November HOA Newsletter
2023 Friendsgiving
Mark your calendars and join your neighbors at our first annual Grand Lake Friendsgiving. The social committee will be providing a variety of main dish meats and neighbors will bring the sides, desserts, and drinks! Click on the SignUpGenius link for more information, to RSVP, and to sign up to bring an item. We can’t wait to see you!
https://www.signupgenius.com/go/508084FAFA72DA13-45440809-friendsgiving
2024 Proposed Budget and Dues Increase
You can view the 2024 Budget Details and Approve here: 2024 Proposed Budget.
In accordance with the covenant, we have created a budget that covers the operation cost of the HOA for 2024. The budget details how the dues will be spent and sets the annual dues for 2024 at $700. We realize this is a significant increase however this is what is required to keep the association solvent.
We will be using the Monthly Board meeting on Monday, November 20th as a question-and-answer session for the proposed budget. Please consider attending if you have questions before voting to approve the budget. The final vote for the proposed budget will be held on Monday, December 11th at the clubhouse at 6:30 pm.
| Grand Lake HOA | ||||||
| Proposed Budget | ||||||
| 2024 | Proposed | |||||
| Budget | Budget | YTD Actual | ||||
| 2024 | 2023 | 10/31/2023 | Notes | |||
| INCOME | ||||||
| Association dues - $500/yr | 84,500.00 | 84,500.00 | 83,885.46 | |||
| Dues Increase - $200/yr | 33,800.00 | 0.00 | 0.00 | Expenditure per Household(169) - $700 | ||
| Clubhouse Rental | 1,900.00 | 1,900.00 | 1,600.00 | |||
| Late fee | 1,500.00 | 1,500.00 | 1,705.00 | |||
| Violation fine | 0.00 | 0.00 | 1,300.00 | |||
| Key fee | 0.00 | 0.00 | 225.00 | |||
| NSF fee | 0.00 | 0.00 | 0.00 | |||
| Legal fee | 0.00 | 0.00 | 0.00 | |||
| Interest Income | 0.00 | 0.00 | 421.44 | |||
| Other Income | 0.00 | 0.00 | 16.00 | |||
| Closing fee | 0.00 | 0.00 | 0.00 | |||
| Total Income | $ 121,700.00 | $ 87,900.00 | $ 89,152.90 | |||
| SEA WALL RENOVATION - RESTRICTED | ||||||
| Loan Debt Service - $809.91/m x 12 | $ 9,707.00 | $ 9,707.00 | $ 7,280.19 | |||
| EXPENSES | ||||||
| Property Management | ||||||
| Property Management Fee | 12,168.00 | 12,168.00 | 10,140.00 | Last year of contract 2024 | ||
| Postage | 2,272.00 | 2,272.00 | 1,424.00 | |||
| $ 14,440.00 | $ 14,440.00 | $ 11,564.00 | ||||
| Landscaping | ||||||
| Landscaping Contract | 18,940.00 | 17,940.00 | 14,710.00 | Increase by $1k per year | ||
| Aqua Systems - Lake Algae Treatment | 0.00 | 0.00 | 0.00 | |||
| Bushhogging | 0.00 | 0.00 | 300.00 | |||
| Landscaping - Other | 0.00 | 0.00 | 93.24 | |||
| Irrigation System Repair | 1,000.00 | 550.00 | 273.49 | |||
| Hardscape Repair & Improvements | 750.00 | 0.00 | 0.00 | |||
| $ 20,690.00 | $ 18,490.00 | $ 15,376.73 | ||||
| Clubhouse | ||||||
| Cleaning Services | 2,250.00 | 1,600.00 | 1,760.00 | |||
| Consumable Supplies | 250.00 | 250.00 | 149.37 | |||
| Pest Control & Termite Service | 500.00 | 750.00 | 250.00 | |||
| Security Camera Replacement | 0.00 | 800.00 | 826.07 | |||
| Emergency Exit Install - Pool | 0.00 | 0.00 | 337.50 | |||
