2018 Timberidge General Budget

Good Evening Everyone,

We are posting the  2018 Timberidge Budget to be discussed at the Timberidge Annual Meeting Sunday, February 4, 2018, 1:30 PM.

Please find more information on the Financials page.

Thank you for periodically checking the website for updates. Please consider signing up for notifications to receive Timberidge posts via email by following the blog.

Sincerely – Timberidge HOA Board

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2017 January – December Financial Report

Good Evening Everyone,

We are posting the 2017 January-December Financial Report with a spotlight on the December Balance Sheet. Our total assets as of December 31, 2017 are $62,002.81. The Operating Account Balance was $42,200.64, and the Reserve Account Balance was $15,883.42.

Please find more information on the 2017 Documents page and on the Financials page.

Thank you for periodically checking the website for updates. Please consider signing up for notifications to receive Timberidge posts via email by following the blog.

Sincerely – Timberidge HOA Board

2018 Special Assessment

Good Morning Everyone,

As explained last year at the 2017 Annual Meeting on Sunday, February 26, 2017, and posted on the Timberidge HOA website, the 30-year capital improvement plan recommended by Criterium-Dotson Engineers (Criterium) will require special assessments. The Board, with the help of Secure Association Management, implemented more frugal budgeting, examined projected profits, and were able to adjust the current special assessment from $3,500-$6,600 per unit down to $1,075.00 per unit while maintaining our capital improvement goals outlined by Criterium. The homeowners at the 2017 Annual Meeting preferred the 2017 Board Recommended Option, so we and the management team have used our option when planning maintenance and repairs for Timberidge through 2020.

We sincerely thank everyone in advance for paying their 2018 Special Assessment ($1,075.00) before or on Monday, April 2, 2018. For more information about the process, see these and other posts on the Timberidge HOA website (timberidge.wordpress.com):

If you have additional questions, please do not hesitate to contact John Mackenzie of Secure Association Management. Also, please consider following us to receive Timberidge posts instantly via email.

With appreciation – Timberidge HOA Board of Directors

2017 January – September Financial Report

Good Evening Everyone,

We are posting the 2017 January-September Financial Report with a spotlight on the September Balance Sheet. Our total assets as of September 30, 2017, are $58,131.13. The Operating Account Balance was $38,960.14, and the Reserve Account Balance was $15,632.24.

Please find more information on the 2017 Documents page and on the Financials page.

Thank you for periodically checking the website for updates. Please consider signing up for notifications to receive Timberidge posts via email by following the blog.

Sincerely – Timberidge HOA Board

2017 January – June Maintenance Report

Good Evening,

On the 2017 Documents page and the Maintenance Reports page, please find a link to the 2017 January – June Maintenance Report that the Board requested from Secure Association Management. Also, the Board is happy to announce that due to storm damage, the insurance company has issued us a check that will help us replace all six roofs. Construction will begin soon, and all roofs should be replaced by October 2017. Please see the 2017 January – June Financial Report for more details.

As you many of you know, Timberidge now has a large recycling bin. We would like to add that although some plastic bags have the numbers 1-7 on it, the City of Denton asks that no plastic bags be discarded in the large recycling bin. We updated the post about it, too.

Thank you for following the blog. We encourage you to share this information with your lessees, especially when the posts focus on Timberidge Community matters.

Sincerely – Timberidge HOA Board

2017 January – June Financial Report

Good Evening Everyone,

We are posting the January 2017 through June 2017 Financial Report with a spotlight on the June Balance Sheet. Our total assets as of June 30, 2017, are $162,782.69 due to our insurance company issuing monies to replace all six roofs damaged by storms. The Operating Account Balance was $143,002.88, and the Reserve Account Balance was $15,481.06.

Thank you for periodically checking the website for updates. More information about when the roofs will be replace is coming soon. Please consider signing up for notifications to receive Timberidge posts via email by following the blog.

Sincerely – Timberidge HOA Board

2017 January – March Financial Report

Good Evening Everyone,

We are posting the January 2017 through March 2017 Financial Report with a spotlight on the March Balance Sheet. Our total assets as of March 31, 2017, are $41,665.12. The Operating Account Balance was $21,676.46, and the Reserve Account Balance was $15,329.91.

Thank you for periodically checking the website for updates. Please consider signing up for notifications to receive Timberidge posts via email by following the blog.

Sincerely – Timberidge HOA Board

Be A Voice for Timberidge

Good Evening Everyone,

As of today, April 1, 2017, Secure Association Management (Secure) has been the managing agent for the Timberidge HOA (THOA) for one year. The Board thought it was an excellent time to thank John Mackenzie, his team, and colleagues for their professional guidance. They were patient and thorough transitioning our documents starting in March 2016 through August 2016. Immediately, financial reporting and maintenance planning improved. In particular, Secure contracted a new insurance company for us providing better coverage at a lower price saving the THOA $7,593.00 in 2016 while bringing our Accounts Receivable balance from $11,992.00 on March 31, 2016, to $4,338.75 on December 31, 2016. For a detailed list of accomplishments, please see the posts from 2016, the November 2016 Board Meeting Minutes, the 2017 Annual Meeting Presentation, and the 2017 Annual Meeting Minutes we posted today.

