Summary
The January 2024 board packet covers the January 18, 2024 meeting and includes the October 2023 meeting minutes, year-end December 31, 2023 financials, December disbursements, the homeowner aging report, the contract log, the resale report, and ACC approvals. This is the first packet to show 2023 full-year results.
Full-year 2023 combined net income was $24,931.26. Assessments were collected almost exactly on budget ($67,803 vs. $67,801). Other income exceeded budget significantly due to cost share contributions (~$7,257) being booked for the first time. A new balance sheet line — Cost Share Receivable ($9,070.16) — appears for the first time, confirming the HOA has billed commercial parties but not yet collected. Reserve interest income for 2023 was $3,516.70, well above 2022’s $812.09, reflecting higher CD rates after the May 2023 reinvestment.
Key Provisions
- Year-end 2023 Balance Sheet: Total Assets $357,845.95; Reserves $232,716.14; Operating $100,146.11; Replacement Reserve $230,975.31
- Cost Share Receivable: $9,070.16 (first appearance as own balance sheet line — 2022 chargebacks billed but not yet collected)
- Full-year 2023 Combined Net Income: $24,931.26 (Operating $13,615.56 + Reserve $11,315.70)
- Total Operating Income: $84,445.95 (budget $75,600.26 — over budget due to ~$7,257 cost share income and $1,589 misc)
- Total Operating Expenses: $70,830.39 (budget $75,600.26 — under budget by ~$4,770)
- Reserve Interest: $3,516.70 (vs. $812.09 in 2022 — significant increase from new CD rates)
- Gross AR: $17,139.04 (bad debt allowance $4,000; net ~$13,139)
- Contract log unchanged from October 2023: API $14,578; Fisher Burton landscape $16,400 (2024 term); mulch $4,585; Hey $9,000; State Farm $4,016; Travelers $590; CAIS $600
- December 2023 disbursements: $4,040.94 (API $1,305.13; ComEd $81.99; Hey & Associates $2,653.82)
- 2024 annual assessment statements mailed to homeowners as of January 2024
- 3 solar panel A&As approved: 367 Hemlock Lane, 411 Post Oak Circle, 1346 White Oak Lane (Oct 2023–Jan 2024)
Topics Covered
hoa-annual-finances, vendor-contracts, assessment-collection-policy, cost-share-arrangement, solar-panel-installations, community-areas
Notable Details
- 370 Post Oak Circle account still appears in AR aging under “Previous Owner Jp Morgan Chas Na & Fc Dept” as of 12/31/2023 — the May 2023 settlement appears not yet fully resolved on the books
- 5 home sales in 2023: prices $246,400 / $502,000 / $574,000 / $533,000 / $535,000 (homeowner names redacted per Hard Rule 11)
- Replacement Reserve jumped from $190,412 (Q1 2022) to $230,975 (year-end 2023) — driven by CD reinvestment gains and reserve contributions
- Cost share receivable $9,070.16 is a new balance sheet line representing cumulative prior-year cost shares billed to commercial parties but not yet collected. The 2022 chargebacks alone totaled $3,536 (McCollister $1,605, Ditch Witch $1,535, Condos $396); the full $9,070 likely reflects both 2021 and 2022 billing cycles combined.