| Grand Lake HOA | ||||||||
| Proposed Budget | ||||||||
| 2025 | Proposed | |||||||
| Budget | Budget | YTD Actual | ||||||
| 2025 | 2024 | 10/31/2024 | Notes | |||||
| INCOME | ||||||||
| Association dues – $700/yr | $ 118,300.00 | $ 118,300.00 | $ 112,239.00 | |||||
| Clubhouse Rental | 1,900.00 | 1,900.00 | 1,950.00 | |||||
| Late fee | 1,500.00 | 1,500.00 | 2,820.00 | |||||
| Violation fine | 0.00 | 0.00 | 2,041.75 | |||||
| Key fee | 0.00 | 0.00 | 225.00 | |||||
| NSF fee | 0.00 | 0.00 | 0.00 | |||||
| Legal fee | 0.00 | 0.00 | 803.25 | |||||
| Interest Income | 0.00 | 0.00 | 437.30 | |||||
| Other Income | 0.00 | 0.00 | 23.00 | |||||
| Closing fee | 0.00 | 0.00 | 0.00 | |||||
| Total Income | $ 121,700.00 | $ 121,700.00 | $ 120,539.30 | |||||
| SEA WALL RENOVATION – RESTRICTED | ||||||||
| Loan Debt Service – $809.91/m x 12 | $ 9,707.00 | $ 9,707.00 | $ 8,210.42 | |||||
| EXPENSES | ||||||||
| Property Management | ||||||||
| Property Management Fee | 11,661.00 | 12,168.00 | 10,115.00 | Beacon $5.75 per door | ||||
| Postage | 2,100.00 | 2,272.00 | 1,613.00 | |||||
| Total Property Management | $ 13,761.00 | $ 14,440.00 | $ 11,728.00 | |||||
| Landscaping | ||||||||
| Landscaping Contract | 18,940.00 | 18,940.00 | 14,842.00 | Increase by $1k per year; keep last years budget amount | ||||
| Aqua Systems – Lake Algae Treatment | 0.00 | 0.00 | 0.00 | |||||
| Bushhogging | 375.00 | 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 | |||||
| $ 21,065.00 | $ 20,690.00 | $ 14,889.00 | ||||||
| Clubhouse | ||||||||
| Cleaning Services | 2,000.00 | 2,250.00 | 1,859.62 | |||||
| Consumable Supplies | 350.00 | 250.00 | 265.24 | |||||
| Pest Control & Termite Service | 625.00 | 500.00 | 250.00 | |||||
| Security Camera Replacement | 500.00 | 500.00 | 0.00 | |||||
| Emergency Exit Install – Pool | 750.00 | 800.00 | 360.95 | 2024 Paint and Supplies Clubhouse | ||||
| HVAC Service and Repair | 5,000.00 | 5,000.00 | 3,368.72 | 5% increase projected | ||||
| Clubhouse General Maintenance & Repair | 3,229.00 | 2,925.00 | 3,075.16 | Approx 5% increase | ||||
| Clubhouse Paint | 4,125.00 | 4,125.00 | 3,299.36 | |||||
| Insurance | 16,579.00 | 16,350.00 | 12,479.05 | |||||
| Real Estate Taxes | 2,925.00 | 2,650.00 | 2,784.00 | |||||
| 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 | 5,200.00 | 3,990.00 | |||||
| Pool Chemicals | 4,810.00 | 4,500.00 | 4,538.20 | About a 6% Increase | ||||
| Pool Repairs | 650.00 | 650.00 | 325.00 | |||||
| Pool Supplies | 150.00 | 150.00 | 0.00 | |||||
| 10,810.00 | 10,500.00 | 8,853.20 | ||||||
| Community Events | ||||||||
| Craft and Party Supplies | 150.00 | 250.00 | 0.00 | |||||
| Association Events | 250.00 | 500.00 | 49.01 | |||||
| 400.00 | 750.00 | 49.01 | ||||||
| General | ||||||||
| Loan Payment | 24,800.00 | 23,385.24 | 19,487.70 | Approximate 6% increase; loan balloons May 2025 | ||||
| Bank Charges | 0.00 | 0.00 | 25.00 | |||||
| Other Admin | 0.00 | 0.00 | 0.00 | |||||
| Legal | 1,250.00 | 1,500.00 | 900.00 | |||||
| Internet/Email Services | 1,625.00 | 1,800.00 | 1,273.87 | |||||
| 27,675.00 | 26,685.24 | 21,686.57 | ||||||
| Capital Improvements | ||||||||
| Lighting and Plugs – Clubhouse | 0.00 | 0.00 | 953.13 | |||||
| Pool Liner Replacement | 0.00 | 0.00 | 7,075.00 | |||||
| Pool Bottom Repair | 0.00 | 0.00 | 1,400.00 | |||||
| Transfer From Reserve For Pool Expenses | 0.00 | 0.00 | (8,475.00) | |||||
| Technology Improvements | 1,250.00 | 0.00 | 0.00 | |||||
| Clubhouse Furnishings | 1,000.00 | 0.00 | 321.08 | 2024 Prints and Frames Clubhouse | ||||
| Pool Furnishings | 850.00 | 850.00 | 0.00 | |||||
| 3,100.00 | 850.00 | 1,274.21 | ||||||
| Additional Principal Payments on Debt | $ 15,000.00 | $ 15,000.00 | 8,750.00 | |||||
| Transfer to Reserves | $ 3,603.00 | $ 3,277.76 | ||||||
| Total Expenses | $ 121,700.00 | $ 118,250.00 | $ 87,919.76 | |||||
| Net Cash Flow | 0 | $ 3,450.00 | $ 32,619.54 | |||||
| Seawall Repair – Remaining Loan Proceeds | $ 23,989.00 | $ 23,989.00 | $ 23,989.00 | |||||
| Total expenses including debt service | $121,700.00 | $118,250.00 | ||||||
| Expenditures per household (169) | $720.12 | $699.70 | ||||||
Category: Community
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2025 Proposed Budget
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2024 Board Election
BALLOT
2024 HOA Board Election
The role of an HOA board is to govern and manage the affairs of the community association, including setting and enforcing policies, managing finances, maintaining common areas, and ensuring compliance with applicable laws and regulations. The board works to maintain and enhance property values, promote a harmonious community, and protect the rights and interests of all residents. The board is responsible for making decisions that affect the community, such as setting and collecting dues, managing community amenities, and resolving disputes between residents. Overall, the role of the HOA board is to ensure the effective operation of the community and serve the best interests of its residents.
