1 Sept GCA Assessments | 13 Sept 2020
Dear GCA member,

Here is your GCA newsletter. As always, we want to hear your feedback.

Be safe!
GCA Board of Directors
Virtual GCA Board Meeting for September
The GCA Board of Directors is holding the Board meeting via GoToMeeting on 17 Sept from 7 PM to 9 PM. By joining the "virtual" meeting you can listen to the proceedings from start to finish. If the Board schedules an executive session, the general meeting will end and the Board will meet separately to discuss contract and/or legal issues. The agenda and Board packet will be published on the Glenmore website ahead of the meetings and the minutes of the meetings will also be posted.

If you want to participate in the Board meeting, contact Tim Durrer at 434-984-0700 or click here for information regarding the GoToMeeting link.

GCA Assessment Invoices - Delivered
Associa mailed the GCA assessment statements in late July for the second half of the year. We received the invoices on 17 August. The Postal Service contacted the GCA and apologized for two things: one the late deliveries caused by backlogs at the Richmond regional distribution center; and two, for originally providing inaccurate information on why the invoices were delayed.

The GCA second half assessment of $518 was due on 1 September. If you have not yet received your invoice, contact Associa by clicking here and include "Missing Invoice" in the subject line.

As of Friday, 11 September, there are 187 outstanding assessment payments. If you have not yet paid, please make your payment soonest. You can drop off your payment at the gatehouse in order to avoid post office delays.

The Treasurer

2021 GCA Budget Under Construction
Per our GCA C&Rs (Article V Section 7), the GCA Board is required to approve the new budget sixty days before the beginning of the Fiscal Year. That means it must be approved by 2 November. This includes both our annual operating budget and our allocated reserve funding.

Since early August, the Board has been collecting 2020 data, using info from the GCA Strategic Plan, and assessing requirements for 2021. The final step is to determine the annual assessment. In the 2020 budget, we increased the annual assessment by 1.57% (a $16 increase). According to our C&Rs, the Board may not, without the affirmative vote of a majority of the Voting Members of the Association, increase the annual assessment more than ten percent (10%) in a year.

Click here for a copy of the 2020 Budget (approved 17 Oct 2019).

Test Question: What do we pay for the Gatehouse Guard contract?? Click here for the answer.
Two Car Break-Ins Reported in Glenmore Last Week

GCA Financial Summary Info for August
Here is some summary GCA financial information for August 2020:
  • Equestrian Center (EC) Loan Pay-down. On 21 August, the GCA paid down $220,000 of the EC Loan. We decided to pay it down now because our loan rate at Atlantic Union Bank is 5.05%, and our maturing Reserve Fund CDs are now paying between 0.25% and 0.1% on our investments (originally 2.4% to 3%). By paying down the loan, we'll save approximately $13,700 in interest payments after accounting for the lost interest on the CDs. $220,000 in CDs were liquidated to pay down the loan, however, we'll use the planned mortgage payments ($122,973 per annum) to replenish the CD funds through August 2022.
  • Loan Pay-down Part 2. You might wonder why we didn't pay off the loan completely in August (approximately $19,000 remains)?? Atlantic Union Bank charges a 1% prepayment penalty fee on the remaining loan principal if you pay off the loan early. By paying down $220,000 of the principal and allowing the loan to pay off naturally by end of October, we saved $2,380 in prepayment penalties.
  • GCA 2018 Independent Auditor's Report. Monfalcone & Garris Accountants and Consultants delivered our 2018 Independent Auditor’s Report on 28 August. The report states that the auditor has sufficient and appropriate evidence to provide a basis for a clean audit report.  To see the Audit Report, click here.
Reckless Driving Citations ... Did You Know??
The GCA contracts with the Albemarle County Police Department for patrols in Glenmore. While the County Police will not write speeding tickets on our private roads, they are obligated to cite drivers for reckless driving. In Virginia, reckless driving is defined as 20 MPH above the posted speed limit (Code of VA § 46.2-862). Our posted speed limit is 25 MPH.

GCA Board Nominations Committee 
Board elections are just five months away, and the Nominations Committee is looking for candidates to run for the GCA Board in February 2021. If you want to serve on the Board, please contact Tim Durrer by clicking here (Add the subject line "Nominating Committee")

You may have heard in years past that the Board spends hundreds of hours per month running GCA operations. With the expansion of Associa’s professional management services, we have been transferring the day to day operations to Associa, leaving the main role of the Board as policy and oversight. Board members serve two years and are expected to chair and/or serve on two Board committees. The Board meets twice monthly for two hours each.
GCA Members ... Looking for Answers??
Our GCA Web Page has vast amounts of information. In fact, to find Glenmore Covenants and Restrictions, go to the web page, then click on "More" on the top line. You'll get a scroll down list. Click on "Regulations and Legal". Then scroll down to "Covenants & Restrictions of Glenmore".

Just have some general questions? Email Thelma Washington by clicking Here.
Watch These Dates
Sep 17: GCA Board Meeting 7-9 PM (GoToMeeting)
Sep 22: Autumnal Equinox (click here).
Oct 1: GCA Board Working Group Meeting (via GoToMeeting)
Oct 12: Columbus Day
Oct 15: GCA Board Meeting 7-9 PM (GoToMeeting)
Nov 2: GCA 2021 Budget approved
Nov 3: Election Day