Summary
This page tracks the HOA’s annual financial performance — actual income and expenses by year, reserve fund status, and notable budget variances. The governing framework for assessments (types, lien authority, interest rates) is documented in assessment-structure. The collection enforcement process is in assessment-collection-policy.
2025 Operating Results
Period: January 1 – December 31, 2025 Source: year-end-report-2025 (produced by API, February 23, 2026)
| Category | Actual | Budget | Variance |
|---|---|---|---|
| Owner Assessments | $75,204.33 | $68,374.00 | +$6,830 |
| Late Interest + Chargebacks | $14,855.62 | $0 | +$14,856 |
| Other Income | $3,025.00 | $0 | +$3,025 |
| Total Operating Income | $93,074.95 | $76,173.00 | +$16,902 |
| Administrative | $51,755.61 | $30,239.00 | ($21,517) |
| Grounds | $31,783.27 | $36,035.00 | +$4,252 |
| Utilities | $626.45 | $1,100.00 | +$474 |
| Reserve Contribution | $7,799.00 | $7,799.00 | — |
| Total Operating Expense | $91,964.33 | $76,173.00 | ($15,791) |
| Net Income | $1,110.62 | $0 | +$1,111 |
Key Variances Explained
Administrative over-budget by $21,517 — primarily driven by collections activity:
| Item | Actual | Budget | Over/(Under) | Explanation |
|---|---|---|---|---|
| Legal Fees – Owner | $13,836.05 | $0 | ($13,836) | Collections/eviction legal work — fully offset by $13,836.05 Legal Chargeback income. Net cost: $0. |
| Mailings/Printing | $7,904.16 | $3,000 | ($4,904) | Certified mail campaign + eviction notices |
| Legal Fees – Corporate | $3,634.37 | $500 | ($3,134) | General HOA legal matters |
| Tax Preparation | $3,350.00 | $2,000 | ($1,350) | Over budget |
| Insurance | $4,538.86 | $6,077 | +$1,538 | Favorable |
| Social Event | $870.12 | $3,000 | +$2,130 | Well under budget |
Grounds under-budget by $4,252:
- Landscape – Other: $5,647.12 vs. $8,000 budget ($2,353 under)
- Lake/Pond – Dam Maintenance: $8,256.15 vs. $9,000 budget ($744 under)
- No building/fence repairs: $0 vs. $1,000 budgeted
2025 Reserve Fund
| Item | Amount |
|---|---|
| Reserve contribution (from operations) | $7,799.00 |
| Reserve interest income | $7,971.97 |
| Net reserve gain (2025) | $15,770.97 |
Reserve interest income of $7,971.97 at ~4.25% yield (CD rate confirmed in May 2023 meeting minutes) implied an invested reserve balance of approximately $185,000–$195,000 at end of 2025. The March 2026 balance sheet (financial-report-2026-03) now confirms the actual total reserve balance as $270,599.93 — see Q1 2026 snapshot below.
Source: year-end-report-2025
Annual Assessment History
| Year | Annual Assessment | Budget Adopted | Source |
|---|---|---|---|
| 2016 | ~$305.00 (estimated) | — | board-packet-2018-07-17 (implied from total assessment revenue ÷ 215 reported units in 2017 financials) |
| 2017 | ~$305.00 (estimated) | — | board-packet-2018-07-17 (implied from total assessment revenue ÷ 215 reported units in 2017 financials) |
| 2018 | $305.00 (confirmed) | — | board-packet-2018-10-11 (215 units × $305 = $65,575 YTD assessment income) |
| 2019 | $312.00 (confirmed adopted) | October 2018 | board-packet-2018-10-11 (proposal); board-packet-2019-10-10 (2020 budget worksheet confirms $312 was the 2019 rate) |
| 2020 | $320.02/unit (adopted; +2.57%) | November 2019 | board-packet-2019-11-14 (adopted budget: operating $288.74 + reserve $31.28; October proposal had been $312 flat) |
| 2021 | $320.02/unit (confirmed — flat from 2020) | — | board-packet-2021-07-15 (income statement: $61,804.09 operating + $7,000 reserve = $68,804.09 ÷ 215 units = $320.02; AR aging entries confirm $320.02 per delinquent account) |
| 2022 | $333.00 | November 2021 | minutes-2021-11-11 |
| 2023 | $350.00 | November 2022 | minutes-2022-11-21 |
| 2024 | $350.00 (confirmed — flat from 2023) | October 2023 (adopted) | board-packet-2024-04-11 (AR aging: every delinquent account shows $350.00 as current-year assessment) |
