Warranty Deed Restrictions Meeting April 24, 2014 Annehurst - - PowerPoint PPT Presentation
Warranty Deed Restrictions Meeting April 24, 2014 Annehurst Elementary Annehurst Village Residents Association www.annehurst.com * Agenda Welcome & Introductions Why are We Here What does the AVRA do? Revised Deed
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Annehurst Village Residents Association
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Annehurst Village Residents Association
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Annehurst Village Residents Association
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Annehurst Village Residents Association
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Annehurst Village Residents Association
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Why are we here tonight? (by Jeff Inskeep) The AVRA has one common property, the pool. By Ohio law your membership in the AVRA makes you responsible for any common property. It is just like if you lived in a condominium complex, whether or not you use the pool the owners are responsible. I really hate that statement. You may hear it again later in the program. Please don’t take offense by it. It is the truth but unfortunately puts everyone on the defensive. No one including myself likes to be told I have to do something. Bill is going to go into detail tonight about what the AVRA does. Before we get to part of the program, I need to give you a little history that will shed some light on the path that the AVRA has taken. In the beginning the Nationwide Development Co. only did a fair job of setting up the neighborhood association. They made the association a corporation and included warranty deeds with each property. They also had in place a one-time $50 Association Membership fee. Keep in mind back then Residents were working for a large corporation and that many were her for a short time and then transferred. That meant that there were a lot more home sales every year than there are today. They figured that based on the number of home sales that their funding plan would be sufficient for the future. If they had built-in an inflation clause it would have been better. That $50 today would be equivalent to $477.36 per home sale There has been two historical attempts in the past to fix the financial problems. The 1999-2000 AVRA board did organize and implement a revision to the Warranty Deeds. They went door to door and collected positive signatures from a majority of the residents to change the $50 one-time association fee to the current fee $200. This was filed with the Franklin County Recorder August 8th 2000. This increased the annual budget buy approximately $3,000.00 per year. It may have helped short term but by the year 2006 the association was again in financial trouble. In 2006 the board issued a special $75.00 assessment. That money was used for needed repairs and maintenance of the pool. To make the money go as far as it could, the board relied on volunteers to do some of the work. They did things like prepare
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the pool sides for the pool plaster that would never need painting. The pool paint had been costing the association $200 per
The pool members have also been willing to accept responsibility for the operational budget of the pool through the cost of annual memberships. But part of their membership fees and Fundraisers have actually been used for funding the common property repairs. The reality is, this is not sustainable, and needed maintenance and repairs are not being addressed because the costs are prohibitive. Further, in 2010, the State of Ohio put rules in place for homeowner associations. One rule requires a reserve fund to cover
This was done in so that members were not presented with special assessments when something needed repairs. We ask that you to please keep an open mind during tonight’s presentations. Wes will be going into more detail about what this means to you. You may have noticed a name change in the "Deed Restrictions". We do not actually have a document entitled “deed restrictions.” The correct terminology you will hear tonight is the Amendment of the Warranty Deeds. All 908 properties in the Annehurst Village Corporate area have Warranty Deeds recorded and every warranty deed has deed restrictions included and other language governing the operation of our association. One aspect of being compliant with the state law is to have the AVRA operational records available for residents to review. I have been putting together what I call a library. I have assembled the meeting notes, financials and other historical records from 2005 - 2013 into a series of binders. (Point to Library) I will soon be adding the 2014 information the binders. This information is currently being maintained with our agent Andy Wadkins of Wadkins and Associates. They are located at 6834 Flags Center Drive, Columbus OH 43229. Just up at the corner of Schrock Road and Cleveland Avenue. You can call Andy at 614-794-3211 to set up an appointment to view this information. A board member will also need to be present for the review in the library just to insure its integrity. It is important that the original documents be kept in order and complete. In case you want to review the materials, I have made two sets that can be checked out just as a book at the library. That way you can review the information in your own home and you don't have to have the expense of making copies. The two copies are
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currently checked out by residents. Eventually this information will be available on the website and you will be sent your own personal password to access it. I have brought the original contents of the Library with me tonight so you can get an idea of what I am talking about. Many of you were probably at the meeting in August 2013. At that meeting, we heard many thoughts as to what the next step should be. It was decided that the best course of action was to form a Deed Restriction Committee to help us better understand what is best for our neighborhood. This was made up of 7 residents and they met numerous times to draft a set of recommendations. The AVRA used has incorporated all of these recommendations, as well as advice from our attorney (whose specialty is homeowners associations) and input from the engineering study to come up with the current Warranty Deed Revisions. I would like to recognize the committee tonight. Dave Kuch Peggy Skiba Ron Walker Garry Doone Rand Paselk John Parmuha Oren Shai was the committee chair. He cannot be here tonight (he had shoulder surgery yesterday) but if he was here he could have told you about how much “FUN” they had debating the drafts of the revisions. Tonight you will hear from engineer who assessed our property’s maintenance and repair needs for the next 20 years, which is the foundation of the proposed annual assessment. We will discuss what that entails, present a draft budget for the upcoming fiscal year, and describe what members can expect next, and how the process to update the Warranty Deeds will work. But first, Bill Streetman will explain the proposed changes to the Warranty Deeds.
