Community – Grand Lake HOA

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.

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2024 Proposed Budget

Community / Communication

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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

Google sheet version

2024 Proposed Budget Read More »

HOA Cost-to-Value Report

Community / Communication

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.

HOA Cost-to-Value Report Read More »

Lake Renovation

Community / Communication

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.

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Pool Season Reminders

Community / Communication

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 pm

Pool 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.

Pool Season Reminders Read More »

ARC Compliance

Community / Communication

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.

ARC Compliance Read More »