CAm Response to Questions

All-

Below is the email I recently received.  It highlights a reduced services option.  If you would like to leave an opinion on the question of reducing services, please do.  The Board will make a decision on that matter in early May.

Jason 

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Board

Here are some answers to some of the questions that were posed to Bethanne at the meeting:

1)    How many residents were outstanding when CAM took over?   22

2)    How many liens were placed on homes when CAM took over to now?  4

3)    How many garnishments since CAM took over?  0 – see attached collected report from 5/1/14 – 3/24/16

4)    How much money has been collected since CAM took over?  Collection report provides the total

Also attached is the delinquency report a year ago and then another one as of today; you will find a significance difference.  Michelle, the litigation assistant may be able to provide more information on the status of the Hazelrig’s with the largest outstanding balance.

There was an inquiry as to another level of service provided by CAM.  We can provide Financial Services Only (FSO) which includes the continued litigation, preparation of monthly financial reports and collection of dues.  The main difference would be no monthly inspections performed by our office, we would not seek vendors for work to be performed and we would not attend the annual meeting.  In regards to the violations, the Board can request up to 10 letters per month to be mailed to owners.  The cost would be $350 per month vs your current $400 per month.  Let us know if this is something that you wish to change, from full service to FSO.

 

 

Then vs. Now

After a bit of personal research on the questions of our financials and our collection statuses as they were 2 years ago and now, I found this info.  It is not the official answer from CAM but it is based on the documents they provide us.

Annual Meeting

The annual meeting was held at the Fears Mill clubhouse on 3-16 at 6:30pm.

CAM had mailed out notices of the meeting in advance to homeowners.

Unfortunately, we only had 15 people attend, representing 10 homes.

We talked about a variety of issues to include:

-  The end of year financials for 2015

-  The proposed budget for 2016

-  The feasibility of continuing CAM services given the chunk of cash that pothole maintenance has taken from our balances.

-  The covenant violation process

There were several questions from residents on topics such as:

-  Potential for speedbumps

-  Are those access roads with potholes really the HOAs responsibility

-  How many delinquent homes were on the books when CAM took over and how many are there now?

CAM agreed to several action items in order to answer the residents questions and provide options for reduced services.  As those answers and that data is provided, I will post it here for transparency and comment.

We also held elections. The current Board was re-elected without competition.  Wanda Harris nominated Jason Glover for President so Wanda and Jason have switched their roles for the next 12 months.

Here is a link to the audio of the meeting if you want to listen:
https://drive.google.com/open?id=0B_2-fYTPxyhVdTZLWWUtQTdtdzQ

End of Year Financials

As we prepare to meet for the annual gathering this spring, here is a summary of the end of year financials.  If you want the detailed documents that CAM provides, let me know.

End of Year Cash on Hand - $2864.00
End of Year Savings - $1709.00

Income and Expenses

We still had (13) homes with past due balances totaling ~$7200.00

We anticipate reducing services from CAM in 2016 to compensate for unexpected monetary losses due to pothole repair and based on the fact that CAM has spent $6300.00 and only recovered $1600.00 for us in 2015.

Meeting Date coming soon!
Jason