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Nationwide developed the land through the creation of Annehurst Village, and the establishment of a Home Owners Association (HOA) – named the Annehurst Village Residents Association (AVRA). The AVRA is the collection of all 908 homes within a specifically defined area. Nationwide deeded two properties at 711 W Granby Pl to the AVRA.
Owners of property within the legal borders of the Annehurst Village Residents Association (AVRA) are members of AVRA, as per the Warranty Deed associated with their property. “Whereas, Annehurst Village Residents Association is a corporation consisting of all owners in the association and as such is the representative of all Owners,…” In order to manage the responsibilities of the AVRA, a Board of Trustees is elected and is responsible for: 1)Protecting and managing the assets owned by the AVRA, 2)Working to enhance both property values and the Quality of Life within the AVRA.
To manage this responsibility on behalf of all 908 members of AVRA, a Board of Trustees is elected and given limited authority to manage AVRA resources (pool and property).
Among the responsibilities the AVRA Board of Trustees handles on behalf of the AVRA:
and the pool and common areas.
The members of the AVRA have many opportunities to use, enjoy and share the resources they control. These include:
Egg Hunt
all AVRA members.
Fifth Grade Regatta
generations of Annehurst families have enjoyed.
Garden Club/Community Garden
(planting gardens at the entrance of the pool and planters around the pool).
pool grounds.
Book Club
book club members.
Movie and Game Nights
movies… everything for a great summer day.
OSU Football Night at the Pool
Steak and Ale & LaLa Pool Oza Party
BBQ, bands, dancing, swimming, splash contests, fun.
Water Aerobics and Volleyball
exercise.
Open Swim Day
pool for a day and see what a pool membership
Visit with Santa
Swim Team
water to swim for the Annehurst Piranhas, learning both teamwork and the thrill of individual training and performance.
Swim Lessons
skill, hobby and exercise outlet.
Coordination with Westerville
members from sources such as City Council and
groups – on issues such as Tim Horton, the ‘98 acres,’ and the Granby extension.
Bulk Purchasing / Yard Sale
$20 for AVRA.
publishing, implementing.
Annehurst Youth Employment
wages of the lifeguards – mostly high school and college age Annehurst citizens that have their lifeguard certification.
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A deed is a written document or instrument used to convey interest or title in real property. The party creating the deed is the grantor, and the grantee is the party to whom the interest or title transfers. There are a number of deed forms including the Warranty Deed, which is in use for AVRA properties.
A deed is a written document or instrument used to convey interest or title in real property. The party creating the deed is the grantor, and the grantee is the party to whom the interest or title transfers. But not all deeds convey title. For example, the quitclaim deed is the deed form which provides the least amount of protection to the grantee. It simply conveys whatever interest the grantor has to the grantee. For example, if Mr. Jones issues a quitclaim deed to a grantee for a house on Elm Street, yet Mr. Jones does not hold title on the house, then the grantee does not gain title by benefit of the deed. But if Mr. Jones has title to the property, the quitclaim deed conveys title to the property to the grantee. There are a number of deed forms, from the quitclaim deed which gives the grantee the least amount of protection, to the general warranty deed, which gives the grantee the most amount of protection. With a general warranty deed, the grantor gives the grantee guarantees and warranties, which include the promise the grantor has title in the property to convey.