| 2025 | $352.65/unit (confirmed) | — | board-packet-2024-10-24 (API homeowner cover letter, September 24, 2024) |
| 2026 | $352.65/unit (confirmed flat from 2025) — 2026 budget holds total assessment income at $76,173 (operating $68,374 + reserve $7,799), identical to 2025 | October 2025 | board-packet-2025-10-30 |
| 2027 | Board voted October 1, 2026 to keep the assessment the same as 2026 — i.e., $352.65/unit flat (NS motion, EB second; 3 aye, MC opposed, MH abstained). Formal 2027 budget adoption is planned for a November 2026 meeting. The packet’s draft (assessments $77,357 + reserve $8,000 = $85,357, about $395/unit at 216 units — wiki arithmetic) is superseded as to the total assessment. Oct 23, 2026 notice to homeowners: assessment stays $352.65; revised proposed budget (assessments $74,173 + reserve $2,000 = $76,173) to be adopted at the Board’s Zoom meeting on 11/23/2026 | October 2026 (assessment vote); adoption pending 11/23/2026 | minutes-2026-10-01; draft in board-packet-2026-10-01; owners-notice-2027-budget-and-collection-policy |
Q1 2026 Financial Snapshot
Period: January 1 – March 31, 2026 Source: financial-report-2026-03 (included in May 7, 2026 board packet)
| Account | Balance (March 31, 2026) |
|---|---|
| Operating Checking | $160,625.60 |
| Total Reserves | $270,599.93 |
| Replacement Reserve Equity | $230,975.31 |
| YTD Net Income | $71,806.80 |
| Cost Share Receivable (outstanding) | ($5,299.00) |
Note on reserve balance: The 2025 Year End Report estimated reserves at ~$185,000–$195,000 based on interest yield. The March 2026 balance sheet confirms the total reserve balance at $270,599.93 — substantially higher. The difference likely reflects CD maturities, reinvestment, and the 2025 reserve contribution and interest that posted after the year-end report was prepared.
YTD net income of $71,806.80 through Q1 is a timing artifact — most assessments are collected at the start of the year while expenses accrue throughout.
Q2 2026 Financial Snapshot
Period: January 1 – June 30, 2026 Source: financial-report-2026-06 (included in July 16, 2026 board packet)
| Account | Balance (June 30, 2026) |
|---|---|
| Operating Checking | $155,020.28 |
| Total Reserves | $269,698.46 |
| Replacement Reserve Equity | $230,975.31 |
| Total Assets | $440,413.67 |
| YTD Net Income | $59,778.72 |
| Cost Share Receivable (outstanding) | ($5,299.00) |
YTD net income declined from $71,806.80 (Q1) to $59,778.72 (Q2) — the expected seasonal pattern as expenses accrue through the year. Total Reserves are essentially flat from Q1 ($270,599.93 → $269,698.46), reflecting the $2,200 Reserve Advisors study fee being fully paid out against continued interest and contribution accrual. Cost Share Receivable is unchanged at ($5,299.00) for the second consecutive quarter.
August 2026 Financial Snapshot
Period: January 1 – August 31, 2026 Source: financial-report-2026-08 (included in the October 1, 2026 board packet)
| Account | Balance (August 31, 2026) |
|---|---|
| Operating Checking | $83,760.76 |
| Total Reserves (MM + 3 CDs) | $319,830.48 |
| Replacement Reserve Equity | $230,975.31 |
| Total Assets | $420,955.12 |
| YTD Combined Net Income | $40,274.82 |
| Cost Share Receivable (outstanding) | ($5,299.00) |
Note on the reserve balance: Total Reserves jumped about $50,132 from June, but $50,000 of that is the Board’s July 16, 2026 transfer from Operating into a new CD (#9286); the rest is interest. The figure now includes operating-funded cash and is not comparable to the $270,800 starting balance in reserve-study-2026-revised. Operating checking fell about $71,260 over the same two months (the $50,000 CD transfer plus August landscape payments of $11,740 that posted at once).
2027 Proposed Budget (draft, October 1, 2026)
Source: board-packet-2026-10-01 (page 49) — draft only; adoption is planned for a November 2026 meeting together with the Collections Policy.
