V. Progress After 9 Months
At the November 2019 annual meeting, a presentation was made showing where the subdivision was compared to 1 year before. Here are some of the key points:
- Bad debt was down almost $10,000.00. Interestingly, a few residents with delinquent balances had come forward on their own to settle their accounts. One such person owed more than $2,000.00! When asked why, they said it was because the wasteful, inept management company was gone, and they could see that their money is being used wisely now!
- The average monthly expenses for running the subdivision dropped more than $1,000.00. This was a reduction of about 36%.
- Cash on hand was $67,351 compared to $50,632 the year before, an increase of 33%
- Interest income from the bank was $705.30 for those 9 months, compared to $21.46 for all of 2018. The average monthly interest income went from $1.79 to $78.37, which is 4,378% higher!
- All subdivision entrances were cleaned up and landscaped. The largest entrance was completely reworked, with a beautiful new stone garden enclosure built.
- NO SOLICITING signs were installed at all subdivision entrances after a rash of pushy door-to-door pest control salesmen canvassed the neighborhood. Residents asked for these, and they were quickly put in place.
- Preliminary research was done on installing security cameras with LPR (License Plate Reader) technology at all entrances.
- The board hired a law firm with decades of experience working for HOAs. They immediately began a detailed analysis of the subdivision’s restrictions and bylaws, so that the board would know exactly what they could and could not do. Sadly, many restrictions are cobbled together using bits and pieces of other subdivisions’ restrictions, and theirs were no exception.