Nationwide develops Annehurst Village and forms the AVRA 711 W Granby Pl
Nationwide transfers Deeds to 910 properties:
Owners of property within the legal borders of the Annehurst Village Residents Association (AVRA) are members of AVRA, as per the Warranty Deed associated with their property. “Whereas, Annehurst Village Residents Association is a corporation consisting of all
representative of all Owners,…”
As per eHow.com
As homes are built and sold, a Deed is given by Nationwide to each of the 908 home buyers. In addition to ownership of the property, the Deed also conveys membership in AVRA. Nationwide also transfers the Deed to two properties to AVRA.
On June 10, 2010 a law was signed by then Governor Strickland intended to supplement the existing Warranty Deed Restrictions, Bylaws, Codes of Regulation, or Rules and Regulations of all HOA’s in Ohio. Called the Ohio Planned Community law. It went into effect on September 8, 2010, and can be found at ORC 5312.01, et seq. The law attempts to establish a uniform framework for the operation and management of a HOA. The law requires the Association to set aside funds for a reserve “adequate to repair and replace major capital items in the normal course of operations…”
For quite the past few years there has been discussion – both for and against – about the need to update the Warranty Deed that accompany each property we own within the AVRA. The original deeds were written
To assist with drafting a Warranty Deed that would meet both the needs of the Association (and governing laws and regulations) and satisfy the diverse concerns of its members, the AVRA board of trustees asked for a Warranty Deed Review Committee to be formed from representative members of AVRA.
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
AMENDMENT OF WARRANTY DEEDS OF ANNEHURST VILLAGE RESIDENTS ASSOCIATION, INC. WHEREAS, the Easements, restrictions, reservations and conditions for the Annehurst Village Residents Association (collectively “the Warranty Deeds”) were recorded at Franklin County Recorder’s County Records: Vol. 3363 Pg. 55 ( “Warranty Deeds I”); Vol. 2899 Pg. 538, Vol. 2737 Pg. 189, Vol. 2985 Pg. 263, Vol. 3065 Pg. 7, Vol. 3193 Pg. 417, Vol. 3206 Pg. 623, Vol. 3270 Pg. 217, and Vol. 3584 Pg. 676 (collectively “Warranty Deeds II”); and Vol. 2608 Pg. 63, Vol. 2636 Pg. 668, and Vol. 2705 Pg. 108 (collectively “Warranty Deeds III”). WHEREAS, Annehurst Village Residents Association (the “AVRA”) is a corporation consisting of all Owners in the Association and as such is the representative of all Owners, and WHEREAS, Article I, Section (h) of said Warranty Deeds authorizes amendments, and WHEREAS, Owners representing a majority of the AVRA’s lot owners have executed a written instrument agreeing to change the covenants in the Warranty Deeds, which is attached hereto as Exhibit A, and WHEREAS, the proceedings necessary to amend the Warranty Deeds as required by Chapter 5312 of the Ohio Revised Code and the Warranty Deeds for the AVRA have been complied with in all respects. NOW THEREFORE, the Warranty Deeds for the AVRA are hereby amended to the following: DELETE IN ITS ENTIRETY THE CERTIFICATE OF AMENDMENT OF DEED RESTRICTIONS OF ANNEHURST VILLAGE RESIDENTS ASSOCIATION recorded at Franklin County Recorder’s County Records: Instrument Number 200008080158423.
Cleaning up the
versions of the Warranty Deed.