Since the 2017 Annual Meeting, the Timberidge website was updated to make it faster to find financials and meeting minutes. More updates are forthcoming. You can search the website using keywords, too.

Please consider signing up for notifications to receive Timberidge posts via email immediately by following the blog. Of course, you are welcome to attend THOA Board of Directors meetings, and we hope you will consider joining the THOA Board of Directors to “Be a Voice for Timberidge.”

Thank you – Timberidge HOA Board

https://timberidge.wordpress.com

2017 Reserve Study Additional Information

Good Evening Everyone,

The 2017 Timberidge HOA Annual Meeting on Sunday, February 26, 2017, ran very smoothly thanks to John Mackenzie of Secure Association Management. Thank you to the homeowners who attended. Your input during the 2017 Annual Meeting Presentation/2016 Year-in-Review by John Mackenzie and Robin Tercero Montgomery, THOA President, is truly appreciated.

Most of the meeting was dedicated to discussing the reserve study. As posted on November 27, 2016Criterium-Dotson Engineers (Criterium) conducted a reserve study for the THOA on July 12, 2016, by evaluating the overall condition of the building components and systems that are the responsibility of the Association to determine the allocation requirements into the reserve fund to meet anticipated capital expenditures for the THOA for the next thirty years. The Board met with Phillip Nieman, P.E., of Criterium on September 2, 2016, to discuss the first draft of the Reserve Study. Criterium originally recommended that we begin with a substantial special assessment in 2017, but they were unaware of the recent special assessments for the west retaining wall replacement. We requested revising funding options that still make it possible for the THOA to proceed with capital item replacements without any catastrophic failures of construction materials. The final reserve study was submitted to the THOA board on November 4, 2016.

We were not surprised that Criterium deemed the site in disrepair and immediate need of many replacements. We knew the cost over the years would be substantial as evidenced by the Reserve Study Itemized Worksheet provided by Criterium. Based on their Executive Summary “of the facility assets, conditions and finances, the current contribution level for capital reserves is NOT adequate to meet the either short-term or long-term needs of the community. Both an immediate increase together with increases over time will be required to meet future capital needs.” 

After Criterium reviewed how quickly reserve funds will be depleted if we remain at existing funding levels, three alternatives for reserve funding were presented to the Board. Please note that reserve funds do not include general operating budget items. Also, the Board specifically requested alternatives that show little to no increase in monthly assessments to illustrate the effects of that choice.

Based on the report, the funding alternatives presented by Criterium, and the capital improvements achieved after the reserve study was completed, the Board chose to focus on budgeting through 2020 to create a Board Recommended Option (see also 2017 Annual Meeting Presentation/2016 Year-In-Review). Please note that although the reserve study is a tool for capital replacement planning, funding levels will be adjusted to accommodate contingencies and is subject to revision as necessary. The Board may vote to increase the monthly assessments up to five percent (5%) annually as allowed by the Deed Restrictions (page 5, section 5 – vol. 1162, page 405).

Thank you for checking the website for updates. We will post the Minutes of the 2017 THOA Annual Meeting very soon. Consider signing up for notifications to receive Timberidge posts via email immediately by following the blog. Of course, you are welcome to attend the THOA Board of Directors meetings, and we hope you will consider joining the THOA Board of Directors to Be a Voice for Timberidge.”

Thank you – Timberidge HOA Board

THOA Annual Meeting; 2016 Balance Sheet/Budget Performance

Good Evening Everyone,

The Board met with John Mackenzie of Secure Association Management this afternoon at 4:30 PM, to review information for the Timberidge Townhomes Homeowners’ Association Annual Meeting scheduled for Sunday, February 26, 2017, at 1:30 PM, South Denton Branch Library, 3228 Teasley Lane, Denton, TX 76210. As posted before, the agenda, though subject to change up to the meeting, includes:

  • 2016 Year-in-Review – Including the 2016 Balance Sheet/Budget Performance
  • 2017 Operating Budget – Approved by the Board 11/20/16
  • 2016 Reserve Study Discussion
  • 4 year Maintenance and Capital Improvement Plans (reduced from five years for better focus)
  • Reserve Fund Levels to achieve Improvement Plans
  • Election of new Board Members
  • Schedule Future Board Meetings

As requested in the letter to owners dated January 27, 2017, please return your Proxy to the management company by Saturday, February 25, 2017. Also, please consider being a member of the Board. Your input and participation would be greatly appreciated. Contact John Mackenzie of Secure Association Management if you are interested. He will forward the email to the Board.

Thank you for checking the website for updates. Consider signing up for notifications to receive Timberidge posts immediately via email by following the blog.

Thank you – Timberidge HOA Board