HomeStead Owners Group (HOG)

Bill Troy's "12 Questions" for Case Bowen

Aug 07, 2002

Bill Troy?’s 12 Questions

1. Please explain why there is no money from our monthly association dues being set aside in the reserve account for future repair and maintenance of our community.
2. Please forward to me a copy of the reserve study that was completed to accurately assess what our future maintenance and repair costs will be, or if no reserve study has been completed, please indicate how future reserve requirements have been calculated.
3. Income statements sent to residents on March 31st, May 31st, and June 30th, show YTD profits of $5,492, $6,457, and $7,593 respectively. This has clearly indicated that the financial health of our association has been good and improving, yet the July 17th memo that accompanies the June 30th income statement, suddenly announces that there is ?“approximately $750 in the operating account and ?“outstanding payables of $26,700.?” Clearly, the memorandum and the income statements are in conflict; please explain this discrepancy, and how account/reporting procedures will be changed to properly communicate the health of our association to residents going forward.
4. What, specifically, are the landscaping costs that were un-anticipated? Given that landscaping is provided to our community through a contract with Greenscapes, it seems that the cost of that maintenance would be spelled out in the contract. I don?’t recall reading about any other issues that would warrant over $26,000 in surprise costs.
5. What, specifically, are the insurance costs that were un-anticipated. Previous communication to resident has indicated just the opposite. In the April 17th 2002 Board of Trustee meeting minutes, it is noted, ?“insurance will be changed form Acordia to Erie. The coverage is more appropriate for a condominium association, and the cost is lower for the association.?” Please explain.
6. What is the problem with the gutter/downspouts in our community that requires an increase in expenditures from $153 to $5,760?
7. What are the problems that require more than doubling spending on animal control and extermination?
8. With a lighter than average snow fall this past winter, why were snow removal expenses more than twice what was budgeted.
9. Why is $5,055 shown as the snow removal expense in April/May, when, I believe, there was no snowfall in those months.
10. Given the cost of snow removal last winter, why is only $705 budgeted for snow removal for the rest of 2002?
11. Please explain why, on the revised June 2002 budget, the asset reserve savings transfer item is listed an operating expense.
12. Please explain why the reserve fee item shown on the June 30th income statement is counted as operating income and appears to be applied to operating expenses.