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
INSERT a new ARTICLE I, SECTION (h). Said new addition, to be added on Page 2 of the Warranty Deeds I, II and III as follows: These reservations, restrictions, conditions, easements, charges agreements, covenants, obligations, rights, uses and provisions shall bind the Grantee, its successors and assigns, and shall be considered covenants running with the land and is permitted to be amended at any time and from time to time by the written consent of at least 51% of the then Owners in good standing; provided however, that the percentage of votes necessary to amend a specific clause of these Warranty Deeds shall not be less than the prescribed percentage of affirmative votes required for action to be taken under that clause. A copy of such amendment or modification, together with a duly authenticated certificate of the Secretary of the Board stating that the required number of written consents of Owners were obtained and are on file in the office of the AVRA, shall be recorded in the office of the Recorder of Franklin County, Ohio. Any amendment shall be effective upon such recordation.
Future changes to the Warranty Deed can only be made with written consent
standing.
The Review Committee recommended that the 51% be achieved through a “written” consent, and not an “affirmative vote or written consent,” further stating that votes be “written and verifiable.”
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
This fee is collected at the closing of the home sale, payable by the new home
AVRA member could choose which pool season to use the pool membership in their first two years living in the neighborhood.
The Review Committee supported an increased membership fee “as high as $500,” and recommended that new homeowners receive a free pool membership with their paid closing fee.
INSERT a new ARTICLE II IN WARRANTY DEEDS I, a new ARTICLE III IN WARRANTY DEEDS II, AND a new ARTICLE IV IN WARRANTY DEEDS III. Said new addition, to be added
Deeds III, as follows: Effective the date of recording of this Amendment, each lot which is subsequently conveyed is subject to a membership fee payable by each duly elected member to the AVRA in the amount of Five Hundred Dollars ($500.00), and shall apply to each successive Grantee in said Association and such fee, requirement and lien shall apply to each parcel or lot in said Annehurst Village subdivision, which fee is an obligation and charge payable at the time of transfer to each such successive Grantee of such lot or parcel
all and each charge and obligation due and to become due subject only to the lien of the State of Ohio for taxes and the lien of any first mortgage (but not to any junior or second mortgage) on said property.
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
Based upon our Reserve Study, a $60 annual fee will allow AVRA to fund all scheduled repairs and replacements, and build an adequate reserve fund as per the requirements of the state law. In order to allow for flexibility, but keep tight financial controls, the annual fee cannot be increased more than 5% (it can be decreased) per year, without written approval from at least 51% of AVRA members. Two complete, family pool day passes will be given to each household paying the annual fee.
The Review Committee supported a fixed annual fee that would be reviewed for renewal after 5 years. They suggested annual fees from $50 to $100. They were very concerned about placing controls increasing the annual fee. They also recommended that day passes be given to each member paying their annual fee.
Each Owner for each lot, by acceptance of a deed therefore, whether or not it shall be so expressed in any such deed, shall be deemed to have covenanted and agreed to pay to the AVRA an Annual Assessment for the purpose of providing funds for maintenance and improvement of the common areas, and other expenses and costs incurred by the AVRA. The AVRA Board of Trustees will determine an estimated budget and, in addition, every five years contract for an independent reserve study to assist in establishing an equal annual assessment for each Lot. The total annual assessment collected for the Lots in Annehurst Village must be an amount sufficient to meet the obligations of the AVRA, including a reserve in an amount adequate to repair and replace major capital items in the natural course of operations without the necessity
requirement. The Annual Assessments, together with interest, costs and reasonable attorneys’ fees, shall be a charge on the land and shall be a continuing lien upon the lot against which each such Assessment is made until paid. Each such Assessment, together with interest, costs, and reasonable attorneys’ fees, shall also be the personal obligation of the Owner of such lot at the time when the Assessment fell due. No Owner may waive or otherwise exempt himself from liability for Assessments for any reason including, by way of illustration and not limitation, non-use of the AVRA Properties or abandonment of a lot. No diminution or abatement of Assessment or set-off shall be claimed or allowed for any reason whatsoever, including, by way of illustration and not limitation, any