Summary
Annual meeting board packet for the July 11, 2024 Prestonfield HOA Board of Directors meeting, held at Aurelio’s Pizza at 7PM. All five directors were present (Mark Hanley, Mike Halko, Neel Sharma, Ed Bryson, Mike Coker). The packet was prepared by Courtney Puzon, CMCA, though per April 2024 packet records she was on maternity leave effective 5/10/2024; Lorree King covered the meeting itself (per minutes-2024-07-11).
The packet contains: embedded April 11, 2024 meeting minutes (already ingested as minutes-2024-04-11); H1 2024 balance sheet and income statement through 6/30/2024; June 2024 disbursement detail; the management report; 2024 contract log; one A&A approval (window A/C unit); resale report (4 closings H1 2024); work order list; 2025 proposed budget; delinquency aging report (pages 14–20, redacted per Hard Rule 11); three previous-owner write-off histories; a violations log (Q2 2024); and a hearing confirmation for one homeowner at [address redacted].
Meeting outcomes (election, write-offs, fence violations, Lorree King as manager) are documented in minutes-2024-07-11, which was ingested separately.
Key Provisions
- H1 2024 Balance Sheet (6/30/2024): Total Assets $389,134.70; Operating $116,724.46; Total Reserves $243,348.52 (MM $53,323.34 + CD 3330-2 $54,302.84 + CD #1125 $135,722.34); Gross AR $21,217.06; Cost Share Receivable $9,070.16 (unchanged — third consecutive quarter at this figure); Prepaid Insurance $2,774.50
- CD #1125 matures 7/24/2024 — $135,722.34 requiring reinvestment immediately after this meeting
- YTD Combined Net Income (6/30/2024): $59,717.13
- 2025 Proposed Budget: Total income $76,173.00 (up from $75,600.26); implies slight per-unit assessment increase (~$352–$354/unit); Management Contract proposed at $15,262 (up ~4%); Electric budgeted sharply lower at $1,100 (likely reflecting anticipated ComEd pond pump disconnection)
- Contract log confirms: Hey & Associates $9,000/yr through 2025; API $14,578 through 10/31/2024; Fisher Burton landscape $16,400 (2024); State Farm 8/15/23–8/15/24 $4,016 (renewal not yet reflected — packet prepared 7/3/2024); Travelers Crime 2/11/2024–2/11/2027 $619; CAIS Workers Comp 5/10/2024–5/10/2025 (amount not legible in scan)
- H1 2024 AR: Gross AR $21,217.06 (down from $26,759 in Q1 — improvement); bad debt allowance unchanged at $4,000
- Write-offs approved: Three previous-owner balances written off — $76.25, $278.75, and $1,010.06; total $1,365.06
- A&A approval: 392 Hemlock Lane — self-installed window A/C unit in master bedroom (rear side of home); Midea 12,000 BTU unit
- Violations (Q2 2024): (1) [Address redacted] — unapproved fence installation, 1st Warning 6/26/2024; (2) [Address redacted] — exterior paint and fencing in poor repair, 1st Warning 6/26/2024
- Work order: 322 Hemlock Lane — fallen/drooping tree; City of West Chicago confirmed it belongs to the Association; assigned to Fisher Burton
- Resale report (H1 2024): Four closings — 1366 Sandcherry Lane $555,000 (3/18/2024); 1361 Sweetbay Lane $468,000 (4/19/2024); 218 Heritage Woods Drive $0/transfer (6/26/2024); 421 Post Oak Circle $590,000 (6/28/2024)
Topics Covered
hoa-annual-finances, assessment-structure, assessment-collection-policy, vendor-contracts, fence-regulations, community-areas
Notable Details
- The Cost Share Receivable of $9,070.16 has remained completely unchanged for three consecutive quarters (year-end 2023, Q1 2024, Q2 2024) — commercial parties have not paid for at least 6 months.
- No 2024 mulch contract appears in the July 2024 contract log. The April 2024 minutes included a $2K supplemental mulch motion, consistent with the Board being “unimpressed” with Fisher Burton mulching — suggesting no full-year mulch contract was executed for 2024.
- The April 2024 embedded minutes (page 2) were already ingested as board-packet-2024-04-11 and minutes-2024-04-11; not re-processed.
- Delinquency detail (pages 14–20) and write-off transaction histories (pages 22–24) contain homeowner names and addresses — redacted per Hard Rule 11. Aggregate figures only recorded.
- Hearing confirmation for [address redacted] — homeowner requested hearing re: statement fees/interest dispute; scheduled for July 11, 2024 immediately following open board meeting.