A resident wants to know...
What Happens to Sun City Anthem Surplus Funds?
The attached shows a
good educated estimate of the surplus at the end of 2014.
This number is subject to the official audit
but is a good approximation done by people much smarter and qualified then me
and who have better access to the real
numbers.
Plus...
... at the 2016 budget
guidelines workshop on May 26, 2015 we were told there is an estimate
of an additional $400,000 plus at
the end of 2015.
That brings the grand total close to $1.5
million or about $200 per household.....a lot of
money !
To me the question
is:
What will the board to with that
excess....the excess RESIDENT FUNDS...YOUR
FUNDS ?
The law says THEY MUST BE RETURNED to the homeowners as per...
...NRS
116.3114...
...which specifically
states...
... any surplus funds are to be returned to the members.
This is typically done by a reduction in
assessments for the subsequent year.
The Finance Committee budget guidelines only
say the 2016 assessments should not
increase over those in 2015.
The Finance Committee guidelines do not say
anything about returning the surplus for 2014 to the members in any way
nor do they say anything about returning the projected 2015 surplus to the
members in any way.
To me this is a concern.
We know if money is left on the
table...
...government bureaucrats – and bureaucrats
in quasi-governments such as our board...
...will always find a way to spend that
money.
This information has had
very limited distribution to members.
Personally I think as many members as
possible should at least have a general idea of these very large
surpluses.
Tim Stebbins
Sun City Anthem
Resident
_____________________
Surplus Fund Calculation as of
December 31, 2014
Cash & Cash Equivalents $
2,582,825
Other Current Assets 261,353
Funds
Available $
2,844,179
Accounts Payable &
Accrued
Liabilities $ 401,976
Prepaid Assessments 1,262,977
Deferred Revenue & Deposits 25,632
Current Liabilities
$ 1,690,585
Possible Surplus Funds
$ 1,153,594
Less:
Other Approved But Non-Incurred
Obligations
64,540
_______________________
We'd like to know what you think should be done
with this surplus?
Should your dues be reduced accordingly (approximately $200) in 2016...or...should the board retain the funds?
Send us an email at:
Return the money!
Return the money to the residents before they blow it on that crazy mini-golf project.
I do not trust our Board Members or our Association with surplus funds.
They should definitely return these funds to the homeowners.
I don't want any more money going to that joke of a restaurant or to a miniature golf course.
Enough is enough.
Some residents might actually need that money.
1, Since the Board has demonstrated how it can (or will) spend OUR money in a frivolous fashion (can anyone say "Miniature Golf", or "Vic's Subsidies"?), and can act like Dracula in a Blood Bank, the surplus should be returned to the homeowners
OR
2. We waste an incredible amount of water (and money) maintaining the common lawn areas; the surplus should be used to replace the existing common lawn areas with artificial grass. This would be an investment as it would save vast amounts of money by reducing our water bill and reducing the landscape costs of mowing, etc.
Dues should be refunded to us.
Thank you for your diligent work.
I wish I could take credit for this article, but Tim Stebbins is a "guru" regarding NRS 116.
It was Tim's diligence that should receive the praise.
I will pass your compliment on to him...and to our readers.
Dick,
I read every day.
I have also emailed members of the board in the past with the usual no response.
Thanks for your efforts.
It's politics as usual..."machine politics". ...
That's the result of having one in four homes cast a ballot in a board director election...
....while the victors claim praise....
... from the 35 people out of 13,000 who attend their board meetings..
Reduce the dues!!
We should get reduction.
As you stated they will find a way to spend it mostly by overpaying for projects we don’t need, then getting kickbacks!!!!
Just love it.
I would personally like to see a refund of excess monies .
Thanks for keeping us informed.
Dues should be reduced accordingly.
Thanks for keeping us informed.
We as homeowners should absolutely receive OUR funds back - The "board" has no right whatever to retain those funds - that excess money belongs back in the homeowners hands since we paid our dues faithfully.
Yes, we feel it should be returned or reduce the dues.