Sandyport 2017 Assessment Notice

2017 ASSESSMENT NOTICE

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www.sandyport.management Serving our community

2017 ASSESSMENT NOTICE November 21, 2016 Dear Owner

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ollowing consultation with the Audit & Finance Committee, the Board of Directors resolved that the 2017 Annual Assessment Fee remains unchanged at $2.75 per square foot excluding VAT. We are pleased to maintain the assessed rate for the twelfth consecutive year despite incurring some major expenses during 2016, notably canal inlet improvements and repairs arising from Hurricane Matthew.

Our community grew by 5 new homes in 2016, adding 25,792 square feet to the assessed area representing 2.8% year on year growth. At the end of 2016, Sandyport consisted of 505 total units - 399 fully assessed, 102 vacant lots and 4 under construction.

We have extended the early payment discount of 3% for all 2017 Annual Assessment Fees settled in full by January 14, 2017. The following conditions apply to qualify: • • • •

Payment must clear in full by January 14, 2017.

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

Deduction of the 3% discount applies to the 2017 Assessment Fees gross (VAT inclusive) amount only.

Note that Indenture Fees (applied to vacant lots) are not eligible for discount and are due on January 1, 2017 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 by January 31, 2017. The 2017 bills will be accessible on your account by December 16, 2016.

Yours sincerely

Robert Sands Chairman

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET For the year ended December 31, 2017 (Expressed in Bahamian dollars)

REVENUE Maintenance fees - 947,175 sq ft @ $2.75 per sq ft (399 homes, 2016 : 394)

2014 2017 Budget 2,605,000

Indenture fees (102 lots, 2016 : 103)

176,000

Other maintenance fees

151,000

Water & meters income

356,000

Other services Total revenue

9,000 3,297,000

DIRECT EXPENSES Security expenses

807,000

Gardening expenses

471,000

Maintenance of common areas

427,000

Water & meters

334,000

Waste water management

302,000

Improvements

260,000

Painting expenses

219,000

Garbage removal

84,000

Total direct expenses Gross Profit

2,904,000 393,000

OPERATING EXPENSES Salaries, benefits & NI

248,000

Rent and utilities

38,000

Office & computer

33,000

Professional fees

25,000

Telephone & communications

17,000

Finance charges

13,000

Insurance

10,000

Other expense

3,000

Property & other taxes

1,000

Total operating expenses NET MAINTENANCE FUND

388,000 5,000

Auditors:

Bankers:

HLB Galanis & Co. 7 North Buckner Square Olde Towne, Sandyport P. O. Box N-3205 Nassau, The Bahamas Tel: (242) 327-0689 Fax: (242) 327-0696 Web: www.hlbgalanis.com

CIBC First Caribbean Sandyport Branch Nassau, The Bahamas P.O. Box N-8350 / N-7125 Tel: (242) 327-8364 / 327-4957 Fax: (242) 327-4955 Account: 200-167527 Web: www.cibcfirstcaribbeanbank.com

Legal Advisors:

Scotiabank Cable Beach P.O Box N-7518 Tel: (242) 702-8100 Fax: (242) 327-5728 Nassau, The Bahamas Account: 70045-72613 Web: www.bahamas.scotiabank.com

Kahlil D. Parker Cedric L. Parker & Co. Chambers No.9 Rusty Bethel Drive P.O. Box N-1953 Nassau, The Bahamas Tel: (242) 322-4954/5 Fax: (242) 328-3706 Email: kdp@parkerslaw.net

Insurance Agents: Tavares & Higgs Blake Road P. O. Box SP-64003 Nassau, The Bahamas Tel: (242) 327-8606 Fax: (242) 327-8607 Email: stavares@tavareshiggs.com

Consulting Architects: Alberto G. Suighi Artech Bahamas Ltd. Lagoon Court Nassau, The Bahamas Tel: (242) 327-2335 Fax: (242) 327-2337 Web: www.artechbahamas.com

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