Sandyport Homeowners Association Ltd Annual Assessment Notice 2019

2020 ASSESSMENT NOTICE

SANDYPORT HOMEOWNERS ASSOCIATION LTD.

www.sandyport.management

FROM THE CHAIRMAN Dear Owner, At the Board meeting on November 19th, 2019, the Directors resolved that the 2020 Annual Assessment is set at $2.75 per square foot (excluding VAT).

This is the 15th consecutive year without increasing maintenance fees. We should note that our community grew by 6 homes in 2019, adding 19,630 square feet to the assessed area representing 2% year on year growth. 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 513 total units. 413 assessed homes, 94 vacant lots, 6 under construction.

This year due to the change in weather patterns we have deferred some large projects that are under consideration for 2019.

As a result we expect to report a respectable surplus at the year end, which will be reserve for the continuation of bulkhead repairs and special capital projects in 2020.

The early payment discount of 3% for all 2020 Annual Assessment Fees will be available. The following conditions apply.

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Payment must be in full by January 14th, 2020

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

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Deduction of 3% discount applies to the 2020 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, 2020 in full.

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

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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, 2020. The 2020 bills will be accessible on your account by December 16th, 2020.

Yours sincerely,

Robert Sands Chairman

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET FOR THE YEAR ENDED DECEMBER 31, 2020 (Expressed in Bahamian dollars)

REVENUE Maintenance services

2020 Budget 3,090,337

Water & meters income

377,240

Miscellaneous income

150,000

Total revenue

3,617,577

DIRECT EXPENSES Security expenses

807,000

Maintenance of common areas

510,000

Gardening expenses

534,000

Water & meters

345,000

Waste water management

291,000

Improvements

425,000

Painting expenses

222,000

Garbage removal

75,000

Total direct expenses GROSS PROFIT

3,209,000 408,577

OPERATING EXPENSES 220,000 Rent and utilities

40,800 39,000

Professional fees

29,400

Telephone & communications

18,000

Finance charges

15,000

Insurance

13,800

Other expense

3,000

Property & other taxes

3,000

Total operating expenses NET MAINTENANCE FUND (DEFICIT)

382,000 26,577

PO BOX SP 64016 | SANDYPORT | NASSAU | BAHAMAS BAH +1 242 676 8990 USA +1 305 831 8921 FAX +1 305 705 6599 WWW.SANDYPORT.MANAGEMENT