alleged failure of the AVRA or Board of Trustees to take some action or perform some function required to be taken or performed by the AVRA or Board of Trustees under the Annehurst Village Documents or for the inconvenience or discomfort arising from the making of repairs or improvements which are the responsibility of the AVRA, or from any action taken to comply with any law, ordinance or any order or directive of any municipal or other governmental authority. Each Owner for each lot, by acceptance of a deed therefore, whether or not it shall be so expressed in any such deed, shall be deemed to have covenanted and agreed to pay to the AVRA an Annual Assessment for the purpose of providing funds for maintenance and improvement of the common areas, and other expenses and costs incurred by the AVRA. The AVRA Board of Trustees will determine an estimated budget and, in addition, every five years contract for an independent reserve study to assist in establishing an equal annual assessment for each Lot. The total annual assessment collected for the Lots in Annehurst Village must be an amount sufficient to meet the obligations of the AVRA, including a reserve in an amount adequate to repair and replace major capital items in the natural course of operations without the necessity
requirement. The Annual Assessments, together with interest, costs and reasonable attorneys’ fees, shall be a charge on the land and shall be a continuing lien upon the lot against which each such Assessment is made until paid. Each such Assessment, together with interest, costs, and reasonable attorneys’ fees, shall also be the personal obligation of the Owner of such lot at the time when the Assessment fell due. No Owner may waive or otherwise exempt himself from liability for Assessments for any reason including, by way of illustration and not limitation, non-use of the AVRA Properties or abandonment of a lot. No diminution or abatement of Assessment or set-off shall be claimed or allowed for any reason whatsoever, including, by way of illustration and not limitation, any alleged failure of the AVRA or Board of Trustees to take some action or perform some function required to be taken or performed by the AVRA or Board of Trustees under the Annehurst Village Documents or for the inconvenience or discomfort arising from the making of repairs or improvements which are the responsibility of the AVRA, or from any action taken to comply with any law, ordinance or any order or directive of any municipal or other governmental authority.
NOTE: At the time of publishing this document, the exact language has not been completed by
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
Membership fees based upon pool operational budget which includes wages, chemicals, utilities, etc. Various new pricing
season 2014 membership sale that comes with a free $20 snack card.
The Review Committee recommended that the AVRA board of trustees explore additional fee schedules – specially add rates that will attract families and allow more AVRA members to take advantage of resources.
INSERT a new ARTICLE VII IN WARRANTY DEEDS I, a new ARTICLE VIII IN WARRANTY DEEDS II, AND a new ARTICLE IX IN WARRANTY DEEDS III. Said new addition, to be added
Warranty Deeds III, as follows: In that the cost of pool facility maintenance, repair, operation and other related costs will exceed the allocated expenses in the Annual Budget of the AVRA, the Board of Trustees shall charge and collect, in any year, a reasonable pool membership fee for members of the AVRA to use the pool during that
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
It is standard for an
provide D&O insurance for officers and board members. It does not protect them from their own individual willful misfeasance.
The Review Committee supports this.
INSERT a new ARTICLE VIII IN WARRANTY DEEDS I, a new ARTICLE IX IN WARRANTY DEEDS II, AND a new ARTICLE X IN WARRANTY DEEDS III. Said new addition, to be added on Pages 4 and 5 of Warranty Deeds I, Pages 4 and 5 of the Warranty Deeds II, and Pages 5 and 6 of Warranty Deeds III, as follows: The AVRA shall indemnify every officer, trustee and committee member against any and all expenses, including attorney fees, reasonably incurred by or imposed upon such officer, trustee, or committee member in connection with any action, suit or other proceeding (including settlement of any suit
being or having an officer, trustee, or committee member. The officer, trustees, and committee members shall not be liable for any mistake of judgment, negligent or otherwise, except for their own individual willful misfeasance, malfeasance, misconduct or bad faith. The officers and trustees shall have no personal liability with respect to any contract or other commitment made by them, in good faith, on behalf of the AVRA (except to the extent that such officers or trustees may also be Owners), and the AVRA shall indemnify and forever hold each such officer and trustee free and harmless against any and all liability to
shall not be exclusive of any other rights to which any officer, trustee, or committee member, or former
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
This text is dictated by the new state law.
