Annual Assessment Notice 2022

FROM THE CHAIRMAN Dear Owner, At the Board meeting on November 2, 2021 the Directors resolved that the 2022 Annual Assessment is set at $2.75 per square foot (excluding VAT).

This is the 17th consecutive year without increasing maintenance fees. We should note that our community grew by 5 homes in 2021, adding 12,611 square feet. Subsequently, we will continue to remain observant with our costs and perform only those improvements that permit us to operate inside our budget.

Due to the change in policy that permit the subdividing of certain lots our community now consist of 511 total units. 423 assessed homes, 84 vacant lots (4 under construction).

Mark Flint of Watermark Engineering Group Inc. was contracted for the assessment of the wastewater treatment plant. Mr. Flint is currently preparing a plan to advise the Home Owners Association on the current state and future development of the waste treatment plant.

The Association is continuing it’s plans to enhance the community. Projects such as tennis courts, road paving, and road lighting are some of the capital projects throughout the community we look to complete in the year 2022. We continue to identify projects that will improve the community.

The early payment discount of 3% for all 2022 Annual Assessment fees will be available. The following conditions apply.

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Payment must be in full by January 15, 2022

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All accounts should be brought up to date before discount is granted.

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Deduction of 3% discount applies to the 2022 Assessment Fees gross (VAT inclusive) amount only.

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Note the indenture Fees (applied to vacant lots) are not eligible for discount and are due on January 1, 2022 in full.

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For VAT reporting requirements, we will apply the Assessment Fees to accounts in monthly installments

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In the event that the rate of VAT changes, we will adjust accounts according to the tax (invoice) date and irrespective of the settlement date.

The 3% discount to eligible accounts will appear as a VAT inclusive credit by January 31, 2022. The 2022 bills will be accessible on your account by December 15, 2021.

Yours sincerely,

Roger Seivright Chairman

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET FOR THE YEAR ENDED DECEMBER 31, 2022 (Expressed in Bahamian dollars)

REVENUE Maintenance services Water & meters income

2022 Budget 3,062,278.13 450,835.76

Miscellaneous income

6,939.66

Other Services income

140,501.59

Total revenue

3,660,555.14

DIRECT EXPENSES Security expenses

889,658.08

Maintenance of common areas

452,239.64

Gardening expenses

460,826.00

Water & meters

420,871.79

Waste water management

230,532.55

Improvements

560,000.93

Painting expenses

198,121.00

Garbage removal

75,000.00

Total direct expenses GROSS PROFIT

3,287,249.99 373,305.15

OPERATING EXPENSES 231,731.00 Rent and utilities

40,800.00 41,175.00

Professional fees

40,400.00

Telephone & communications

16,926.71

Finance charges

14,689.29

Insurance

13,800.00

Other expense

3,000.00

Property & other taxes

1,050.00

Doubtful Debts Provision

Total operating expenses

0.00 403,572.00