Town Hall Meeting & Summary

Did you go to the Town Hall Meeting in Birch Park last Saturday?

Did you read carefully the summary emailed out from Board?

Did you understand it?

Did you feel the wool being pulled down over your eyes?

For the first time (ever?) the Board is disclosing how badly the Association has been managed (by the Boards and the management companies) over many years.

The billed Assessments in 2026 totaled $1,388,800 (2480 x $560).

The Board estimates only $1,100,381 will be collected! That's 79.2%.

Income minus Expenses equals -$47,819. Except the real shortage is much greater.

The Association was paying CAMS close to $500,000 to manage the HOA. How can management expenses be only $150,000?

How much will go into Reserves? Anything? The Contribution to Reserves is REQUIRED!

Outstanding Delinquent Accounts total $633,658.85. The Boards have been absolutely irresponsible toward Members in letting them reach that level.

843 homes currently have delinquent accounts! That's 34%.

It is way past due for the Board to take a hard line on collections. The HOA is a non-profit corporation, but it is not a charity!

The attachment to the August 24th HOA email does not tell the whole story. Because of the deadbeats and the failure to collect unpaid dues, the HOA is facing a financial crisis. THAT is what they should have told you.

The importance of a good management company cannot be over-stated. The Board Members are amateurs at finances and management. Many years of mismanagement have brought The Summit's HOA to this crisis.

How will the HOA get out of this hole?

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