INSERT a new ARTICLE IX IN WARRANTY DEEDS I, a new ARTICLE X IN WARRANTY DEEDS II, AND a new ARTICLE XI IN WARRANTY DEEDS III. Said new addition, to be added
Duty to Maintain Hazard Insurance. The AVRA shall obtain insurance for all insurable improvements owned by the AVRA in an amount… Duty to Maintain Liability Insurance. the AVRA shall obtain a comprehensive policy of public liability insurance insuring the AVRA and its Members… Duty to Maintain Fidelity Insurance. The AVRA shall obtain fidelity bonds to protect against dishonest acts on the part of its officers, trustees… Duty to Maintain Flood Insurance. If any of the Annehurst Village Properties is located in an area identified by the Secretary of Housing and …. Provisions Common to Hazard Insurance, Liability Insurance, Fidelity Insurance and Flood
Duty to Maintain Officers’ and Trustees’ Personal Liability Insurance. To the extent obtainable at reasonable cost, in the sole and absolute…
The feedback received from the Warranty Deed Committee was incorporated into the Warranty Deed we will now review.
The discussion of establishing ‘Rules’ has been stricken from the Warranty Deed. The proposed language establishes a process for establishing a rule, including the need for written approval from 51% of all AVRA members.
The Review Committee felt strongly that Westerville and the State
acceptable standards – and that any new rule be “approved by 51% of members in good standing.”
INSERT a new ARTICLE IX IN WARRANTY DEEDS I, a new ARTICLE X IN WARRANTY DEEDS II, AND a new ARTICLE XI IN WARRANTY DEEDS III. Said new addition, to be added
Power to Adopt Rules and Regulations. Effective with the recordation of these Amendments, the AVRA Board of Trustees from time to time and subject to the written consent of at least 51% of the then- Owners in good standing may adopt, amend and repeal rules and regulations deemed necessary, desirable
Annehurst Village, to be known as the “Annehurst Village Rules.” Notice of the adoption, amendment or repeal of any Annehurst Village Rules shall be given in writing to each Owner at the address provided by each owner for notices to the Owners and copies of the currently effective Annehurst Village Rules shall be made available to each Owner upon request and payment of the reasonable expense of copying the same. Each Owner shall comply with the Annehurst Village Rules and shall see that the tenant, occupant, family member or contract purchaser of an Owner who resides on the Owner’s Lot and any natural person who is a guest or invitee of such Owner or of such person shall comply with the Annehurst Village Rules. In the event of any conflict between the Annehurst Village Rules and the provisions of the Warranty Deeds, the provisions of the Warranty Deeds shall prevail.
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(1)Fulfillment of legal, fiduciary and professional requirements (2) Requirements of the secondary mortgage market as dictated by Fannie Mae, FHA and Freddie Mac (3) It minimizes the need for unforeseen special assessments, especially for those on fixed incomes, (5) A reserve fund enhances resale values (6) Accounting standards require proper attention be paid to the reserve/replacement fund, given the depreciable nature of certain assets over time.
Subsection (A) requires the adoption of an annual budget to include "reserves in an amount adequate to repair and replace major capital items in the normal course of operations without the necessity of special assessments”
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Funding Reserve with a $60 per unit per year
Reserve Fund Balance Chart with $60 per unit per year
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Reserve Reality
Items break on schedule. Things break whenever they want. Inflation is 3% & we know what everything will cost. Who has gone grocery shopping lately? 100% of residents pay on time. Less than 100% will pay.
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1. Meet the funding requirements of the Reserve Study. 2. Cover the fixed costs of the association (7-10k annually) 3. Keep a ‘cash reserve’ to handle the unforeseen
4. Minimize the overall cash balance. 5. Hedge against excessive inflation and the unexpected.
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Goal $50 Fee $60 Fee $70 Fee Fund Reserve Study & Fixed Costs No (balance -74k in last year) Yes (balance +90k in last year) Yes (balance 253k in last year) $30k Cash Reserve No Kinda (except for 2 years) Yes Minimal Cash Yes (<$0) Yes (max 200k) No (max 355k) Inflation Hedge Yes Yes Yes
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unexpected.
