January-May 2015 Newsletter First Edition
Dear Ashley Marina Association Member:
Financial update: As of May 30, 2015, total assets of our HOA were $722,000 compared to $648,000 at December 31, 2014.
Current cash and cash equivalents are $642,000, of which $48,000 is Operating, and $594,000 is in Wells Fargo Money Markets.
Accounts Receivables are:
$ 0K 0-30 day category
$ 13K 30-60 day category
$ 0K 60-90 day category
$ 67K greater than 90 days and in collection status
We’ve made progress in reducing our A/R by having liens filed on several slips that have recently sold, with the delinquent regime funds collected at the real estate closings. We expect further progress as we file Small Claims Court actions (see below).
Misc financial notes:
While our HOA files property liens on all boat slips/Locker Units that become delinquent in paying regime fees , effective May 2015 we have now implemented Small Claims Court filings for those applicable delinquent regime slip owners in hopes of faster collections. All legal fees associated with both Small Claims filings and liens are being added to the delinquent owners account.
Our retro-active credit balance at Charleston Water Company finally ran out in March 2015, so we are again paying a full water bill each month. This was budgeted for and we are on track, but as always please be conservative with your usage..
Our Comcast wifi/internet/television contract is renewing in the upcoming future and we are looking at all avenues to keep our service and cost level, even if this means changing providers.
Our legal costs year to date are running higher than budgeted ($5547.00 actual vs $ 2000 budgeted) due to on-going AMH Litigation costs (see below)and the City of Charleston Riverwalk friendly condemnation suit (see below).
Reserve Study update: While there was no increase in our 2015 regime fees, we have addressed the maintenance issues in our Reserve Study Report, and we are carefully reviewing to ensure we have a plan for more aggressively funding our Reserve Accounts in the future. Please read the 2014 Annual Meeting Power Point for full details.
However, we are continuing to successfully transferring $ 6150.00 monthly into our 2 Wells Fargo Money Markets.
Dredging Update: We have successfully initiated discussions with a possible nearby dredge disposal site, and we have completed our depth sounding calculations. On a positive note, our initial dredge volume estimated calculations have proved to still be accurate at approximately 6000 cubic yards, so the sample, one-time Special Assessment calculations we have provided all slip owners so far are still quite accurate. However, until we successfully ink a sign contract with a disposal site, we are not able to file our permits with DNR/OCRM or calculate our exact costs. If any owners know of any near-by possible disposal sites, pls contact your Board of Directors at email@example.com.
Repeated notes from our Nov/Dec 2014 newsletter regarding dredging costs:
“Based on member feedback at our Annual Meeting, your Board is recommending a Special Assessment (2 equal payments due in 2016 and 2017) to fund our dredging. While our costs are NOT YET FINAL until we secure a disposal site, we are providing a Dredging Cost Funding Analysis on the attached spreadsheet of approximately what each slip owner will be accessed. Again, these are only estimated calculations at this time. We will provide updates as our costs are finalized.”
Litigation Update: The litigation suit brought by AMH remains on-going. After the trial court ruled in favor of the Association and its Board Members, AMH appealed that decision to the SC Court of Appeals, where the matter remains pending. Briefings will continue over the next 60-90 days after which time the matter may be set for oral arguments before the Court issues a decision. A time frame for when a decision might be issued is difficult to predict at this time.
Riverwalk update: All members were mailed a hard copy Condemnation Package for review and comments. The package was dated and mailed July 1. 2015. If you have not received your package, please contact firstname.lastname@example.org for a package. Your Board is looking for your comments, If any, prior to July 27, 2015.
Marina Insurance update: analysis Our annual marina insurance policies (liability and docks) expire annually on March 31, and after several years of not increasing our docks coverage, we knew we were substantially below our Master Deed requirement of insuring our docks for 100% of their replacement cost. Our marina replacement study concluded that we needed to increase our replacement insurance to $5.5 mil, we competed bids among several A rated marine carriers, and after much analysis, we signed with a large reputable AA+ carrier, increasing our policy cost to $71K annually.
Master Deed violations: Marina staff has seen a steady increase in illegal and unauthorized use of vessels used as overnight Bed and Breakfasts, as well as the sub-letting of vessels. This is in direct violation to our Master Deed and owners are being notified and assessed non-compliant fees.
Charleston Water Keeper in-slip, free sewage pump-outs: In addition to our “I Dock pump out, all slip owners are reminded that the Charleston Water Keeper provides free in-slip sewage pump-outs by calling the pump out program coordinator at 843-608-9287
Standard Lease: We thank all slip owners who have migrated their tenants to our Standard Lease. This lease has already proved to be worthwhile in several owners easily evicting undesirable/non-paying tenants from our marina.
Vessel Insurance update: All slip owners are thanked for your cooperation in obtaining and providing a copy of your vessel (or tenants vessel) insurance to our marina staff in order to obtain your May 1 2015 parking tag.
Parking: Your Board and marina staff are very much aware of our nearly-full parking lot much of the time, and we are reviewing all causes. Please car-pool your guests when at all possible. Unless there is an event going on, the City of Charleston’s Brittle Bank Park on upper Lockwood Dr is normally available for free.
Recycling: We have recently added a 7th recycle bin on the fixed pier-head due to an increase in recycling . Thanks everyone for keeping us green!
Owner Website Listings: Use the Contact us-Owners link to post or update your “FOR SALE” slip listings.