| Line | 2025 Adopted | 2026 Adopted | 2027 Proposed |
|---|---|---|---|
| Assessments (6100-00) | $68,374 | $68,374 | $77,357 |
| Reserve assessment / contribution | $7,799 | $7,799 | $8,000 |
| Cost Share – Area 1 & 2 (54.42%) income | $0 | $5,801.17 | $3,809.40 |
| Total income | $76,173 | $81,974.17 | $89,166.40 |
| Management contract | $15,262 | $15,872 | $15,873 |
| Landscape contract | $16,735 | $18,784 | $18,784 |
| Landscape – Cost Share expense | $0 | $0 | $3,809.40 |
| Lake/Pond-Dam maintenance | $9,000 | $15,900 | $15,900 |
| Insurance | $6,077 | $6,100 | $6,200 |
| Fence (7740-04) | $1,000 | $100 | $0 |
| Total administrative | $32,239 | $30,772 | $33,823 |
| Total grounds | $36,135 | $43,403.17 | $47,343.40 |
Observations: the proposed reserve contribution of $8,000 is four times the Reserve Advisors recommendation of $2,000 and is roughly the current $7,799 rounded up; no reserve expenditures (including the split-rail replacement the study schedules for 2027) are budgeted; the cost-share income and the HOA’s landscape cost-share expense are budgeted at the same $3,809.40. See reserve-study-findings.
Status after the October 1, 2026 meeting: the draft above was not adopted. The Board voted to hold the total assessment at the 2026 level (see the assessment table above), which is lower than the draft’s assessments and reserve combined, so the draft must be revised before the planned November adoption. The meeting also approved two items outside the budget lines above: a $500 allowance for spring plantings (EB motion, MC second) and the $6,390 Classic Fence split-rail replacement (no fence expense is in the draft). The minutes do not say whether the reserve contribution stays at $7,799, rises to $8,000, or follows the revised study’s $2,000, nor how the fence work is funded. Source: minutes-2026-10-01
2027 Proposed Budget (revised, mailed October 23, 2026)
Source: owners-notice-2027-budget-and-collection-policy (page 2) — proposed, not adopted. API mailed it to all homeowners; the Board plans to adopt it at a Zoom Board meeting on Monday, November 23, 2026, 10:00 AM, to which homeowners are invited. It supersedes the October 1 draft above.
| Line | 2025 Adopted | 2026 Adopted | 2027 Proposed (Oct 23) | Oct 1 draft |
|---|---|---|---|---|
| Assessments (6100-00) | $68,374 | $68,374 | $74,173 | $77,357 |
| Reserve assessment / contribution | $7,799 | $7,799 | $2,000 | $8,000 |
| Cost Share – Area 1 & 2 (54.42%) income | $0 | $5,801.17 | $3,809.40 | $3,809.40 |
| Total income | $76,173 | $81,974.17 | $79,982.40 | $89,166.40 |
| Management contract | $15,262 | $15,872 | $15,873 | $15,873 |
| Landscape contract | $16,735 | $18,784 | $18,784 | $18,784 |
| Landscape – Cost Share expense | $0 | $0 | $0 | $3,809.40 |
| Lake/Pond-Dam maintenance | $9,000 | $15,900 | $15,900 | $15,900 |
| Insurance | $6,077 | $6,100 | $6,300 | $6,200 |
| Fence (7740-04) | $1,000 | $100 | $100 | $0 |
| Total administrative | $32,239 | $30,772 | $35,073 | $33,823 |
| Total grounds | $36,135 | $43,403.17 | $42,909.40 | $47,343.40 |
Operating income ($77,982.40) equals operating expense ($77,982.40), and assessments plus reserve ($76,173) equal 216 units × $352.65. The reserve contribution now follows the Reserve Advisors recommendation ($2,000; see reserve-study-findings). The 2026 actuals column through July shows late fees $3,259.72, legal chargebacks $5,227.64 and fines $75. No reserve expenditure is budgeted even though the study schedules the split-rail replacement for 2027 and the Board approved a $6,390 split-rail replacement on October 1; fence is $100.
