Summary
This is the Property Specialists, Inc. (PSI) management report and board packet for the October 11, 2018 Board meeting — the earliest board packet-level document in the ingested record. The packet header contains a date typo (“October 11, 2017”) that is clearly a PSI clerical error; all internal content confirms 2018 (financial statements dated 9/30/2018, budget proposal dated 10/5/2018, arrears report dated 10/4/2018).
Three sections were selectively ingested: the proposed 2019 budget, the Q3 2018 financial snapshot, and the KSN collection status / delinquency report. The packet confirms PSI as the active management company, with Dan Grahn (Property Manager), Kaitlyn Courtney (Assistant Manager), and Megan Knollman (Regional Manager) listed as the property management team. A contract log table documents the PSI contract term (5/1/17–4/30/19) and introduces Apex Landscaping as the HOA’s landscaping vendor at the time.
The 2019 budget proposal fills a significant gap in the assessment history: it explicitly confirms the 2018 annual assessment at $305/unit and proposes $312/unit for 2019. It also reveals that the proposed 2019 reserve contribution of $5,387.27 was a marked reduction from the 2018 contribution of $8,078 — notable context for understanding the reserve funding trajectory leading up to the 2026 reserve study’s findings.
Key Provisions
- 2018 annual assessment: $305/unit confirmed (215 units × $305 = $65,575 YTD assessment income)
- 2019 proposed annual assessment: $312/unit (budget dated October 5, 2018; formal adoption at or after October 11 meeting)
- 2018 reserve contribution: $8,078/year
- 2019 proposed reserve contribution: $5,387.27/year — a ~$2,691 reduction (~33% cut)
- PSI management team (October 2018): Dan Grahn (Property Manager), Kaitlyn Courtney (Assistant Manager), Megan Knollman (Regional Manager)
- PSI contract term: May 1, 2017 – April 30, 2019
- Apex Landscaping contract: April 1, 2018 – November 30, 2019 (first named landscaping vendor in the ingested record)
- KSN (Kovitz Shifrin Nesbit): Active as HOA collection counsel in October 2018; this is the first confirmed KSN collection status report in the ingested record
- Delinquency snapshot (October 4, 2018): Total arrears $10,005.49; two active mortgage foreclosure cases (#18CH908 and 18CH964)
- Hey & Associates: Listed in the contract log under account “Pool Opening/Closing” (34-6534) — a PSI accounting miscategorization; the scope is wetlands/pond management (confirmed by HOA Secretary)
- State Farm insurance: Cost savings from the mid-2018 carrier switch (from USUIG to State Farm) reflected in the 2019 budget
Topics Covered
hoa-annual-finances, assessment-structure, assessment-collection-policy, vendor-contracts, reserve-study-findings
Notable Details
- Date typo: The packet header reads “October 11, 2017” — a PSI clerical error. All internal dates confirm 2018. The wiki uses the correct date (2018-10-11) throughout.
- Reserve contribution reduction: The proposed 2019 budget cut reserve contributions by ~33% ($8,078 → $5,387.27). This predates a period of inconsistent reserve funding that the 2026 Reserve Advisors study identified as leading to a projected future shortfall.
- “Pool Opening/Closing” miscategorization: PSI’s accounting system coded Hey & Associates’ wetland/pond management work under a “Pool Opening/Closing” account (34-6534). There is no swimming pool in the community; the code is a system artifact, not a literal description.
- Three 2018 foreclosure matters: July 2018 showed case 18CH285; October 2018 shows cases 18CH908 and 18CH964 — suggesting either three separate foreclosure actions in 2018 or that 18CH285 resolved and two new ones commenced.
- Apex Landscaping: Contract period 4/1/18–11/30/19 is the earliest named landscaping vendor in the ingested record, predating Fisher Burton (current/recent vendor). Apex is not referenced in any other ingested document.
- 215 units in budget model: The proposed 2019 budget continues to use 215 units for assessment calculations, consistent with the same discrepancy documented in the 2017 draft financials (Declaration specifies 217 Lots).