| HVAC Service and Repair | 500.00 | 500.00 | 0.00 | |||
| Clubhouse General Maintenance & Repair | 800.00 | 300.00 | 1,763.89 | |||
| Clubhouse Paint | 0.00 | 800.00 | 0.00 | |||
| Insurance | 5,000.00 | 4,600.00 | 4,068.48 | End of yr expense projection at $4,867.20 | ||
| Real Estate Taxes | 2,925.00 | 2,650.00 | 2,784.00 | Approx 5% Increase | ||
| Utilities | 4,125.00 | 6,300.00 | 3,330.33 | |||
| $ 16,350.00 | $ 18,550.00 | $ 15,269.64 | ||||
| Pool | ||||||
| Pool Maintenance Contract | 5,200.00 | 4,900.00 | 4,705.00 | About a 6% Increase | ||
| Pool Chemicals | 4,500.00 | 3,900.00 | 4,231.00 | About a 6% Increase | ||
| Pool Repairs | 650.00 | 500.00 | 477.63 | |||
| Pool Supplies | 150.00 | 150.00 | 18.35 | |||
| $ 10,500.00 | $ 9,450.00 | $ 9,431.98 | ||||
| Community Events | ||||||
| Craft and Party Supplies | 250.00 | 250.00 | 0.00 | |||
| Association Events | 500.00 | 500.00 | 168.15 | |||
| $ 750.00 | $ 750.00 | $ 168.15 | ||||
| General | ||||||
| Loan Payment | 23,385.24 | 23,385.24 | 19,487.70 | Loan Balloon Maturity 05/20/2025 | ||
| Bank Charges | 0.00 | 0.00 | 272.00 | |||
| Other Admin | 0.00 | 0.00 | 75.47 | |||
| Legal | 1,500.00 | 500.00 | 200.00 | |||
| Internet/Email Services | 1,800.00 | 1,497.00 | 1,471.85 | |||
| $ 26,685.24 | $ 25,382.24 | $ 21,507.02 | ||||
| Capital Improvements | ||||||
| Computer Equipment Purchase | 0.00 | 0.00 | 0.00 | |||
| Seawall Repair | 0.00 | 0.00 | 12,012.09 | |||
| Loan Proceeds Used for Seawall Repair | 0.00 | 0.00 | (12,012.09) | |||
| Clubhouse Furnishings | 0.00 | 0.00 | 0.00 | |||
| Pool Furnishings | 850.00 | 837.00 | 0.00 | |||
| $ 850.00 | $ 837.00 | $ - | ||||
| Additional Principal Payments on Debt | $ 15,000.00 | |||||
| Transfer to Reserves | $ 3,277.76 | |||||
| Total Expenses | $ 118,250.00 | $ 97,606.24 | $ 80,597.71 | |||
| Net Cash Flow | 0 | $ (9,706.24) | $ 8,555.19 | |||
Arc Compliance
As a reminder to the community, it is essential to submit a proper ARC Request for any Improvements or changes to your property. Adding a Fence to your property also requires an ARC request. Additionally, the community guidelines detail the allowed stain colors for fences. Residents can find the Fencing Guidelines listed on our Residents page. Residents can submit an ARC request through the AppFolio Portal provided by Elite Housing Management. Residents should also remember to read the Grand Lake covenants concerning street parking.
HOA Board Meeting
Our Neighborhood HOA board meets monthly on the 3rd Monday of the month at 6:30 pm. These meetings are open to all homeowners who wish to attend.
To help make sure that all discussion topics are covered, the board asks if you are attending for a specific issue for discussion that you email communication@grandlakehoa.com with a brief description/explanation at least 24 hours before the board meeting so the agenda can be updated and the board can provide time for you to speak about any concerns or issues you are having.
2023 Board Members:
Teddy Schell (President)
Tim Horning (Vice President)
Ela Perry (Treasurer)
John Maginot (Secretary)
Sam Hilson (Communication)
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