Lake Currents News Letter November 24, 2017

Page 1

The Official Newsletter of the Lake of the Woods Association, Inc. Vol. 15, No 11

540.972.2237

LOWA.org

Please Join Us at the Clubhouse for the

Member Holiday Party Sunday, December 3 1 PM - 4 PM

Dinner with Santa at the Clubhouse December 10, 2017 5:30 pm to 8:30 pm

Children’s Buffet $6.95

Adult Buffet $13.95

Plus tax and Gratuity

Plus tax and Gratuity

Chicken Tenders with sauces

Garden Salad with dressing

Hot Dogs Pasta with Tomato Sauce

Clubhouse Fresh Fried Chicken

Mac and Cheese

Pasta and potato salads

Tater Tots

Cole slaw Baked beans

Cookies and Brownies for dessert Call the Clubhouse for reservations 540-972-2221

President's Letter 2 Agenda 2 Association News 2-11 Board Minutes 3 General Manager's Column 3 Financials 5-6 Calendar 9-10 Viewpoints 16 Orange County News 21 Classifieds 21-23

November 23-25 LOWA Offices Closed November 25 8 AM, Turkey Trot at Woods Center November 29 LOWA Special Board Meeting 3 PM, CC

/LOWAssociation

November 24, 2017

Treasurer’s Report by Bob Hoh, Treasurer, LOWA Board of Directors

This is my first LOWA Treasurer’s Report and I would like to start by introducing myself to my fellow members. I am privileged to serve as your treasurer and I am committed to fulfilling my responsibilities with professionalism and concern for the overall good of our members and association. I feel well prepared for my duties. In addition to my current term on the Board of Directors, I have served on several other boards as president, vice president or treasurer. My goal is to help make a great association even better by ensuring the financial condition of LOWA remains strong through oversight of our operating and capital budgets, reserve accounts and investments, and ensuring safeguards and internal controls are in place to protect members’ net equity. Our October mid-year financial statements are included in this Lake Currents issue and I encourage you to read them. Roy Mayberry, our Director of Finance, produces monthly financial statements for the members, BoD, GM and staff. Here are a few highlights at the six month point (as of October 31, 2017): • Operating Cash Accounts: $1,641,370 (good position; used for current operating expenses) • Reserve Accounts: $2,298,949 (good position; down slightly from last year at this point) • Assessment Status: 88.2 percent collected (good position; delinquencies up slightly from last year at this point) Roy or I will be more than happy to answer any questions you may have related to the financial statements. (Roy – rmayberry@LOWA.org; Bob - ops-acq@comcast.net) As most of you are aware from previous Lake Currents articles and committee activities, we are well into our budget preparation cycle for next year. Last week the General Manager sent his proposed budget for Fiscal Year 2018-2019 to the Board. This will be presented to and reviewed by the Finance and Planning Committees as well as the Board of Directors in December, with further reviews by association members and the board in January, before being formally presented to the board in February for approval. Several significant factors will impact this budget. One is the update to our Replacement Reserve Study, completed this summer by Miller-Dodson Associates. This study estimates how much we must collect and set aside each year to prepare for the replacement of association-owned items, from maintenance vehicles to buildings, and includes updated inflation projections. This directly affects the regular annual assessment. The second is the proposed initiative to replace, and bring up to current design standards, the Clubhouse Area Recreation Complex to meet our future needs. This will be treated as a separate item in the budget. In addition to some funds from our reserve accounts, members will have several options to pay their share of the cost ranging from a one-time payment to term payments for a loan covering the balance of the cost. The board and management recognize this will impact all our personal finances and we are trying to provide options to minimize the effect. I encourage all members to be involved in our budget process. Our financial objective is to support the best possible living environment for association members now and for our changing demographics in the future – the annual budget is at the core of achieving this aim.

November 30 Meet the Management 9-11 AM, Reading Room

December 3 LOWA Holiday Party 1-4 PM, Clubhouse

December 2 Tree Lighting Ceremony 5-6:30 PM, Clubhouse area

December 13 LOWA Regular Board Meeting 2 PM, Community Center

Christkindlmarkt 9 AM-3 PM, Community Center

Members: Lake Currents can be read online at: LOWA.ORG/LAKECURRENTS


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.