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Not only that but our reserves are at 9.8% (Should be around 70%)
Have you looked over the financial data just sent out by Management Trust? Edgewood HOA is in a world of hurt financially. As you remember, we were told in a monthly newsletter that our reserves were at 55% (which is still low) and now this reserve study says we are at 9.8% ...projected to be around 25% at the end of the year. Any unforseen event can totally wipe out that 25%.
A neighbor complained to me asking why we spent loads of money on cameras for the RV lot when we are broke. I didn't help matters by reminding her that the board is now planning to spend more money on privacy screening for the RV lot. That is really necessary for burglars to be blocked from view as they break into your RV.
So if you haven't looked over where your money is going, take a good look and see where money is being spent - $45,000 on water, around $90,000 on lawn maintenance are just a few things that popped out.
We need to talk people.
Ok, so I have run a few numbers and determined that there is more misleading information in this report. In order for the reserves to reach that 25% they quoted, each homeowner has to pay that $1,389 per year you see listed IN ADDITION to the extra $79 per month in dues. Read that again.
So to get to that 25% that really should be 70%, each of our 108 units will have to kick in $1389 during this next year. If not our reserves will still be about 10%.
I attended the last board meeting and confronted the board about their stupid decision to waste money to pay a lawyer to send me 2 Cease and Desist orders when a phone call, regular letter or request for a meeting would do. Pat’s response was that it got you to take care of the problem, didn’t it? Highly disrespectful to a long time owner/resident. The disrespect displayed by the president to justify her wasteful decision, capped with a smug response was a clear snapshot of how this board manages our resources
The agenda said there would be discussion of the budget and reserves. No reports and no details were presented. I specifically asked about progress made this year to improve the reserves. The president looked shocked and unprepared for the question. “A little bit“, she said, “very little”. The real answer is clear, tackling the reserves problem has not and is not their issue. there has been no progress because there is no thought, no strategy. Look at the budget and you’ll see it is business as usual. Bob is absolutely right. I will add that they say they are looking to protect your home value. Raising the HOA fees nearly $1000 a year does the opposite. Vote wisely. The property you save will be your own.
@bob-chamness just got the news as well. Almost $500/month for a useless HOA is ridiculous. I’ve lived here since 2021 and it’s been increasing every year. With this continuing I will have to find a new place to live. I feel helpless like I can’t do anything to avoid the increases.
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