Sandyport 2018 Assessment Notice

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2018 ASSESSMENT NOTICE

SANDYPORT HOMEOWNERS ASSOCIATION LTD.

www.sandyport.management

Dear Owner Following consultation with the Audit & Finance Committee, the Board of Directors resolved that the 2018 Annual Assessment Fee is set at $2.75 per square foot (excluding VAT).

It is my pleasure to report that we have been able to maintain this rate for the past 13 years. We should note that during the past year our community grew by a modest 1 per cent, which reflects in our revenue.

Nonetheless, we remain vigilant with our costs and perform only those improvements that permit us to operate inside of our budget.

At the time of writing, our community consisted of 505 total units - 401 that are fully assessed, 96 vacant lots and 8 under construction.

We have deferred some large projects that were under consideration for 2017. As a result we expect to report a respectable surplus at the year end, which we will reserve for those projects.

We have extended the early payment discount of 3% for all 2018 Annual Assessment Fees settled in full by January 14, 2018. The following conditions apply to qualify: •

Payment must clear in full by January 14, 2018.

•

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

•

Deduction of the 3% discount applies to the 2018 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, 2018 in full.

For VAT reporting requirements, we will apply the Assessment Fees to accounts in monthly instalments. The 3% discount to eligible accounts will appear as a VAT inclusive credit by January 31, 2018. The 2018 bills will be accessible on your account by December 15, 2017.

Yours sincerely

Robert Sands Chairman

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET FOR THE YEAR ENDED DECEMBER 31, 2018 (Expressed in Bahamian dollars)

REVENUE Maintenance fees Water and meters income Other services Total revenue

2018 Budget 2,938,000 380,000 50,000 3,368,000

DIRECT EXPENSES Security expenses

807,000

Gardening expenses

520,000

Maintenance of common areas

433,000

Water & meters

412,000

Waste water management

275,000

Improvements

225,000

Painting expenses

221,000

Garbage removal

69,000

Total direct expenses GROSS PROFIT

2,962,000 406,000

OPERATING EXPENSES Salaries, benefits & NI

255,000

Rent and utilities

39,000

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

3,000

Total operating expenses NET MAINTENANCE FUND (DEFICIT)

398,000 8,000

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