Summary
The January 16, 2025 board packet covers the full-year 2024 financial results and December 2024 month-end financials, submitted for board approval at the January meeting. The meeting was held at Aurelio’s Pizza, Winfield, IL. Management report submitted by Mike Saville (API).
The packet includes: December 2024 balance sheet and income statement (full-year 2024 actuals), general ledger trial balance for December, cash disbursements report, a full AR aging (Receivables Type Balances + Homeowner Aging Report as of 12/31/2024), a 2024 resale list, the Fisher Burton 2025–2027 landscape contract with Schedule A and B bid for board ratification, the Fisher Burton price memo for the entrance crab tree repairs, an ACC list (empty), work order list (no data), and violation report (empty). October 2024 board meeting minutes were enclosed for approval but are already ingested via board-packet-2024-10-24.
Key Provisions
- Full-year 2024 combined net income: $34,301.91 — operating net $20,270.18 + reserve net $14,031.73
- Total assets as of 12/31/2024: $394,107.89 (operating $118,553.22 + reserves $246,747.87 + other assets $28,806.80)
- Total reserves: $246,747.87 — Money Market $53,350.52 + CD 3330-2 (renewed 11/2/2024) $54,479.42 + CD #1125 (5/4/25 @ 4.85%) $138,917.93
- Reserve interest income 2024: $6,232.73 — nearly double 2023 ($3,516.70), driven by higher CD rates
- Gross AR: $20,962.14 (bad debt allowance $4,000; net ~$16,962); Cost Share Receivable $9,070.16 unchanged — 5th consecutive quarter frozen
- API management contract renewed at $15,262/year for 11/1/2024–10/31/2025 (up from $14,675; ~4% increase)
- State Farm insurance: $3,766 through 8/15/2025 — 2024-2025 rate confirmed
- Hey & Associates 2024 full-year total: $10,919.02 — $1,919 above $9,000 base contract; extra services billed in December (spring trash pickup $749.89 + Oct lake mgmt $766.08)
- Building expense net credit ($2,110.00) — $4,000 insurance recovery for entrance fence car accident minus ~$1,890 fence repair = net gain to HOA; fully reconciles with October 2024 packet
- Jenny Pietanza account escalated to Foreclosure — CS&R 30-day demand letter filed December 2024 ($258.85 legal charge)
- No ACC approvals, no work orders, no violations during period 10/17/2024–1/9/2025
- 5 home sales during 2024: ranging $468,000–$600,000
- Fisher Burton 2025–2027 contract presented for formal board ratification — same terms confirmed in October 2024 packet ($17,880/$18,784/$18,784)
- No 2024 mulch contract confirmed — Fisher Burton mulch entry in contract log still shows “2023 | $4,585”
Topics Covered
hoa-annual-finances, assessment-collection-policy, vendor-contracts, hey-and-associates, association-partners-inc, community-areas, fisher-burton
Notable Details
- CD 3330-2 label changed to “11/2/2024” — matured and was renewed November 2, 2024; balance grew from $54,316.53 (October) to $54,479.42 (December), consistent with interest accrual on renewed CD.
- “Other Income” for full-year 2024 was $3,831.95 — substantially all statement fees ($25/month per delinquent account) per December GL detail.
- Mohammed Younus account shows $0.00 balance — AR system reclassified prior year interest/fee credits to current year; waiver granted at July 2024 board meeting remains in effect.
- The 2024 home sale at 218 Heritage Woods Drive shows $0 resale amount — likely a non-arm’s-length transfer (gift, estate, or intra-family transaction).
- Mike Saville is named as the management report submitter, confirming his role as API representative at the January 2025 board meeting.
- Maintenance calendar refers to “Start Budget 2025” in July — likely a template carry-over error; should read “Start Budget 2026.”