History
| Date | Event |
|---|---|
| 2016 (year-end) | Fund balance $215,335 total (breakdown not separately stated). 2016 annual assessment estimated ~$305/lot. Source: board-packet-2018-07-17 (2017 draft financials, 2016 comparative column) |
| 2017 (year-end) | Fund balance $225,668 total — Operating Fund $36,594 + Replacement (Reserve) Fund $189,074. 2017 annual assessment estimated ~$305/lot. A commercial lot billed $494 for cost-share (full multi-party formula not yet in use). Source: board-packet-2018-07-17 (Cukierski & Cochrane draft 2017 financials) |
| 2018-03-31 (Q1) | Operating $65,328 / Money Market $35,468 / CD $170,999 (likely reserve fund) / Total $287,618. Source: minutes-2018-04-12 |
| 2018-06-30 (Q2) | Operating $54,015 / Money Market $35,481 / CD $170,999 / Total $260,496. Operating account down $11K from Q1 — consistent with seasonal expenses. Source: minutes-2018-07-17 |
| 2018-09-30 (Q3) | Balance sheet reviewed in October 2018 board packet; specific line-item figures not captured (PDF unreadable in current session). YTD assessment income through Q3 = $65,575 (215 × $305), confirming full annual assessment collected. Source: board-packet-2018-10-11 |
| 2018–2019 (budget) | 2019 budget proposed at October 11, 2018 Board meeting. Annual assessment proposed at $312/unit (215 units). Reserve contribution proposed to decrease from $8,078 to $5,387.27. State Farm insurance savings from mid-2018 carrier switch reflected in budget. Source: board-packet-2018-10-11 |
| 2019-06-30 (Q2) | Operating $65,376 / Money Market $41,010 / CD $174,160 / Total $300,554. CD up from $170,999 (mid-2018) — interest accrual consistent with reserve fund growth. Source: minutes-2019-07-11 |
| 2019-08-31 | Operating $46,356.76 / Money Market $50,386.60 / CD $174,160.99 / Total $278,629.93. Reserve fund detail from board packet: Total Reserves $224,436.77; includes two Barrington Bank CDs — $51,223.82 (maturity 1/2/2020) and $71,713.35 (maturity 1/2/2021). Source: minutes-2019-10-10, board-packet-2019-10-10 |
| 2019 (budget) | October 2019 proposal: $312/unit flat; reserve $5,000; total $67,080.09. Between October and November, Board raised reserve from $5,000 → $6,725, lifting the assessment to $320.02/unit. Adopted budget (November 2019): operating $62,080.09 + reserve $6,725 = $68,805.09 total. Reserve: $6,725 vs. Waldman study’s $7,535 recommendation — a 10.7% shortfall (improved from October proposal’s 34% gap). Source: board-packet-2019-10-10, board-packet-2019-11-14, minutes-2019-10-10, minutes-2019-11-14 |
| 2019-10-31 | Operating $37,891.14 / Money Market $50,420.30 / CD $174,160.99 / Total Assets $271,258.48 / Total Reserves $224,436.77 (OC $10,483.40 + Replacement $213,953.37). YTD income $71,368.08 vs. budget $68,034.27; YTD expenses $52,508.06 vs. budget $60,868.49 (under budget by ~$8,360). Source: board-packet-2019-11-14 |
| 2020-04-30 (Q1+) | Operating $83,604.63 / Money Market $12,446.09 / CDs $176,155.81 (three Barrington Bank CDs; see below) / Total Assets $285,000.25 / AR $13,227.62 / Total Reserves $186,416.02 (OC $10,483.40 + Replacement $175,932.62). YTD net income $61,647.64. YTD assessment income $68,800 of $68,805.09 budget — essentially fully collected by April. CD restructuring: the $51,223.82 at 1.95% that matured 1/2/2020 was split into two new CDs — $52,221.23 at 1.45% (matures 3/2/2021) and $52,221.23 at 1.60% (matures 5/2/2022). Reserve balance declined ~$38,020 from October 2019 ($224,437) despite $6,725 YTD 2020 contribution — probable cause is the First Class Fence payment ($42,360) drawn from reserves in late 2019/early 2020. Source: board-packet-2020-05-14 |
| 2020 (proposed 2021 budget) | 2021 proposed budget: $320.02/unit flat (215 units); total cash required $68,804.09 (operating $61,804.09 + reserve $7,000); operating expenses $63,357.72 (+0.76% from 2020). Management fee budgeted at $14,083 (PSI Year 2 rates — actual was API $12,960). Commercial Lot Contribution projected at $1,053.63 (cost-share income). Interest income projected at $500 (up from $150 — new CD strategy). No reserve expenditures planned. Source: budget-2021-proposed |
