The Official Newsletter of the Lake of the Woods Association, Inc. Vol. 19, No. 16
540.972.2237
LOWA.org
Equestrian of the Quarter
by Sharon Forest, Member, Equestrian Committee For the August-October quarter, our winner is Hadley Scheel. Hadley began horseback riding at the Equestrian Center during the summer of 2021 and has been taking lessons with us all through this fall season. To say that we enjoy having Hadley and her parents in our barn family is an understatement. Hadley looks forward to her weekly riding lesson and is always excited to groom Fancy and talk about the experiences that she remembers so vividly from attending Pony Camp. She can name all the horses living at the Equestrian Center, as well as most people associated with them. Hadley is always so happy to help with even the smallest of tasks, such as turning out horses after her lesson, or just being able to feed Fancy an Photo provided apple. Her attitude is so positive and Hadley Scheel with her dad Jared contagious that we look forward to and "Fancy." seeing her every week, which makes shining light on her through this award that much sweeter. Two huge “thank-yous” go out to her supportive parents, Julianne and Jared Scheel for enrolling her in Pony Camp followed by lessons this season. We love having all of you in our program! Congratulations, Hadley! How is the Equestrian of the Quarter Chosen? Our trainers, Bridget and Sarah, evaluate students on the following criteria: • Must have attended at least eight lessons during the quarter • Prompt and prepared when student comes to lessons • A self-starter – knows what to do and gets it done • Proactive with tasks – i.e., brushing, etc. • Shows progression in learning • Good attitude • Diligent with horse • Takes responsibility to care for the horse Each winner receives a Certificate of Excellence and a gift card.
/LOWAssociation
December 3, 2021
Treasurer’s Report
by Walt Diercks, Treasurer, LOWA Board of Directors Wow! We are now more than half-way through our current fiscal year, which will end April 30, 2022. As you may recall, in my report in the Aug. 27 Lake Currents, I reminded you that when we adopted the budget for this fiscal year, we used conservative assumptions for both revenue and expenses. Because of the uncertainty created by COVID-19, we adopted a program where we would look at the results at the end of each quarter of the fiscal year to see if we needed additional steps to weather the COVID-19 storm. The second quarter results are now in. I can summarize the second quarter in one phrase: Our financial position remains strong. Amenity revenue has continued to increase significantly over last year. And, so far, we have been able to control costs, despite inflationary pressures. All our amenities, except the Equestrian Center, are ahead of budget and the Equestrian Center is less than $6,000 behind budget. Overall, it appears that at the end of our current fiscal year on April 30, 2022, we will have a significant unrestricted operating cash surplus which we will be able to apply to next year’s budget. New Construction & Renovation (“NC&R”) fees revenue also continues to be strong through the second quarter. We budgeted $250,000 in NC&R fees for all of 2021/22. As of the end of the second quarter, we already have collected $335,001, which is $85,001 more than the $250,000 budgeted for this fiscal year. This means that we also should have a significant amount of collected NC&R funds available to support next fiscal year’s budget as well. As we move forward into the second half of our current fiscal year and anticipate our next fiscal year, I want to call to your attention the challenges we face, in addition to the ongoing COVID-19 pandemic. Inflation is having a substantial negative impact on us as our costs continue to increase. We also continue to have difficulty in retaining and recruiting employees, which has had the effect of reducing the operating hours of the Clubhouse and Fareways. Supply chain issues have raised costs, as well as disrupted operations. By the time you read this, we will be well along in our process for budgeting for our next fiscal year beginning May 1, 2022. Three days of hearings on the budget by both the Finance Committee and the Planning Committee just ended on Dec. 2. I encourage everyone to pay close attention to, and participate in, the budget process. The draft budget is available online to all members on the LOWA website. One final note. We have been able to make additional principal payments on the CARC loan in the amount of $90,000, which will shorten the length of the loan. These additional principal payments are part of our program to make such additional principal payments from the $191 portion of the annual assessment attributable to the CARC project. If possible, we will make one or more additional principal payments in the next three years and shorten the term of the loan even further. I want to reiterate that 100 percent of the $191 per year CARC portion of the annual assessment has been – and continues to be – applied to pay for the construction of the CARC project and to service the debt. None of the CARC portion of the assessment has been used for any other purpose.
See Financials on p. 4
President's Letter Agenda Association News General Manager Board Minutes Financials Calendar Viewpoints Orange County Classifieds
2 2 2 - 11 3 3 4, 5 7, 8 14 17 18 - 19
Friday, Dec. 3 Christmas Tree Lighting Ceremony 7 PM, near Fitness Center Saturday, Dec. 4 Christkindlmarkt 9 AM-3 PM, Community Center Saturday, Dec. 11 Christmas with the Silver Tones 6-9 PM, Clubhouse (CH will be closed for normal dining for this special event)
Sunday, Dec. 12 Dinner with Santa 4-7 PM, Clubhouse Wednesday, Dec. 15 LOWA Regular Board Meeting 2 PM, Community Center, Zoom LOWA Website Links TEKControl (Visitor Management) LOWA.ORG/TEKCONTROL