My Treasurer’s review of the September 2024 financial report from Cohere reflects the following as of 9/30/24:

• Cash Operating: $59,187
• Cash Reserves: $224,686
• Operating Deficit for 2024: $127,827(anticipated subsidy from Toll Bros)
• Delinquent HOA dues: $4026 (2 homeowners 60 days+)
• # Closed homes: 240 (36% of 661 planned)
• 2024 New Home Closings: 56
• Transition to Homeowner Board after 496 closings (75%)

I anticipate Toll’s funding of deficits through 9/30/24, which is required  to cover the refunds of New Member Fees that were incorrectly charged at new home closings until early 2024. The expectation is that these refunds will be paid next month, including interest.

The Reserve Study, 2025 Budget and the Build Out Budget are still in process with Cohere and the Board. All 3 should be finalized and made available shortly.

The audit of the financial records through 2023 is in process and will be made available to homeowners when complete. This being our first audit, having two different management companies during the period, and the additional procedures necessary for the New Member Fee issue will result in the audit being available much later than it should be in the future.

Thanks to the efforts of Toll, Cohere and others, we will be electing 2 homeowners to the Board in December, which is sooner than contemplated in the governing documents. My term as Board Treasurer expires at that Annual Meeting, and I hope to be re-elected for another year. Having another representative on the Board will allow us to focus on a broader range of issues to the benefit of the community. The Board will then consist of 2 homeowners and 3 Toll members until we reach the 75% mark, projected to be at least 4 more years.

– Bill Cirkus

October 22, 2024