HOA Finance Committee: Tues., Jan. 21, 5:00PM

If you are a homeowner in The Summit and concerned about the financial stability of the Association, consider attending this week's meeting of the Finance Committee on Tuesday, January 21, at 5:00PM at the office.

Why might you go?

Do you know that the Proposed 2025 Budget required a $50 increase (9.8%) in the Annual Assessment? I suspect the Finance Committee would have asked for more, but any increase over 10% would require the approval of the Voting Members. That would be impossible to overcome.

Ask the Finance Committee why it did not present the Proposed 2025 Budget in public at the November 12, 2024 board meeting and ask at that time for the board to raise the Annual Assessment.

Ask the Finance Committee when it presented the Proposed Budget to the board. Was it at the private, closed, pre-board meeting prior to November 12th?

Ask the Committee why they cut the contribution to Reserves down to $3,000 for 2025. It was $163,965 in 2020 ($66.11 per household), and it was Zero in 2024. This year it is $3,000 ($1.21 per household)! Is that fiscally responsible?

And why they took Bad Debt Expense out of the Budget. It was $100,000 last year.

Ask the Committee if the Treasurer of the HOA was "duly-elected" by legitimate directors. Ask if the directors were "duly-elected" by legitimate Voting Members at the last two Annual Meetings of Voting Members?

"Duly-elected by legitimate" means "in compliance with the By-Laws of the Association.

Asking, or even trying to ask, these questions might get you kicked out of the meeting. Or not even allowed into the meeting, if it looks like you might ask these questions.

The Finance Committee is not an after-school club. It is supposed to represent you, the homeowners, and keep the Association fiscally sound. 

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