WELCOME TO THE PRINCETON VILLAGE HOMEOWNER’S ASSOCIATION, INC. SEMI-ANNUAL MEETING December 4,...
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Transcript of WELCOME TO THE PRINCETON VILLAGE HOMEOWNER’S ASSOCIATION, INC. SEMI-ANNUAL MEETING December 4,...
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WELCOME TO THE PRINCETON VILLAGE HOMEOWNER’S
ASSOCIATION, INC. SEMI-ANNUAL MEETING
December 4, 2011
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AGENDA
MISSION STATEMENT WHY AN HOA IS IMPORTANT HOA LIMITATIONS / CONSTRAINTS CURRENT STATE OF AFFAIRS PROJECTED 2012 FISCAL BUDGET BOARD COMMITEES VOTING ON COVENANT AMENDMENTS CHRISTMAS PARTY NEIGHBORHOOD WATCH ADJOURNMENT
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MISSION STATEMENT
THE PRINCETON VILLAGE HOMEOWNER’S ASSOCIATION, A SELF-MANAGED HOA , SHALL PROMOTE A FRIENDLY FAMILY NEIGHBORHOOD ENVIRONMENT WHILE ASSISTING MEMBERS IN
MAINTAINING THEIR INVESTMENT. THIS SHALL BE ACCOMPLISHED THROUGH VARIOUS PROGRAMS
THAT SUPPORT A CLEAN CRIME FREE AND AESTHETICALLY PLEASING COMMUNITY.
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WHY AN HOA IS IMPORTANT
IT IS IMPORTANT FOR ALL OWNERS TO UNDERSTAND THE RESPONSIBLITIES OF AN HOA AS WELL AS IT’S LIMITATIONS.
OUR RESPONSIBILITIES INCLUDE: PROTECTING PROPERTY VALUES FAIR ENFORCEMENT OF THE DECLARATION OF
COVENANTS SETTING AND COLLECTING HOA ASSESSMENTS MAINTENANCE OF POOL AND COMMON AREAS PROVIDING A CENTRALIZED POINT OF CONTACT
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HOA LIMITATIONS / CONSTRAINTS
HOA HAS NOTHING TO DO WITH TAX ASSESSMENTS
MORTGAGES ANY LEGAL ACTION PLACED AGAINST YOUR
PROPERTY BY OTHER CREDITORS PERSONAL DISPUTES OUTSIDE OF VIOLATIONS
ASSOCIATED WITH THE HOA COVENANTS
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• 29 OUT OF 31 MEMBERSHIP LOTS OCCUPIED
• 75% FINANCIAL COMPLIANCE• 100% INSURED
- NATIONWIDE INSURANCE• PUBLIC SAFETY ISSUES ADDRESSED IN 2011
- SPEED LIMIT SIGNS - CUTTING BACK GRASS IN COMMON AREAS - SECURED COMMUNITY ASSETS
CURRENT STATE
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Performance Report 2011
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PERFORMANCE REPORT • HOA ASSESSED A PRORATE OF $168 PER HOUSEHOLD FOR
CY 2011• THE ANTICIPATED REVENUE WAS *$4032 BASED ON 24
ACTIVE HOMES FOR THE PRORATED MONTHS OF SEPTEMBER THRU DECEMBER.
* amount contingent upon 100% participation with paying pro-rated assessments
78%
16%
6%
Current
Not Current
Vacant
** CURRENTLY OPERATING AT 78% PARTICIPATION FOR 2011 DUES **
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PERFORMANCE REPORT 2011Bud A.L.Y
Financial MeasuresTotal Revenue 4,032$ 3,335$
Fees & Penalties -$ -$ New Home Sales -$ 1,279$
General ExpensesAdmin 800$ 244$ Postage -$ 31$ Legal 600$ -$ Tax Return Preparation 185$ Insurance 1,785$ 974$ Management 6,000$ -$ Community Events -$ 49$ Entertainment -$ 41$ Other -$ 159$
Management CostsUtilities -$ -$
Water & Sewer 850$ -$ Electricity 4,800$ -$ Deposits -$ -$ Lawn Care Maintenance 5,675$ 300$
ReceationLicense/Fees 350$ -$ Pool Contract 5,920$ -$
Property Taxes 500$ -$ Total Revenue 4,032$ 4,614$ Total Expenses 27,465$ 1,797$
Totals (23,433)$ 2,817$
Description % of ActualYear to Date (January to December 2012)
Budget Actual
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PROJECTED BUDGET 2012
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VISION
• To manage and maintain financial records in conformity with generally accepted accounting principles and in compliance with state and federal laws.
• To develop and maintain effective and efficient financial planning, reporting and central support systems in order to support the operating committees in achieving their program objectives.
• To provide quality service to the residents while safeguarding the community’s assets.
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SWOT ANALYSIS Strengths Weaknesses Opportunities Threats
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S . W . O . T .
STRENGTHS
- A self managed community allows us to better manage the revenue more efficiently and effectively
- Directors who reside in the community have more of a vested interest in enhancing the community with which we live
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WEAKNESSES
- Lack of participation (i.e. Meetings, HOA dues, and Volunteering)
- Lack of communication with Board
S . W . O . T .
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OPPORTUNITIES
- Fundraisers to generate additional revenue will empower us to expand on what we are able to do in our community as well as achieve our yearly goals and objectives.
S . W . O . T .
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THREATS
- Delinquencies severely impacts our ability to have the required resources to complete the necessary repairs, maintenance and enhancements suggested for the betterment of our community.
- Non-compliance to community covenants and bylaws resulting in unnecessary fines.
S . W . O . T .
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2012 HOA DUES
• HOA fees assessed at $500 per household for 2012 and will be due in full by March 1,2012
• Anticipated 2012 dues expected based on 2012 assessment
* $13,500 (500 x 27 active homes)
* amount contingent upon 100% participation on paying 2012 HOA assessments
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FINANCIAL PERSPECTIVEBud A.L.Y
Financial MeasuresTotal Revenue 13,500$ -$
Fees & Penalties -$ -$ New Home Sales -$ -$
General ExpensesAdmin 400$ -$ Postage -$ -$ Legal 750$ -$ Tax Return Preparation 85$ Insurance 974$ -$ Management -$ -$ Community Events -$ -$ Entertainment -$ -$ Other -$ -$
Management CostsUtilities -$ -$
Water & Sewer 425$ -$ Electricity 2,400$ -$ Deposits -$ -$ Lawn Care Maintenance 3,000$ -$
ReceationLicense/Fees 350$ Pool Contract 3,000$
Property Taxes 500$ Total Revenue 13,500$ -$ Total Expenses 11,884$ -$
Totals 1,616$ -$
Description % of ActualYear to Date (January to December 2012)
Budget Actual
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2012 BUDGET PLANNING
PLANNED ACTIVITIES FOR 2012 IMPLEMENTATION:
Pool repairs Get utilities (Pool/Tennis area) turned on in HOA’s name Secure regular maintenance vendors for Pool & Common areas
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BOARD COMMITTEES
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BOARD COMMITTEES
We are looking for volunteers for the following committees:
• Fundraising• Maintenance• Pool Committee
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VOTING ON COVENANT AMMENDMENTS
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CHRISTMAS PARTYThe Princeton Village 3rd Annual Christmas Eve
Celebration will be held on:
December 24, 2011
I will be collecting the slips from those that will be participating
in the festivities, please return your gift selection sheet to Tanya.
- Also - Use provided signup sheet to list the dish you will
bring to the festivities.
Let’s make this one our BIGGEST one yet!!! See you there.
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NEIGHBORHOOD
WATCH
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ADJOURNMENT