| 2021-06-30 (Q2) | Operating $72,862.13 / Money Market Reserve $30,276.16 / CD-4383 (mat. 5/2/2023) $75,260.46 / CD-3330 (mat. 5/2/2022) $52,987.40 / CD-5236 (mat. 3/2/2021) $52,915.57 / Total Reserves $211,439.59 / Total Assets $297,482.93 / AR $13,228.10. YTD assessment income $62,485.83 (essentially fully collected by mid-year). 2021 assessment confirmed at $320.02/unit (flat from 2020). 2021 reserve contribution = $7,000 (budget and actual). API management fee = $1,080/month (June 2021); annual budget $14,083. CD-5236 (matured 3/2/2021) still on books at $52,915.57 — reinvested rather than liquidated. Source: board-packet-2021-07-15 |
| 2021-11-11 | 2022 budget formally adopted; $333/lot annual assessment confirmed. Source: minutes-2021-11-11 |
| 2022-03-31 (Q1) | Operating $93,174.23 (elevated by Q1 assessment collection); Total Assets $336,039.66; Replacement Reserve equity $190,411.65; YTD Combined Net Income $66,171.66. Assessment income essentially fully collected by end of Q1. 2022 reserve contribution = $7,351/year (income statement annual budget). API management $13,478.40/yr budget; Fisher Burton landscape $16,735/yr budget. Source: board-packet-2022-04-14 |
| 2022-06-30 (Q2) | Operating $87,057.89; Money Market Reserve $37,643.87; CD-4383 (mat. 5/2/2023) $75,802.00; CD-3330-2 (mat. 11/2/2024) $54,194.20; CD-5236-2 (mat. 5/2/2023) $53,292.18; Total Reserves $220,932.25; Total Assets $324,523.66; Replacement Reserve equity $190,411.65; Combined YTD net income $54,655.66. YTD assessment income $64,576.40 vs. budget $64,577 — effectively 100% collected by end of Q2. YTD reserve contribution = $7,351 (on budget). Reserve interest YTD = $744.89. Fisher Burton YTD = $5,295 of $16,735 annual budget (on pace). Source: board-packet-2022-07-21, board-packet-2022-11-21, board-packet-2023-01-19 |
| 2022-07-21 | Draft 2023 budget presented at Annual Meeting: proposed holding assessment flat at $333/unit (same as 2022). Reserve contribution proposed at $7,111.14. Management fee proposed at $13,568.26 (reflecting API’s new 11/1/2022-10/31/2023 rate). Board ultimately raised assessment to $350 at the November 2022 adoption meeting. Source: board-packet-2022-07-21, board-packet-2022-11-21, board-packet-2023-01-19 |
| 2022-10-31 | October 2022 balance sheet (from November 2022 board packet): Total Assets $308,415. Fence insurance recovery: received $4,000 for the Route 59 fence claim vs. $1,690 repair cost — net gain of $2,310 to the HOA. Rollins Aquatic Solutions winterized North Basin aeration system at $108.75. AR gross $16,075.17; net $10,998.29. Source: board-packet-2022-11-21, board-packet-2023-01-19 |
| 2022-11-21 | 2023 budget formally adopted; $350/lot annual assessment confirmed. Source: minutes-2022-11-21 |
| 2022-12-31 (year-end) | Full-year 2022 financials confirmed. Total Assets $323,355.67; Total Reserves $220,999.45 (MM $37,654.44 + CD #4383 $75,802.00 mat. 5/2/2023 + CD 3330-2 $54,235.20 mat. 11/2/2024 + CD 5236-2 $53,307.81 mat. 5/2/2023); Operating Checking $93,340.97. Gross AR $9,062.14 (less Bad Debt Allowance $4,000; net ~$5,062); Prepaid Assessments $27,436.28. Full-year net income: $29,628.27 — highest in ingested record; driven by expense underspends (mulch not completed, tree care only $750 of $8,000 budget) and fence insurance recovery in Other Income ($4,064 + $1,050 misc = $5,114 total). Reserve interest income: $812.09. Total operating expense: $57,396.66 vs. budget $71,927.40. Two CDs maturing May 2, 2023: $75,802 + $53,307.81 = $129,109.81 — significant liquidity event approaching. Source: board-packet-2023-01-19 |
| 2023-03-31 (Q1) | Operating $120,126.18; Money Market Reserve $45,464.24; CD-4383 (mat. 5/2/2023) $75,802.00; CD-3330-2 (mat. 11/2/2024) $54,262.40; CD-5236-2 (mat. 5/2/2023) $53,323.42; Total Reserves $228,852.06; Total Assets $371,238.57; Gross AR $22,307.22 (bad debt allowance $4,000; net ~$18,307). Owner Assessments YTD $76,924.77 (budget $67,801.26 — above budget, likely delinquency catch-up). Combined Net Income YTD $69,758.10 vs. budget $71,970.42. Two CDs ($75,802 + $53,323) matured May 2, 2023 — significant reinvestment event. Source: board-packet-2023-05-11 |
