1.

I’ve reviewed the November 2024 Financials provided by Matt Schuster, Cohere’s Senior Accounting Manager, responsible for temporarily producing RMCA financial reports while they were filling an open position in the department, which they have now done.

2.

Some observations as of 11/30/24:

-Cash in the Operating Account-$607,669

-Cash in the Reserve Account- $224,748

-Homeowner Assessments Receivable: $225

-Due from VMCA (Vista) for their share of Montaine Circle upkeep: $58,343

-The cash balance is unusually high because the Developer had provided the deficit funding, but refund checks for the New Member Fees had not yet been processed

3.

# Closed homes as of 12/20/24: 262 (39% of 664 total planned)

2024 closings from Toll: 78

4.

Operating Deficit Year to Date: $74,382. This is part of the anticipated deficit funding that the developer has funded and continues to fund on a monthly basis.

5.

Refunds to current homeowners who had incorrectly been charged a New Member Fee have been sent by check. Cohere is verifying the mailing addresses of past owners who are also due a refund, and expects to send those checks soon.

6..

While interest on those fees was approved by the Board and will be paid, those interest payments will be credited against your 2025 HOA fees and Cohere will be contacting homeowners to obtain social security numbers for next year’s Form 1099 in order to comply with IRS tax reporting requirements.