Prestonfield HOA Wiki

Board Packet — July 17, 2018

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Summary

Board packet for the July 17, 2018 meeting of the Prestonfield HOA Board of Directors. The 71-page packet contains meeting materials, interim financial reports, an A&A approval log, Cukierski & Cochrane engagement letters, draft 2017 financial statements, a delinquency summary, and a City of West Chicago public hearing notice. Three sections were selectively ingested; the remainder was skipped as redundant with already-ingested sources or of limited ongoing value.

Ingested sections:

  • PDF p71: City of West Chicago public hearing notice — Kornerstone LLC dba Ditch Witch Midwest, special use petition (Case PC 18-08), for property at 1555 Atlantic Drive
  • PDF pp 34–57: Draft 2017 financial statements reviewed by Cukierski & Cochrane — year-end fund balance $225,668; 2016 comparison $215,335; four 2014 reserve study components documented; cost-share percentages confirmed
  • PDF pp 63–69: Delinquency/arrears summary as of July 10, 2018 — total outstanding $10,025.99; approximately 20 accounts; one unit in mortgage foreclosure (case 18CH285)

Not ingested:

  • PDF pp 5–7: Meeting materials / agenda items and duplicate of April 2018 minutes (already ingested as minutes-2018-04-12)
  • PDF pp 7–26: Mid-2018 interim financial reports (superseded by full-year and later sources)
  • PDF p28: A&A approval log (routine; addresses retained only where relevant — none flagged here)
  • PDF pp 58–62: Cukierski & Cochrane engagement letters (administrative)

Key Provisions

  • Kornerstone / Ditch Witch identity confirmed: Kornerstone LLC operates as “Ditch Witch Midwest” at 1555 Atlantic Drive (northeast corner of Atlantic and Shingle Oak Drives, West Chicago). Special use petition filed with City of West Chicago (Case PC 18-08) in April 2018, covering two parcels: PINs 01-33-101-022 and 01-33-101-018.
  • 2017 year-end fund balance: $225,668 total — Operating Fund $36,594 + Replacement (Reserve) Fund $189,074. 2016 comparison: $215,335 total.
  • 2017 and 2016 assessment rate: Estimated ~$305/lot per year (implied from total assessment revenue in financial statements ÷ 215 reported units).
  • Unit count discrepancy: Financial statement Note 1 describes the association as having 215 units — inconsistent with the Declaration’s 217 Lots. The source of this discrepancy is not explained in the statements.
  • 2014 reserve study components (Waldman Engineering Consultants): Four components — (1) Wood Fence, (2) Entrance Monument Stone Veneer, (3) Entrance Monument Lettering & Panel, (4) Retention Pond Shoreline. This is a simpler structure than the 2026 Reserve Advisors study (6 components).
  • Cost-share percentages confirmed (earliest source): 26.44% for Outlot 218 (North Basin) and 27.98% for Outlot 220 (South Basin) — the 2017 financials are the earliest ingested document confirming the 54.42% cost-share formula.
  • Commercial cost-share billing (2017 and 2016): $494 charged to a commercial lot in both 2017 and 2016 — far less than the April 2021 billing amounts, suggesting the full multi-party cost-share formula (established by Cemcon LTD’s analysis, retained 2019) was not yet applied in the 2016–2017 period.
  • Delinquency as of July 10, 2018: Total outstanding arrears $10,025.99 across approximately 20 accounts. One unit in mortgage foreclosure (case 18CH285). Homeowner identifying details redacted per Hard Rule 11.

Topics Covered

cost-share-arrangement, hoa-annual-finances, assessment-structure, assessment-collection-policy, reserve-study-findings

Notable Details

  • The Ditch Witch Midwest public hearing notice resolves the long-standing open question about Kornerstone LLC’s full trade name and property address. See kornerstone-llc.
  • The 2017 financial statements extend the HOA’s documented financial history back to 2016 — two years earlier than the Q1 2018 snapshot previously held as the earliest record.
  • The 215-unit figure in Note 1 conflicts with the Declaration’s 217 Lots. No explanation is given. This may reflect vacant lots, lots still held by the Declarant at some point, or a simple accounting convention — all speculative.
  • The 2014 reserve study’s 4-component structure differs materially from the 2026 Reserve Advisors study: “Wood Fence” became “Perimeter shadow-box fence” (3,190 LF), the 2026 study adds masonry retaining walls and split-rail pond fence, and breaks pond work into two components (Hemlock/Snowberry vs. North shared pond). The 2014 study component “Retention Pond Shoreline” maps roughly to what the 2026 study calls sediment removal.

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