| 2023-09-30 (Q3) | Operating $81,220.98; Money Market Reserve $45,486.91; CD 3330-2 (mat. 11/2/2024) $54,285.14; CD #1125 (mat. 7/24/2024) $131,546.71 (new — proceeds from two May 2023 CD maturities reinvested at higher rate); Total Reserves $231,318.76; Total Assets $330,995.91; AR gross $18,503.06; Net Income YTD $31,769.73. Source: board-packet-2023-10-26 |
| 2023-12-31 (year-end) | Full-year 2023 confirmed. Operating $100,146.11; Total Reserves $232,716.14 (MM $45,498 + CD 3330-2 $54,299 + CD #1125 $132,919); Total Assets $357,845.95; 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); Net Income $24,931.26. Full-year Combined Net Income $24,931.26 (Operating $13,615.56 + Reserve $11,315.70). Owner Assessments $67,803.27 (budget $67,801 — essentially exact). Total Operating Income $84,445.95 (above budget due to ~$7,257 cost share income + $1,589 misc). Total Operating Expenses $70,830.39. Reserve Interest $3,516.70 (up from $812 in 2022 — higher CD rates). Gross AR $17,139.04. Source: board-packet-2024-01-18, board-packet-2024-04-11, board-packet-2024-07-11 |
| 2024-03-31 (Q1) | Operating $128,196.95; Money Market Reserve $53,310.05; CD 3330-2 (mat. 11/2/2024) $54,307.74; CD #1125 (mat. 7/24/2024) $134,305.74; Total Reserves $241,923.53; Total Assets $404,724.35; Cost Share Receivable $9,070.16 (unchanged from year-end 2023 — commercial parties not yet paid); Gross AR $26,759.21; Q1 Combined Net Income $74,513.08 (timing artifact — assessments front-loaded). Q1 Reserve Interest $1,408.39. 2024 annual assessment = $350.00 confirmed flat from 2023 (per AR aging). Source: board-packet-2024-04-11 |
| 2024-06-30 (Q2) | Operating $116,724.46; Money Market Reserve $53,323.34; CD 3330-2 (mat. 11/2/2024) $54,302.84; CD #1125 (mat. 7/24/2024) $135,722.34; Total Reserves $243,348.52; Total Assets $389,134.70; Cost Share Receivable $9,070.16 (unchanged — third consecutive quarter at this figure); Gross AR $21,217.06; YTD Combined Net Income $59,717.13. CD #1125 matures July 24, 2024 — $135,722 requiring Board reinvestment decision immediately after this meeting. No 2024 mulch contract in July contract log — consistent with Board supplemental mulch approach (April 2024 $2K motion). Source: board-packet-2024-07-11 |
| 2024-09-30 (Q3) | Operating $103,751.28; Money Market Reserve $53,337.08; CD 3330-2 (mat. 11/2/2024) $54,316.53; CD #1125 (mat. 5/4/2025) $137,287.40 (reinvested at 4.85% — confirmed); Total Reserves $244,941.01; Total Assets $376,252.39; Cost Share Receivable $9,070.16 (unchanged — 4th consecutive quarter); Gross AR $19,715.44; YTD Combined Net Income $46,809.82. YTD reserve interest $4,425.87. YTD operating income $81,463.40 (includes $1,500 Repair/Maintenance Chargeback and $3,306.95 Other Income). CD #1125 reinvested at 4.85% following July 24, 2024 maturity — resolves open question. Source: board-packet-2024-10-24 |
| 2024-12-31 (year-end) | Full-year 2024 confirmed. Operating $118,553.22; Total Reserves $246,747.87 (MM $53,350.52 + CD 3330-2 renewed 11/2/2024 $54,479.42 + CD #1125 5/4/25 @ 4.85% $138,917.93); Total Assets $394,107.89; Gross AR $20,962.14 (bad debt $4,000); Cost Share Receivable $9,070.16 (unchanged — 5th consecutive quarter). Full-year combined net income: $34,301.91 (operating $20,270.18 + reserve $14,031.73). Full-year operating income $82,679.85 (assessments $75,575 + late fees/chargebacks $3,272.90 + Other Income $3,831.95). Full-year operating expense $62,409.67 (admin $26,458; grounds $29,226; utilities $1,036; reserve contribution $7,799). Building line net credit ($2,110) — $4,000 fence insurance recovery minus ~$1,890 fence repair. Reserve interest income $6,232.73 — nearly double 2023 ($3,516.70). Hey & Associates lake/pond total 2024: $10,919.02. Source: board-packet-2025-01-16, board-packet-2025-04-24 |
| 2025-02-28 (Q1 interim) | Operating $143,391.67; Total Reserves $256,142.50 (MM $61,159.13 + CD 3330-2 $54,943.51 + CD #1125 $140,039.86); Total Assets $436,745.55; Gross AR $44,517.21 (Q1 billing spike — 217 lots billed simultaneously); Cost Share Receivable ($5,299.00) (reclassified from prior $9,070.16 — 2023 cost share invoices processed in February). YTD Combined Net Income $73,686.85 (timing artifact). Source: board-packet-2025-04-24 |
