TREASURER'S REPORT

Submitted by Neil Pedersen

As Treasurer of Snowden’s Mill Homeowner’s Association, I am pleased to provide you with a financial status report as of November 30, 2019. The fiscal year for the association is the calendar year, so this report will be through the first 11 months of Fiscal Year 2019. Total revenues for the first 11 months of the year were budgeted at $130,209.95; actual revenues through the end of November were $135,694.61 (or 4.2 percent higher than budgeted). Expenses through the end of November were budgeted at $119,758.02; actual expenses were $115,554.28 (or 3.5 percent less than budgeted). Through the first 11 months of the fiscal year, the Association had a net surplus of $9,688.40. Unless unforeseen expenses occur during the last two weeks of December, SMHOA should end the year with a surplus close to $10,000.

Based on the most recent reserve study performed for the Board, it was recommended that the Board maintain at least $76,000 in reserves for unanticipated expenses to our properties and assets. As of November 30, the SMHOA Reserve Account had $77,515.20 in interest bearing savings accounts.

The Board has been prudent in its expenditures and in pursuing delinquent homeowner accounts to ensure that all homeowners are paying their share of expenses of the association. After the Board has taken all reasonable non-legal measures to try to get delinquent accounts paid, these accounts are turned over to the Association’s attorneys to pursue collections. Currently there are 20 accounts that have been turned over to the attorneys to pursue appropriate legal action.

At its November meeting, the Board adopted the budget for 2020 that had been mailed to homeowners in draft form in October. The budget had no major changes from the 2019 budget and included only relatively minor changes to account for actual revenue and expenditure experience in recent years. The annual assessment of $250, with an early payment discount of $30 will be maintained for 2020. The adopted budget will be shared with homeowners in advance of the SMHOA Annual Meeting, which will be held Tuesday, January 21 at Paint Branch High School.

YOUR HOA NEEDS YOU

There are currently three (3) positions open on the Board of Directors; each have a three (3) year term. If you are a SMHOA homeowner and are interested in serving on our volunteer Board, or know someone else who is willing to serve, please fill out the Application for Board of Directors and return it to the Nominating Committee by January 5, 2020. Each homeowner will receive an additional mailing in early January that will include the official Annual Meeting notice, agenda, and completed applications submitted by prospective Board members and a proxy form.