Summary
This packet covers the April 24, 2025 regular board meeting. It contains February and March 2025 financial statements (balance sheets, income statements, general ledgers, cash disbursements), receivables reports for both months, homeowner aging reports as of February 28 and March 31 (and a pre-meeting snapshot as of April 17), the March and April 2025 CS&R collection status letters (plus an enclosed May 2025 status letter), the management report, the Fisher Burton 2025–2027 landscape contract (full text including Schedule A and B), a Fisher Burton crab tree price memo, and three pond/fountain care proposals (Environmental Aquatic Management and Tigris; the third from ILM was referenced but not included in the packet text).
Key financial highlights: March 31, 2025 total assets $434,145.74; reserves $256,657.43; YTD combined net income $71,087.04 (Q1 timing). CD #1125 ($140,549.60 at 4.85%) matured May 4, 2025 — board discussed reinvestment rates. The cost share receivable remained at ($5,299.00) (a reclassification from the prior $9,070.16 balance); separate 2024 cost share billing of $14,369.16 was outstanding from three commercial parties as of April 17.
On the collections front, [Address redacted] paid in full on March 27, 2025 after suit was filed March 5. The [Address redacted] mortgage foreclosure was dismissed March 7; the HOA filed its own assessment collection suit March 26. Two new demand letters were issued: [Address redacted] ([Address redacted], March 10) and [Address redacted] ([Address redacted], April 16).
The Fisher Burton 2025–2027 landscape contract was ratified at this meeting (contract dated June 3, 2024; association signature April 3, 2025). Three pond/fountain care bids were presented for the board’s consideration — no award was recorded in this packet.
Key Provisions
- March 31, 2025 Balance Sheet: Total Assets $434,145.74; Reserves $256,657.43 (MM $61,164.32 + CD 3330-2 $54,943.51 + CD #1125 $140,549.60); AR gross $41,621.14; Cost Share Receivable ($5,299.00); Prepaid Insurance $2,774.50
- YTD Combined Net Income (Q1 2025): $71,087.04 — operating surplus $61,177.48 + reserve interest $9,909.56
- Reserve interest YTD (March 2025): $2,110.56 (Q1 only)
- CD #1125: $140,549.60 at 4.85%, matured 5/4/2025 — reinvestment rates under discussion
- March 2025 Other Income: $525.00 (statement fees billed to delinquent owners via acct 6210-00); YTD $2,475.00
- Fisher Burton 2025–2027: Ratified April 2025; $17,880/yr (2025), $18,784/yr (2026–2027); term April 1, 2025 – November 30, 2027
- Fisher Burton crab tree bid: Remove 2 damaged crab trees $1,100; replace with 2 Prairie Fire crabs (2” caliper) $1,190
- EAM pond management 2025: $6,800/season (biweekly visits Apr–Sept); aeration repair options: 1 compressor $1,403.36, both compressors $2,506.72
- Tigris pond bid: $2,495 total — pond management $1,970 (biweekly) + aeration winterization/reinstall $525
- AR aging April 17, 2025 total: $37,125.97 (includes $14,369.16 in 2024 cost share billing)
- 2024 cost share outstanding (April 17): Kornerstone LLC & Ditch Witch Midwest $7,503.59; McCollisters $4,933.47; Max A Schmidt $1,932.10
- [Address redacted]: Suit filed 3/5/2025; paid in full 3/27/2025 — case dismissed, file closed
- [Address redacted]: Mortgage foreclosure dismissed 3/7/2025; CS&R assessment suit filed 3/26/2025; court 4/17 — defendant no-show, continued to 5/1/2025
- [Address redacted]: Settlement agreement sent to owner’s attorney 4/17/2025; balance $3,440.44 as of April 17
- [Address redacted]: Demand letter 3/10/2025; deadline 4/17; CS&R requested direction to file suit
- [Address redacted]: CS&R requested zero-balance ledger 3/10; demand letter 4/16/2025; deadline 5/24/2025; balance $2,638.09
- Contract log (April 24, 2025): API $15,262 (11/1/24–10/31/25); State Farm $3,766 (8/15/2025); CAIS workers comp $600 (5/10/25); Travelers crime policy through 2/11/2027; Cukierski $2,100 (2024–2026); Hey & Associates $9,000 (2025)
- 2025 board meeting dates: January 16, April 24, July 17, October 23
- March 2025 disbursements: API $1,858.33 (mgmt $1,263.45 + printing $594.88); ComEd $90.51; State Farm auto $20.34 (semi-annual); Hey & Associates $1,358.06 (invoice 19789); CS&R $312.50 (board meeting prep + collection review)
Topics Covered
hoa-annual-finances, assessment-collection-policy, vendor-contracts, cost-share-arrangement, costello-sury-rooney, hey-and-associates, fisher-burton, assessment-structure
Notable Details
- The “Other Income” line (account 6210-00) is confirmed to be statement fees billed to delinquent homeowners — resolves the open question about the $3,025 other income in the 2025 year-end report.
- The Cost Share Receivable reclassification to ($5,299.00) reflects 2023 invoices; the 2024 cost share billing ($14,369.16) is tracked separately in the regular AR aging. The $9,070.16 prior receivable has been written off/reclassified; whether it was collected is not clear from this packet.
- The ILM pond management bid was referenced in the management report (“3 bids: EA, Tigris, & ILM”) but was not included in the packet text (pages 84–98 were blank page numbers).
- Resale list (2025 YTD): Two cost-share parties — Max A Schmidt (7N040 Whispering Tr) and Kornerstone LLC & Ditch Witch Midwest (124 N Schmale Rd) — posted February 21, 2025 with settlement date March 1, 2023. These are cost-share accounts, not homeowners.
- [Address redacted] is on a payment plan; made $900 payment 2/19/2025; balance $956.15 as of April 17.
- [Address redacted] shows accounting artifacts ($0 net balance) — offsetting entries in 2023/2024 interest and statement fees; confirmed $0 owed.