| 2025-03-31 (Q1) | Operating $142,391.67; Total Reserves $256,657.43 (MM $61,164.32 + CD 3330-2 $54,943.51 + CD #1125 $140,549.60); Total Assets $434,145.74; Gross AR $41,621.14; Cost Share Receivable ($5,299.00). YTD Combined Net Income $71,087.04 (operating surplus $61,177.48 + reserve interest $9,909.56). YTD reserve interest $2,110.56. YTD Other Income $2,475.00 (confirmed = statement fees billed to delinquent owners, acct 6210-00). CD #1125 ($140,549.60 @ 4.85%) matured 5/4/2025 — Board discussing reinvestment rates at April 24 meeting. March disbursements: API $1,858.33; ComEd $90.51; State Farm auto $20.34; Hey $1,358.06; CS&R $312.50. Source: board-packet-2025-04-24 |
| 2025-04-30 | Operating $142,846.27; Total Reserves $257,389.64 (MM $61,169.35 + CD 3330-2 $55,104.27 + CD #1125 $141,116.02); Total Assets $430,546.22; AR gross $36,834.81; YTD Combined Net Income $67,487.52; YTD Reserve Interest $2,842.77. CD #1125 (5/4/2025 maturity) still showing at 4.85% — reinvestment confirmed in May. April disbursements: API $2,449.28; CS&R $2,038.22 (owner legal chargebacks); CAIS $601 (WC insurance); IRS $1,000 (2024 federal tax); ComEd $94.10. Source: board-packet-2025-07-17 |
| 2025-05-31 | Operating $137,130.18; Total Reserves $258,262.73 (MM $61,174.38 + CD 3330-2 $55,421.98 + CD #1125 $141,666.37); Total Assets $422,726.71; AR gross $33,858.30; YTD Combined Net Income $59,267.01; YTD Reserve Interest $3,715.86. CD #1125 reinvested at 4.85% following 5/4/2025 maturity — account code unchanged, balance reflects reinvested principal + accrued interest. May disbursements include: Fisher Burton $4,470 (two months: April + May landscape payments combined); CS&R $1,681.61; Hey & Associates $945.56; Bad Debt Expense $913.80 ([Address redacted] legal chargeback written off — paid assessments in March but $913.80 CS&R fee remained; board approved write-off). Source: board-packet-2025-07-17 |
| 2025-06-30 | Operating $131,677.78; Total Reserves $258,711.54 (MM $61,179.57 + CD 3330-2 $55,421.98 + CD #1125 $142,109.99); Total Assets $417,176.02; AR gross $33,311.20; YTD Combined Net Income $53,970.15; YTD Reserve Interest $4,164.67. June disbursements include: Fisher Burton $2,235 (June landscape); CS&R $2,141 (owner $401+$259 + corporate $1,231 + other $250); API $2,481.78; ComEd $26.76; Annual Report $206 (Illinois Secretary of State). Corporate legal $1,231 to CS&R — largest single corporate legal charge in the ingested record; specific matter not identified in packet (possibly registered agent update or board nomination form review). Resale: 407 Post Oak Circle sold 6/20/2025 for $623,500. Source: board-packet-2025-07-17 |
| 2025-07-31 | Operating $127,379.56; Total Reserves $259,304.32 (MM $61,184.77 + CD 3330-2 $55,578.91 + CD #1125 $142,540.64); Total Assets $412,501.28; AR gross $32,341.90; YTD Combined Net Income $48,896.41; YTD Reserve Interest $4,757.45. July corporate legal $700 (YTD now $2,243.50 — still unexplained). Source: board-packet-2025-10-30 |
| 2025-08-31 | Operating $120,531.88; Total Reserves $260,081.24 (MM $61,189.63 + CD 3330-2 $55,904.62 + CD #1125 $142,986.99); Total Assets $406,367.80; AR gross $32,279.18; YTD Combined Net Income $42,536.93; YTD Reserve Interest $5,534.37. August: State Farm insurance $3,268 (renewal 8/15/2025 at $3,766 annual); corporate legal $787.50 (YTD now $3,031.00); mailing/printing $1,305.37 (elevated — certified mail campaign). CD 3330-2 balance updated to $55,904.62 (maturity 11/2/2024 — reinvested; balance reflects accrued interest). Source: board-packet-2025-10-30 |
| 2025-09-30 | Operating $117,965.57; Total Reserves $260,534.36 (MM $61,194.99 + CD 3330-2 $55,904.62 + CD #1125 $143,434.75); Total Assets $405,149.44; AR gross $33,174.01; YTD Combined Net Income $41,318.57; YTD Reserve Interest $5,987.49. September: tax prep $500; corporate legal $175 (YTD now $3,206.00 — nearly 6× annual budget of $500). Resale: 325 Hemlock Lane sold 8/19/25 for $595,000. Source: board-packet-2025-10-30 |
