BUDGET & FINANCE

Treasurer report — the perfect financial storm

The Story of the ACHOA Monthly Assessment Increase and Special Assessment

The ACHOA is a not-for-profit quasi-governmental entity that provides services to its community members by managing the expenditures within the Operating Fund, Capital Fund, and Reserve Fund through established budgets as per the Chapter 116 Nevada Community Association Uniform Act defined in Title 10 Property Rights and Transactions of the Nevada Revised Statute (NRS-116) and ACHOA governing documents. The budget process for the Operating Fund, Capital Fund, and Reserve Fund occurs every year. Detailed ACHOA Financial Records are available for Association lot owners as per NRS 116.3118 and they are available on Town Sq.

The Perfect Financial Storm story revolves around the monthly assessment increases for the Operating and Reserve Funds and the Special Assessment because of cash flow depletion. What financial factors contributed to these additional costs? There are many factors and each contributed to the final decisions by the previous Board to raise monthly assessments for the Operating Fund and the Reserve Fund.

» The Monthly Assessment financial factors started in the third quarter of 2021 when the Board, Reserve Committee, and Budget & Finance Committee determined that there would be no increase in ACHOA monthly assessments for the 2022 operating year, but increases would be recommended for the 2023 operating year in the Operating Fund and Reserve Fund

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