FAQ - frequently asked questions
Common Questions on 2024 Wynfield HOA Budget
The board has received some really good questions from neighbors asking for clarity on the 2024 budget. On this thread, we’ll post the most common ones and the board’s answers. Questions are always welcome, as are neighbors to attend an upcoming board meeting to discuss any questions or concerns.
Why are legal fees increasing from $ 2,000 to $ 12,000?
The main reason is related to water/flood damage to the poolhouse. Our claims to the insurance company have so far been denied, so we budgeted for legal representation to help us recover as much of the repair costs as possible. We’ve since been able to enlist the help of a public adjuster and are already seeing results, with the insurance carrier asking questions to assess the damage rather than rejecting our claim outright. Ultimately we hope our claim is accepted and to not have to spend these additional dollars on legal fees.
Additionally, because it has been difficult to garner votes for important measures, we want to bring to the community electronic voting. This requires some legal support as it involves changes to community bylaws written long before online was an option. This is important for enabling us to enact changes like a dues increase of more than 5% (which was supported by a majority of voters but didn’t receive enough participation to count) and a special assessment to catch up on maintenance costs outlined in our reserve study (a copy of which is on our MyWynfield.com site here: https://www.mywynfield.com/neighbor-info.html
What is the basis of the $ 33,816 estimate for interest on a loan? What is the principal amount of the loan and what was it used for?
Some may recall that the children’s playground used to sit in the mud at the bottom of the hill by the picnic tables. In 2021 we borrowed $150,000 to build the new playground at the top of the hill. The interest is on that loan.
Do you have the preliminary 2023 actual expenses compared to the 2023 Budget? Is there a balance sheet showing the reserve balances as of January 1, 2024?
Hawthorne typically provides the financials 15-30 days after the month's end. We anticipate we will have the 2023 final statements by the end of January. For now, please see here for our balance sheet and income statement through November 2023.
The board has received some really good questions from neighbors asking for clarity on the 2024 budget. On this thread, we’ll post the most common ones and the board’s answers. Questions are always welcome, as are neighbors to attend an upcoming board meeting to discuss any questions or concerns.
Why are legal fees increasing from $ 2,000 to $ 12,000?
The main reason is related to water/flood damage to the poolhouse. Our claims to the insurance company have so far been denied, so we budgeted for legal representation to help us recover as much of the repair costs as possible. We’ve since been able to enlist the help of a public adjuster and are already seeing results, with the insurance carrier asking questions to assess the damage rather than rejecting our claim outright. Ultimately we hope our claim is accepted and to not have to spend these additional dollars on legal fees.
Additionally, because it has been difficult to garner votes for important measures, we want to bring to the community electronic voting. This requires some legal support as it involves changes to community bylaws written long before online was an option. This is important for enabling us to enact changes like a dues increase of more than 5% (which was supported by a majority of voters but didn’t receive enough participation to count) and a special assessment to catch up on maintenance costs outlined in our reserve study (a copy of which is on our MyWynfield.com site here: https://www.mywynfield.com/neighbor-info.html
What is the basis of the $ 33,816 estimate for interest on a loan? What is the principal amount of the loan and what was it used for?
Some may recall that the children’s playground used to sit in the mud at the bottom of the hill by the picnic tables. In 2021 we borrowed $150,000 to build the new playground at the top of the hill. The interest is on that loan.
Do you have the preliminary 2023 actual expenses compared to the 2023 Budget? Is there a balance sheet showing the reserve balances as of January 1, 2024?
Hawthorne typically provides the financials 15-30 days after the month's end. We anticipate we will have the 2023 final statements by the end of January. For now, please see here for our balance sheet and income statement through November 2023.