| 2025-10-31 | Operating $114,031.79; Total Reserves $261,296.55 (MM $61,200.19 + CD 3330-2 $56,226.95 + CD #1125 $143,869.41); Total Assets $401,160.26; AR gross $32,356.42; YTD Combined Net Income $37,329.39; YTD Reserve Interest $6,749.68. October: CS&R owner legal $1,634.41; CS&R corporate legal $340.87; mailing/printing $545.55. Source: board-packet-2026-01-15 |
| 2025-11-30 | Operating $102,363.37; Total Reserves $261,751.77 (MM $61,204.89 + CD 3330-2 $56,226.95 + CD #1125 $144,319.93); Total Assets $388,507.59; AR gross $30,916.95; YTD Combined Net Income $24,064.01; YTD Reserve Interest $7,204.90. November: Fisher Burton landscape $8,484 (brings 2025 landscape contract YTD to $17,424; final annual payment); Cukierski tax prep $1,500; social event $272.23. New line 8110-05 Landscape - Cost Share $456 appears for first time — HOA share of a shared landscape expense. Source: board-packet-2026-01-15 |
| 2026 Budget | Proposed 2026 operating budget adopted October 30, 2025. Total income $81,974.17 (assessments $68,374 + reserve assessment $7,799 + cost-share income $5,801.17 [new explicit line] + misc). Key expense changes from 2025: Landscape Contract +$2,049 → $18,784 (Fisher Burton 2026 rate); Lake/Pond +$6,900 → $15,900 (prescribed burn + Hey renewal); Management +$610 → $15,872 (API renewal); Mailing/Printing +$1,000 → $4,000; Electric -$700 → $400 (North basin aeration disconnected); Reserve Contribution flat at $7,799 (reserve study increase to $11,100 deferred to 2027). Net operating income projected $0. Source: board-packet-2025-10-30 |
| 2025 (full year) | Operating income $93,074.95; expenses $91,964.33; net income $1,110.62. Legal enforcement campaign self-financed via chargebacks. Reserve gained $15,770.97. Source: year-end-report-2025 |
| 2026-03-31 | Q1 2026 balance sheet: operating $160,625.60; total reserves $270,599.93; replacement reserve equity $230,975.31; YTD net income $71,806.80. Source: financial-report-2026-03 |
| 2026-06-30 | Q2 2026 balance sheet: operating $155,020.28; total reserves $269,698.46; total assets $440,413.67 (highest confirmed figure in the ingested record); YTD net income $59,778.72. Reserve study fully paid ($2,200). Source: financial-report-2026-06 |
| 2026-08-31 | Aug 2026 balance sheet: operating $83,760.76; total reserves $319,830.48 (includes new $50,000 CD #9286 funded from Operating on the Board’s 7/16/2026 motion); total assets $420,955.12; YTD combined net income $40,274.82; YTD assessments $74,800.73 (already above the $68,374 annual budget); landscape contract payments of $11,740 posted in August; fines YTD $675 ($600 in August). Source: financial-report-2026-08 |
| 2026-09-25 | Reserve Advisors revised study issued. Recommended 2027 reserve contribution $2,000 versus $7,799 currently budgeted; 30-year reserve expenditures $492,918; reserves $270,800 at January 31, 2026 per the report. Source: reserve-study-2026-revised |
| 2026-10-01 | Board meeting: Treasurer (MH) confirmed the $50K CD opened per the prior meeting, about $320K in reserves and about $84K in operating cash (matches financial-report-2026-08). 2027 assessment kept the same as 2026 (3–1–1 vote; MKH had suggested lowering it because the updated reserve study cut the reserve need). $500 for spring plantings approved. Draft 2027 budget to be revised and adopted in November. Source: minutes-2026-10-01 |
| 2026-10-23 | API mails the revised 2027 proposed budget to all homeowners (assessment $352.65 unchanged; reserve $2,000); adoption planned at the Board’s Zoom meeting 11/23/2026. Source: owners-notice-2027-budget-and-collection-policy |
Open Questions
- Fence funding in the 2027 budget. The revised proposed budget carries fence at $100 and no reserve expenditures, yet the Board approved a $6,390 split-rail replacement on October 1 and the study schedules that work for 2027. How it will be paid (reserve draw, operating, or the new CD) is not shown.
- Cost-share lines. The October 1 draft budgeted a $3,809.40 landscape cost-share expense against $3,809.40 of cost-share income; the revised budget keeps the income but shows the cost-share expense line blank. Whether the expense moved into “Landscape – Other” ($7,725.40) is not stated.
- Management fee. Carried at $15,873 although API’s term ends October 31, 2026 with a 3.5% escalation clause; see vendor-contracts.