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 | Budget adopted October 2025; amount not stated in minutes | October 2025 | minutes-2025-10-30 |
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.
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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 2021-11-11 | 2022 budget formally adopted; $333/lot annual assessment confirmed. Source: minutes-2021-11-11 |
| 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 (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 |
Open Questions
“Other Income” of $3,025.00 in 2025 (line 6210-00) — source not identifiedRESOLVED (board-packet-2025-04-24): Account 6210-00 is statement fees billed to delinquent homeowners. March 2025 GL confirms: $575 statement fee credit posted March 31; YTD through Q1 = $2,475. Full-year $3,025 is consistent with statement fee activity across the delinquent portfolio.- 2026 annual assessment amount — not confirmed in any ingested source.