1 / 20

Status of Transition Activities and Related Initiatives

Status of Transition Activities and Related Initiatives. ( January - 2009). Agenda. Background - overview of the Transition Strategy that was approved by the POAC and the Owners Association BOD in January 2006 What has been accomplished since 2006? What are the major items outstanding?

jjosh
Télécharger la présentation

Status of Transition Activities and Related Initiatives

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Status of Transition Activities and Related Initiatives ( January - 2009)

  2. Agenda • Background - overview of the Transition Strategy that was approved by the POAC and the Owners Association BOD in January 2006 • What has been accomplished since 2006? • What are the major items outstanding? • What is our best guess as to turnover date? • Why was it necessary to form the Osprey Cove Concerned Property Owners (OCCPO)?

  3. Agenda(Cont’d) • How does the OCCPO function, what is the organization and what controls are in place? • How do we manage the use of the attorney on retainer? • What is the financial position of OCCPO and how are the funds invested? • What do we think will be necessary to finance professional/expert assistance?

  4. Background-Overview • Origin of initiative • Project timeline • Who was involved; • Team • Community • Developer • What was done; • Review focus • Research & Analysis • Develop strategy & action plan

  5. What has been Accomplished since 2006 • Continuation & expansion of TT committees; • Communications • Lake/pond management • Roads & Bridges • Finance & Risk Management • Governing Documents • Common Areas • Security • Evacuation • Management of Roads maintenance projects • Management of RFP process for new property manager • Orchestrated the overhaul of the insurance program • Improved the management of Sanctuary affairs • Developed ”Debris” strategy and completed implementation • Provided continuity of knowledge and management while LandMar has struggled.

  6. What has been Accomplished since 2006(cont’d) • Examples of “saved” funds; • Insurance (more coverage for less money) • More effective lake management at lower cost • During 2007-8 saved $66,000 on road work • Elimination of LandMar costs from HOA budget • Improved RFP process (common areas, street maintenance, debris) • Legal costs • Examples of assuming leadership roles; • Roads • Lakes • Finance • Common areas • Communications • Association attorney change • Management of delinquent property owner accounts

  7. What are the major items to be Completed • Phase 4 acceptance by Roads/HOA • Completion of transferring property to HOA from LandMar • Phases 1 & 2 • Tax ownership issues • Property that falls outside phase designation • Property that was included in collateral for line of credit • Wetlands ownership transfer issues • Resolution of the Island Estates bridge matter • Accumulation of necessary documentation required to manage the physical assets

  8. What is our best guess as to turnover date? • Governing Documents allow that the “declarant” can retain control until they sell their last lot OR • Until 2014 OR • Alternatively they could “put” it to the property owners whenever they want or have to.

  9. Why form the Osprey Cove Concerned Property Owners (OCCPO)? • Research into Transition/Due Diligence process suggested it might be necessary • Discussions with other communities and attorneys highlighted why it might be necessary • The Association is controlled by the developer and therefore the Association attorney has an inherent conflict • LandMar has in other communities contributed to professional expenses for turnover and cannot at this time.

  10. Why form the Osprey Cove Concerned Property Owners (OCCPO)? • The BOD has not approved this type of expenditure despite numerous discussions. • Without appropriate counsel (separate from the HOA) we might make the wrong moves or decisions that might be costly down the road. • Lastly, Georgia law provides for four year window, after developer infrastructure work is essentially completed, for action by property owners to cause corrective action.

  11. How does the OCCPO function, what is the organization and what controls are in place? • Solicit voluntary contributions to fund legal or other professional services • Deposit and invest funds collected • Review bills received for accuracy • Pay bills as approved • Maintain and publish records of activities

  12. The OCCPO Staff: • Tony De Marco – Chairman • Ron Howard – Chairman • Dick Welch – Treasurer

  13. Control of Funds All money collected is deposited at Ameris Bank The majority has been invested in short term CD's  The OCCPO has obtained a non-profit tax ID number Signature Requirements  Account signers:  Dick Welch, Treasurer                              Tony De Marco, Chairman                               Ron Howard, Chairman  All checks require two signatures.

  14. How do we manage the use of the attorney on retainer? • The Transition Team identifies a need for advice and presents to the “Approval Group” who decide on the request. • The OCCPO Treasurer is then authorized to pay after services are delivered. • Invoices are reviewed by both the T.T. and the OCCPO Treasurer and Chairmen

  15. Examples of our use of Attorney • Review correspondence with LandMar • Advice with respect to actions we should be taking • Meeting with the T.T. on one occasion to discuss our approach to transition/due-diligence • Review of LandMar/Cresent Line of Credit. • Various email/phone questions

  16. What is the OCCPO financial status and how are funds invested • As of December 31st we have received $28,335 from property owners • At that same date we have spent $2,163 including the 2009 retainer • Other than the retainer we have incurred charges of $203 for assistance above and beyond the retainer • The funds are deposited in an account at Ameris Bank and we have checking and CD accounts. • Checks require two signatures • Treasurer reconciles all accounts monthly. • Only Tony, Ron and Dick know who the contributors were

  17. OCCPO Financial Statement (12-31-2008) Receipts from Property owners $28,335.00 Interest 20.83 Total Income $28,355.83 Expenses Checks 64.39 Startup - PO Box, document reviews, Attorney Retainer. 760.00 Bank Fees 16.00 Attorney Fees 122.50 Attorney Retainer (2009) 1,200.00 Total $ 2,162.89 Balance $26,192.94                                                                                                                                              Funds are deposited in Ameris Bank Certificate of deposit $20,000.00 Interest Checking 6,192.94 Total funds $26,192.94

  18. Factors influencing costs might be • Time to turnover (Neg) • Issues we can resolve now (Pos) • Continued loss of “knowledgeable” LandMar staff (Neg) • LandMars practice of not putting a “turnover” package together until just before closing (Neg) • LandMars attorney selection (Pos-Neg?) • OCCPO response (Pos-Neg) • Real Estate Market in Camden County (?) • The Club and its response to limited sales and membership (Neg) • Camden County response to declining home/property values (Neg)

  19. What is next? • Quarterly we will publish a OCCPO financial statement along with a description of activities and issues • From the transition perspective we will share status, concerns and important accomplishments • As appropriate we will reconvene another meeting • Please pickup the “take-home” document

  20. QUESTIONS????

More Related