more than 5% over the previous year unless approved by 51% of the residents. Ex: 2019 = $60 2020 = $63 (5% of $60=$3)
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left column with assessment right column without assessment
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INCOME PROPOSED BUDGET WITHOUT ASSESSMENT Inaugural association fees $17,500.00 $7,000.00 Fundraising $2,000.00 $2,000.00 Pool memberships & passes $54,770.00 $54,770.00 Concession sales $7,000.00 $7,000.00 Pool events and rental fees $4,900.00 $4,900.00 Swim lesson fees $2,500.00 $2,500.00 Swim team fees exp. reimb. $7,000.00 $7,000.00 Annual Assessment Income $54,480.00 $0.00 Interest, misc. income $275.00 $275.00 TOTAL INCOME $150,425.00 $85445.00 Cost of Goods Sold (concession) $4,300.00 $4,300.00 GROSS PROFIT $146,125.00 $81,145.00
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OPERATING EXPENSES PROPOSED BUDGET WITHOUT ASSESSMENT Utilities, trash, phone $18,500.00 $18,500.00 Wages (pool staff) and taxes $38,000.00 $38,000.00
47% of the operating budget goes back into the neighborhood
Pool chemicals and pool supplies $7,200.00 $7,200.00 Licenses and permits $500.00 $500.00 Sales tax $525.00 $525.00 Event expenses $2,500.00 $2,500.00 TOTAL OPERATING EXPENSES $67,225.00 $67,225.00
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Pool Memberships & Passes $54,770 Concession Sales $7,000 Pool Events & Rental Fees $4,900 Swim Lesson Fees $2,500 Swim Team Fees $7,000
Total Income: $71,780 Total Expenses: $67,225
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MAINTENANCE/REPAIRS PROPOSED BUDGET WITHOUT ASSESSMENT
Lawn maintenance, repairs $1,500.00 $400.00 ADMINISTRATION Accounting, legal fees $6,600.00 $4,400.00 Office supplies $400.00 $250.00 Printing, postage $4,000.00 $2,600.00 Web hosting expenses $200.00 $0.00 Other $50.00 $50.00 TOTAL ADMIN. EXP. $11,250.00 $7,300.00
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FIXED EXPENSES PROPOSED BUDGET WITHOUT ASSESSMENT Insurance $9,000.00 $9,000.00 Real estate taxes $5,700.00 $5,700.00 TOTAL FIXED EXPENSES $14,700.00 $14,700.00 RESERVE EXPENDITURES (if needed) $11,625.00 $0.00
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PROPOSED BUDGET WITHOUT ASSESSMENT TOTAL EXPENSE $106,300.00 $89,625.00 NET PROFIT/LOSS Reserve Fund Balance $36,855.00 $0.00 NET PROFIT/LOSS AFTER RESERVE $2,940.00
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Below is additional information that Jeff wanted to present but unfortunately ran out of time. Jeff’s Closing Comments (not given) You have been shown:
AND finally the process of how we are going to circulate the information and collect signatures I also think it would be beneficial for you to see what repairs have been previously done and the items outlined in the engineering report firsthand. I am inviting all residents to come up to the pool May 10th for a tour during the Neighborhood Clean-up Day. Stop by at 1:00 to see not only what needs to be done but also a historical review of past repairs. I promise not to put you to work... unless you want to. Annehurst was created in the 1960's and has been the home to at least 2 generations of families. Our neighborhood is continually experiencing the next generation of younger families. It is great to see the youth moving in, they are our future. This group is well connected and does much investigation before making the decision as to where to live. They will be looking for complete neighborhoods for a place where their kids can have a positive experience. They are looking for a neighborhood that will protect their investment of a home. It would be remissive for us as a current Annehurst resident to ignore our responsibility. We need to do a better job of protecting our investment.
I accepted the nomination to join the board because I felt it was my duty to insure the “Quality of Life” in Annehurst. I could not sit by and watch the pool become a casualty. Please join me and the board in our cause to get it right for the future. You have been given information tonight about the AVRA and the current situation. Karen has outlined how the process will take place. You will be receiving the information packet at your home. Please review the information, if you have any questions please call a board member or send us an email. You deserve to be part of the solution. In the words of our swim team the Piranha’s We are Annehurst and we are the best! Thank you for your attendance.
Annehurst Village Residents Association
www.annehurst.com
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