Here is the financial report for the 2nd quarter ending Dec 31, 2014
2ND QTR CUMULATIVE REVENUE TOTALS IN $92,161.25
2ND QTR CUMULATIVE EXPENSE TOTALS OUT $62,956.26
DEF UNSPENT FUNDS – OPERATING ACCT $54,715.65
CRF – HIGH YIELD SAVINGS $63,992.10
UNPAID DUES, ASSESSMENTS, & INTEREST $15,096.22
Note: There are currently 2 lots that may have uncollectible balances. It reduces the unpaid dues, etc by about $3600. There are 11 owners that have delinquent balances of 2 years or more plus accruing interest. Twenty-eight owners are delinquent for this fiscal year and will continue to accrue interest until the dues are paid. Five owners have paid dues but still owe interest.
The LRPOA Board of Directors adopted a motion that for all future Small Claims filing (with Bannock County Small Claims Court) an additional fee of $340 will be added to the claim. This will be in addition to the normal filing fees, back dues, and interest. In the past two years we have only been adding the back dues, the simple interest accrued, and the actual filing fees to the original claim amount.
These new fees are for damages that are anticipated to flow from breaches of the Covenants contract with each LRPOA member and are related to the collection fees associated with legal action.
As neighbors and members in Lava Ranch Property Owners Association, we share the expenses to maintain the roads, pavilion, and all the other amenities associated with Lava Ranch Sub-Division. Since membership in the Association is a mandatory part of ownership in Lava Ranch, each of us must pay our share. It is our hope that we can avoid using the Small Claims Court to collect the Association dues.
Detailed information about the financials is available to Members/Owners upon request. Please contact the Association Treasurer, Adrienne Buckley, at a2.lavaranch@gmail.com
It is my reasonable belief the financials have been prepared using generally accepted accounting principles and are accurate to the best of my knowledge. Adrienne Buckley, LRPOA Treasurer