Summary
The May 2023 board packet covers the May 11, 2023 meeting and includes the January 2023 minutes, a manager’s report, Q1 2023 financials (balance sheet and income statement through March 31, 2023), March disbursements, the homeowner aging report, the contract log, and attachments for new business items (mulch add-on, tree removal quote) and the 2022 cost share computation.
As of March 31, 2023, total assets were $371,238.57. Reserve balances held in a money market and three CDs totaled $228,852.06. Combined net income YTD was $69,758.10, slightly under the $71,970.42 budget. Gross AR stood at $22,307.22, with a $4,000 bad debt allowance.
A key internal issue surfaced: the 2021 cost share charge of $2,253.42 was never applied to McCollister’s account — an API bookkeeping error. The 2022 cost share totals were computed and ready to send: McCollister $1,605, Ditch Witch $1,535, Condos $396 (total $3,536). An executive session addressed a delinquent homeowner ([address redacted]) whose bills had been routed to the prior bank owner (JP Morgan) since a 2019 closing; the homeowner was willing to pay base assessments for 2020–2023.
Key Provisions
- Q1 2023 balance sheet: Total Assets $371,238.57; Reserves $228,852.06; Operating $120,126.18
- Gross AR $22,307.22 (net ~$18,307 after $4,000 bad debt allowance)
- Combined Net Income YTD: $69,758.10 (budget $71,970.42)
- Owner Assessments collected YTD: $76,924.77 (budget $67,801.26 — likely delinquency catch-up)
- March disbursements: $2,065.06 (API $1,362.61, ComEd $102.45, Travelers $600.00)
- Contract log unchanged from January 2023; Fisher Burton mulch confirmed at $2,960
- Hey & Associates new contact: Matt Bucher (mbucher@heyassoc.com; 847-740-0888); prescribed burn completed 4/5/2023
- Mulch add-on proposal (Fisher Burton): $1,625 for islands and parkway trees
- Tree removal proposal (Fisher Burton): $2,565 — fallen dead tree + 2 box elder trees on White Oak Drive common area
- 2022 cost share totals finalized: McCollister $1,605, Ditch Witch $1,535, Condos $396 (total $3,536)
- 2021 McCollister cost share charge ($2,253.42) never applied — API error
- Executive session: [address redacted] homeowner disputing fees; willing to pay base assessments 2020–2023
Topics Covered
hoa-annual-finances, vendor-contracts, cost-share-arrangement, assessment-collection-policy, hey-and-associates
Notable Details
- Owner Assessment income YTD ($76,924 vs $67,801 budget) suggests delinquency payments were booked in Q1 2023
- Three CDs maturing: two in May 2023 ($75,802 + $53,323) and one in November 2024 ($54,262); reinvestment rate not stated in packet
- Mulch add-on ($1,625) and tree removal ($2,565) were presented as New Business; no vote outcome recorded in this packet
- 2021 cost share statements confirmed mailed 6/14/2022 (per API internal email); 2022 statements still not yet sent as of meeting date
- McCollister dispute: 2021 charge of $2,253.42 was not applied to their account; API to investigate whether McCollister is both a homeowner and a cost-share party
- [Address redacted] executive session: KSN potentially engaged; meeting with homeowner scheduled 4/20/2023