The HOIA Reserve Study
In early 2017, the Board commissioned a professional reserve study by Murray Joseph & Associates. The study was completed in March 2017. Residents can review the study in full - click here to view online. The study is over 90 pages long so consider before sending it to your printer! We want to make this study available as there has been some confusion between the March 2017 Reserve Study and the HOIA 2016 Financial Statement.
The March 2017 Reserve Study indicated that 'the association will be 48% funded at the beginning of FY 2018'. However, the HOIA 2016 Financial Statement indicated that our reserve was 85% funded. Some residents have rightly questioned how there could be such a big change in the % of our reserve funding and we want to address this before our upcoming board meeting.
Reserve studies come down to assumptions - what improvements and repairs are required over a period of time and how reserve funds will be used to completed the improvements . The discrepancy from the March 2017 Reserve Study and the HOIA 2016 Financial Statement was due to a difference in assumptions. The Financial Statement was prepared by the previous Board along with Jean Bates and reflected a very limited scope of improvements. The March 2017 Reserve Study was prepared by a outside professional who walked through our property and assessed some specific and necessary improvements beyond what was listed in the 2016 Financial Statement. Some examples of these would be the pool bathrooms, the cracked concrete on the basketball court, broken picnic tables and kids playscape.
Our vision as a Board is to continue to make Highland Oaks a place we are proud to call home. We do this by building community, keeping residents informed and connected and improving our Cabana Club as an extension and asset of our homes. Our Cabana Club is a platform for our community and we believe there is so much potential to make it even better for current and future residents while being fiscally responsible and investing wisely.
We are committed to always listening to feedback and approaching projects with the community's best interests in mind. While we know there will be differing opinions on what should be improved upon - we will endeavor to be thoughtful, strategic and transparent in all we do.
Let's do great things in 2018!
The Highland Oaks Board
The March 2017 Reserve Study indicated that 'the association will be 48% funded at the beginning of FY 2018'. However, the HOIA 2016 Financial Statement indicated that our reserve was 85% funded. Some residents have rightly questioned how there could be such a big change in the % of our reserve funding and we want to address this before our upcoming board meeting.
Reserve studies come down to assumptions - what improvements and repairs are required over a period of time and how reserve funds will be used to completed the improvements . The discrepancy from the March 2017 Reserve Study and the HOIA 2016 Financial Statement was due to a difference in assumptions. The Financial Statement was prepared by the previous Board along with Jean Bates and reflected a very limited scope of improvements. The March 2017 Reserve Study was prepared by a outside professional who walked through our property and assessed some specific and necessary improvements beyond what was listed in the 2016 Financial Statement. Some examples of these would be the pool bathrooms, the cracked concrete on the basketball court, broken picnic tables and kids playscape.
Our vision as a Board is to continue to make Highland Oaks a place we are proud to call home. We do this by building community, keeping residents informed and connected and improving our Cabana Club as an extension and asset of our homes. Our Cabana Club is a platform for our community and we believe there is so much potential to make it even better for current and future residents while being fiscally responsible and investing wisely.
We are committed to always listening to feedback and approaching projects with the community's best interests in mind. While we know there will be differing opinions on what should be improved upon - we will endeavor to be thoughtful, strategic and transparent in all we do.
Let's do great things in 2018!
The Highland Oaks Board