Covington Place Newsletter
SPECIAL EDITION 6/14/17
DETAILED INFORMATION REGARDING FUNDING THE HOA RESERVE
Following is an explanation of why we must adequately fund the reserve, what it is for, and how the assessment amounts are calculated.
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The provisions of Section 5.1 of the Covenants require that the HOA maintain the common areas and amenities. Section 8.5 of the Covenants charges the Board with the responsibility to “annually prepare reserve budgets for both general and Neighborhood purposes which take into account the number and nature of replaceable assets…, the expected life of each asset, and the expected repair or replacement cost. The Board shall set the required capital contribution in an amount sufficient to permit meeting the projected needs of the Association, as shown on the budget …” The Board had a professional audit of our reserve account conducted in January of this year to assist us with this process, and that is the basis for the projected expenses and, hence, the assessment increase. The full audit report is posted online at HOA Butler. https://gm.cincweb.com/
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Below is a spreadsheet depicting the expected expenditures for 2017 through 2019 (some of which have already been incurred, such as the pool furniture and pressure washing of the tennis courts). The spreadsheet shows what will happen if annual assessments are not raised. Please note that the expenses on the spreadsheet are the expected expenditures; no amounts for emergency or unexpected expenditures have been included. While the amount for repair of the tennis courts (or whatever other options may be elected) seems high, it will be necessary to remove the roots that are growing up into the tennis courts and take down trees alongside the tennis courts to keep further roots from damaging the courts. If it is decided to go another route, such as one tennis court and some other activity on another court, the cost will still be high as we will still have to deal with tree roots, removal of trees, etc. As we are a swim-tennis community, part of our home values are dependent on continuing to be a swim-tennis community, and the Covenants require us to maintain the amenities, we must address these issues.
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With the annual assessment raised to $720, we should receive approximately $180,000 in revenues. Out of the $180,000, it is anticipated that approximately $130,000 will be needed to fund the normal operating expenses for 2018. That will leave approximately $50,000 to add to the reserve fund. The additional $50,000 in the reserve fund, assuming we have no unexpected expenses or emergencies, should get us through 2018 and part of 2019 while the 2019 assessments are being collected. Please note that not all of the assessments will be collected at the beginning of the year – some will be paid on or around April 1. Please also bear in mind that we must have adequate funds on hand at all times to maintain our amenities and prepare for emergency and unexpected situations.
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In summary, it will take at least several years of higher assessments to stabilize the reserve account. We have amenities that are 22 years old and are falling, or will fall, into a state of disrepair unless they are maintained. Maintenance is expensive – it costs a lot more today to maintain our amenities.
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If you have questions or would like to discuss this further, please plan to attend one of the scheduled meetings for this purpose. The meetings are scheduled for July 11 and July 25 at 7:00 p.m. at the pool clubhouse and have been scheduled specifically for this purpose.
EXPENDITURE ANALYSIS 2017 THRU 2019
If you have any questions about any of the above, please attend one of the two planned meetings or contact a Board Member.
2016-2017 BOARD MEMBERS CONTACT INFO:
Feel free to contact any Board Member with any questions you may have regarding our neighborhood. They are here to serve you and our community. Their email addresses are just below their photos.
PAT SHOWALTER
CHAIRMAN
Term expires in 2018FAYE BROWN-STONE
BROOKE WOODALL
MEMBER MANAGER
Term expires in 2018CHRIS BRANAN
MAINTENANCE MANAGER
Term expires in 2018BRIAN DEAN
PERRI FUTO
VICE-CHAIR
Term expires in 2019SUSIE KECK
COMMUNICATIONS MANAGER
Term expires in 2019IMPORTANT CP HOA PHONE NUMBERS:
- Sentry Management is the umbrella over 2 divisions: Subdivision Services and Grace Management; the 2 divisions cover different aspects of our HOA business
- Subdivision Services - 678-284-0244 - contact them for these items: obtain/replace a pool/tennis key card, report/respond to covenant violations, report issues at the pool/tennis courts/playground, anything related to safety/security, etc.
- Grace Management - 770-389-6528 - contact them for these items: your HOAButler account, anything to do with your HOA account, Architectural Review (ARC) Request, etc.
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Architecture Review Applications (ARA) - go to HOAButler or contact Sentry at AtlantasouthARC@sentrymgt.com or 770-389-6528 (office) or 770-506-8430 (Fax). Also, copy pgfuto@gmail.com to help speed up the request.
Mailbox Repair/Replacement - The HOA has approved one style mailbox for our neighborhood and this is the only mailbox that can be installed and maintained. To order a new mailbox or obtain repair service, go to this website and place your order:
http://www.mailboxproject.net/system-4/ or call Sentry Management to place an order at 770-389-6528.
Clubhouse Rental - the clubhouse is available to all residents to rent for private parties; no corporate events or non-resident parties allowed; $75 fee during Pool Season, $50 fee during remainder of year; Rules & Regulations available; some restrictions on dates/times of availability; Contact Kaye Plitt at Kayep1030@gmail.com
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Green Vehicle Stickers - Send email to l_seabolt@hotmail.com and provide street address and number of vehicles; place them on the rear window of each vehicle; they are available for golf carts too and should be placed on the windshield
Social Committee - Brooke Woodall, brookedwoodall@gmail.com
REEF Pool Management - 770-389-9999 - to report any problems with the pool during Pool Season (ex. chemicals, cleanliness, fecal matter, etc.)
Tennis Courts are accessed via the same Pool Card that opens the pool gate. The tennis courts are available for residents and their guests only. Guests must be accompanied by a resident at all times. Leagues or Teams are not allowed. Rules of etiquette were included in the HANDBOOK so please refer to them if you have any questions.
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Street Light Outage - City of Covington, 770-385-2000, use Option '0' and speak to a Customer Service Agent to report the outage and have a repair ticket created.