Special Assessment Project
Phase 4 would like to provide you with an update on the progress of our planned renovations and on our spend against the Special Assessment Budget. First let me start with a quick refreshed on the Special Assessment Budget and its components:
The budget developed totaled $2.953MM as detailed above and was funded by 121 Residential Units contributing $23,971.49 each (totaling $2.9MM) and the balance $53.5K funded utilizing the Reserve account. The expectation was that the Reserve account would be fully utilized during the renovations and a Reserve Study and new Reserve forecast would be developed once the renovations were complete. Reserve balance is currently near zero.
Progress to Date
Progress to date has been significant, and the work is over 80% complete to date. I attach a spreadsheet that shows spend by category and I also pasted a snapshot below. The largest items that remain to commence are the Painting and Landscaping.
One key item to note, at the beginning of this project there was work done totaling $86.9K that was not specifically called out in the original budget. I have been tracking that separately to provide complete transparency. Those expenses consist of:
We have been having some board transition challenges with on-line banking access and with the accountants and we are still doing a thorough review of each payment and the source account to ensure all Operating and Special Assessment expenses are properly placed. What’s reflected above is the current reporting.
With respect to Resident Special Assessment payments, we are still waiting on $230K of payments (summary by unit presented below). We have performed detailed review of bank deposits to develop this analysis, as the accountant’s receivable summary was not updated or accurate. If for some reason you believe there is an error, please reach out the office and we will review your check copies and adjust accordingly.
Lastly, we are currently updating HOA Maintenance Receivables and April’s Operating Financials and we will share an update on normal Operation in the next week. I will tell you in advance, we have a number of residents who are behind on Maintenance Payments, so I would encourage you to make your payments before the detailed analysis is issued next week.
We will be setting up a meeting with residents to walk you through both Special Assessment and Operating results in the next few weeks. Please don’t hesitate to email or contact Tom or the Board Members with any advance questions.
Thank You, IC4 BODs
