Forensic Consulting Proposal

Can you repost the proposal for the forensic thing. I read it earlier. It said the cost would be $92,000. That seems like a lot considering we only have $139,000 a portion of which are prepaid dues.

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  • Joe Holland
    commented 2016-04-27 10:58:53 -0600
    The information you have requested is on the website under documents then Annual Meeting 2016.

    You bring up an excellent point. Powderwood does not have the funds on hand to pay for a project of this magnitude. Powderwood should have a substantial reserve fund on hand at the end of the regeneration cycle. You are not alone the average reserve fund in Utah is 5% to 20% of fully funded. It is by far the largest problem facing HOA’s in Utah today. The Powderwood Board is keenly aware of the current economic conditions that challenge this community.
    The financial positions of the owners at Powderwood are as diverse as the types of owners it attracts. Some owners will want to pay off the assessment ASAP while others will want to pay the minimum. Loans from banks that specialize in homeowners associations offer viable options. As a homeowner you will have flexibility in the payment schedule, you may:
    Pay on a monthly basis which includes your current HOA fee + monthly assessment.
    Pay the entire assessment up front. This method will save a homeowner his or her share of the interest on the loan and you will maintain your regular HOA fee.
    At any time you may pay off the remaining balance of your portion of the assessment and return to paying your regular HOA fee.
    This gives you a very basic idea as to what I have seen in the past. As with all steps in this process it must first be approve by the owners at Powderwood.

    Joe Holland
  • David Krancer
    published this page in Suggestions 2016-04-26 18:31:23 -0600