Grand Lake HOA Board Election Ballot
Grand Lake HOA board election vote is being held through an online ballot. Each homeowner is allotted one ballot for each property they own. If you own multiple properties you must create an account for each property. If you do not wish to participate in the online election you can download the ballot and return it to a member of the election committee by the annual meeting on the 19th of February 2024.
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2024 Proposed Budget
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Grand Lake HOA Budget
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 -
HOA Cost-to-Value Report
HOA Cost-to-Value Report
Report on Similar HOAs
HOA Amenites Houses Dues/yr Operating Budget Riverside Landing HOA Clubhouse, CH Rental, Pool. Pond 201 $400.00 $80,400.00 Hermitage HOA Clubhouse, CH Rental, Pool 161 $425.00 $68,425.00 Hampton Ridge HOA Clubhouse, CH Rental, Pool, Pond 335 $450.00 $150,750.00 Dairy HOA Pool, Clubhouse rental, Common Area Maintenance 253 $500.00 $126,500.00 The Bridges HOA Clubhouse, CH Rental, Pool 104 $480.00 $49,920.00 Grand Lake HOA Pool, Clubhouse rental, Playground, A large community Lake, and Common area maintenance 169 $500.00 $84,500.00 Foxfield HOA Clubhouse, CH Rental, Pool 135 $750.00 $101,250.00 Aldrige HOA Two Large Lakes, Comman Area Maintenance, Greenway Access 107 $900.00 $96,300.00 Sumerset Lake HOA Larger Lake, direct greenway access, Common Area Maintenance 70 $1,400.00 $98,000.00 Woodmill Trace HOA Clubhouse, Gym, Pool, Comman Area Maintenance 132 $1,560.00 $205,920.00 Analysis & Findings
The board was able to gather data about similar HOAs to Grand Lakes through Elite. We did find that several HOAs had lower dues than us. Some have the same or lower dues but have more members resulting in a much higher operating budget. Raising our rates to $650 will have us closer to the higher range of dues on the list. However, we questioned Elite about the HOAs that had very low dues or operating budgets and they said that a significant difference for those HOAs is that they do not have debt that was turned over to them by their builders. Additionally, Hermitage HOA, which is the most similar to our community, will be raising their dues this year to $650 because they had to do a major renovation to their clubhouse and it used all their reserves and left them with 20,000 in debt.
Based on this report and that information the board still believes that moving forward with increasing our dues to cover our significant debt is the correct course of action.
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Lake Renovation
Lake Renovation Infomation
The lake retaining wall is in disrepair and we need to address the issue before it gets any worse. The longer we wait to fix the issue the more costly it becomes. We have received a quote from New Era Construction for the repairs. You can view the quote here. The repairs will cost a total of $48,024.
The board is seeking a loan to cover the cost of the repairs so that we can move forward with the repairs in a timely manner. However, the board would like to quickly pay off the loan with a special assessment divided equally between all households. The special assessment will be up to $300 per household split into two payments to cover the cost of the loan and any fees and interest on the loan.
Please vote below! If you would prefer to vote by a paper ballot download the ballot below and return it to a board member via email of hand delivery.
[ays_poll id=1]
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Pool Season Reminders
During pool season the board would like to remind all residents to know the pool rules and to treat each other kindly while at the pool.
Pool Hours are:
Sunday – Thursday – to 10 pm
Friday – Saturday – to 11 pmPool Rules
- Swim at your own risk. No lifeguard on duty.
- Keep gates closed and locked at all times. Do not prop open.
- No running, horseplay, or foul language.
- No Diving
- No Smoking or Alcohol in the pool area.
- Swim Diapers are required for infants and toddlers.
- Children under the age of 14 must be accompanied by an adult at all times.
- No pets are allowed in the pool area for any reason.
- No glass containers or bottles are allowed on the pool deck.
- All members are responsible for cleaning up after themselves. Any items left at the pool may be discarded by the HOA.
- Proper swimming attire is required at all times.
- No more than 4 guests per member without prior approval from the pool committee. All guests must be accompanied by a Grand Lake Homeowner.
Additional Guidelines:
- You must have your key fob to enter the pool.
- If you are the last one to leave the pool, please make sure the gate is closed.
- Observe all pool rules posted at the pool. We have no lifeguard on duty. Swim at your own risk. There is a first aid kit in the women’s restroom, as well as a fire extinguisher.
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ARC Compliance
As a reminder to the community, it is very important 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.