Sandyport 2015 Assessment Notice

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ASSESSMENT NOTICE 2015

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www.sandyportmanagement.com Serving our community

KEY METRICS 2015 ASSESSMENT NOTICE

2015

905,807 sq ft 389

November 26, 2014

per sq ft

$2.75

homes Dear Owner

F

577,817 sq ft 248 homes

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omes assess 9h ed

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38

un d

2006

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77%

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ru st

ct i o

COMPLETE

6 un d

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69,785

34,098

29,320

79+34+29 2013

2014

2015

ANNUAL GROWTH (SQ FT)

ollowing consultation with the Audit & Finance Committee at a budget meeting on November 25, 2014, the Board of Directors resolved that the Association’s Annual Assessment Fee for 2015 remain unchanged at $2.75 per square foot. This is the rate introduced in 2006, making it the same assessment for the tenth consecutive year. To put that into perspective in 2015 it will cost about $3.35 to buy $2.75 worth of 2006 goods and services - or 22% more.

Compared to last year which saw the assessed space grow by 4%, our community grew by a little over 3% this year. We have accounted for further improvements in our 2015 budget shown on the adjacent page. Homeowners Associations have the authority to attach special assessments to carry out such improvements, but your Board commits to improving our community without increasing the financial burden, particulary during these fiscally challenging times.

As you may be aware, the Association is by Law registered for VAT which means that all charges made by the Association will have Value Added Tax of 7.5% added to them from January 1, 2015. We pay this tax direct to the government less any VAT paid to our vendors.

If registration had been optional for us, it would have been in our interests to register so that we could recover the VAT paid to our vendors. Being unable to recover the VAT would have lead to a prorated increase in our maintenance fees. So whilst the annual Assessment Fees remain unchanged you will notice VAT added to all charges made by the Association.

We have extended the early payment discount of 3% for all 2015 Annual Assessment Fees settled in full by January 14th, 2015. The following conditions apply to qualify: • Payment must clear in full by January 14th, 2015.

• Any other due balances associated with the account should also be clear by the deadline.

• Deduction of the 3% discount applies to the 2015 Assessment Fees gross (VAT

inclusive) amount only.

• Note that Indenture Charges (applied to vacant lots) are not eligible for discount

and are due on January 1, 2015 in full.

For VAT reporting requirements we will apply the Assessment Fees to accounts in monthly installments. The 3% discount to eligible accounts will appear as a VAT inclusive credit.

Yours sincerely

Robert Sands Chairman

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET For the year ended December 31, 2015 (Expressed in Bahamian dollars)

REVENUE Maintenance fees - 905,807 sq ft @ $2.75 per sq ft (389 homes, 2014 : 378) Indenture fees (109 lots, 2014 : 118) Other maintenance fees fees - 23,734 sq ft (6 under construction, 2014 : 7) Water & meters income Other services Total revenue

2014 2015 Budget 2,490,969 172,502 34,313 453,266 50,568 3,201,618

DIRECT EXPENSES Security expenses

693,536

Gardening expenses

418,834

Water & meters

397,877

Maintenance of common areas

360,272

Wastewater management Improvements

301,775 300,000

Painting expenses

173,792

Garbage removal

84,000

Total direct expenses Gross Profit

2,730,087 471,530

OPERATING EXPENSES Salaries, benefits & national insurance

246,475

Office & computer supplies

44,526

Provision for doubtful accounts

41,830

Professional fees

41,016

Rent & utilities

36,600

Telephone & communications

15,516

Insurance

10,512

Finance charges

9,081

Other expenses

2,370

Property & other taxes

1,000

Total operating expenses NET MAINTENANCE FUND

448,930 22,599

22+14+1312111053A 2015 EXPENSES

G

SE C

MA

OPE 14 %

SEC SECURITY EXPENSES OPE OPERATIONAL EXPENSES GAR GARDENING EXPENSES WAT WATER & METERS MAI MAINTENANCE OF

COMMON AREAS WAS WASTEWATER MANAGEMENT IMP IMPROVEMENTS PAI PAINTING (5%) G GARBAGE REMOVAL (3%)

% I 11

2

WAS 10%

% 10

2%

IM P

PAI

GA

R1

3%

WAT 12

%

STAY IN TOUCH PO BOX SP 64016 SANDYPORT NASSAU, BAHAMAS

BAH +1 242 676 8990 USA +1 305 831 8921 FAX +1 305 705 6599

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SANDYPORT HOMEOWNERS ASSOCIATION Serving our community