

Total Additions $ 26,601

Expenses to be covered from Reserve Funds:

________________________________________ $ -

Lot 1 - Wash & Oil -

Lot 2 - Wash & Oil 3,060

Lots 7 & 8 - Wash & Oil -

Lot 40 - Wash & Oil -

Lot 41 - Wash & Oil -

TH Exterior Maintenance & Repair -

Total Townhome Reserve Expenditures $ 3,060

Ending Balance-Townhome $ 87,045

$ 87,045

$ 27,229 2,611 $ 29,840

$ - 3,000 - 3,000 3,000 3,000 - $ 12,000

$ 104,885

2009 2010

Dues Calculation-Common:

Total O.E. and Res. Addns.

Adjust for prior year Over/(Under) Budget

Total Homeowner's Dues

# of Lots

HOA Dues

Dues Calculation-Townhome:

Total O.E. and Res. Addns.

Adjust for prior year Over/(Under) Budget

Total Homeowner's Dues

# of Lots

HOA Dues

$ 80,444

-

$ 80,444

91

$ 884

$ 53,664

-

$ 53,664

48

$ 1,118

$ 75,931

(8,790)

$ 67,141

91

$ 738

$ 52,479

(2,421)

$ 50,058

48

$ 1,043