Our Plan for the Future

An association’s health is primarily measured by its financial status. Property values are negatively impacted by low reserve funds, failure to recoup delinquent assessments and unethical spending practices. The Board of Directors are hard at work to improve our equity through sound financial planning, fiscal responsibility, and maintaining focus on strengthening our assets. As a result, Bristolwood’s reserves are at over $68,000- more than double what they were just four years ago. As of August 2009 our total assets are over $83,000. After our latest budget review and acceptance we anticipate our reserves to be 100% funded as early as 3 years from now.
Review our plan for the coming years below.
The volunteer board and management team have a fiduciary responsibility to protect and maintain the HOA’s assets. This is our guide: Property Values are negatively affected by:
 LOW Reserve Funding levels (Bristolwood reserves steadily growing)
 Delinquencies (aggressive policy in place, small claims judgments, liens)
 High ratio of rental properties (monitor impact on HOA if any, i.e., CC&R compliance, assessment delinquency and open communication with homeowner, approximately ¼ of Bristolwood is rental property, plan for future potentials)
Reserve Funding
 Spreads replacement cost over the assets’ useful life. (Use reserve study to forecast projects)
 Try to maintain at least 80-100% of the “ideal” reserve funding. (Bristolwood at 60%)
 Reserve funding is disclosed (by law) to potential buyers and lenders. Under-funded
 reserves are a red flag.
 Review the reserve analyst’s assumptions.
IStrategic Planning
 Long-term vision for the community (Vision adopted)
 What will things look like in 10, 20 years? (still in planning stages)
 Use the Reserve Study to plan for upgrades and enhancements (Reserve study complete and in use for planning)
 5 year cash flow analysis
 Aggressive delinquency program (tracked and monitored by board and management)
 PLAN for desired cash levels and projects (in place)
 A
Management / Board Partnership
 Planning - have a long-term perspective
 Communication - open and consistent
 Prudence – careful and judicious decisions

October 2009 Election Results Are In!!!!

Good things have happened since our June 2009 Newsletter! The board appointed two additional members to the Board of Directors. In addition to these appointees, we had an election. Thank you for participating in the vote! Our Board of Directors are: President – Mrs. Michelle Kotas (reelected for a 2 year term) Vice President – Mr. Paul Piansay Treasurer – Mrs. Penny Daoodi (appointed August 2009) Secretary – Mrs. Elizabeth Rosas (appointed August 2009) Director – Mrs. Lorrie Clarke (reelected for a 2 year term) We appreciate your confidence in our leadership. Thank you for voting. We look forward to serving the Bristolwood community