| Hidden Lake Estates P r o p e r t y O w n e r s A s s o c i a t i o n Hawley, Pennsylvania |
Dues & Financial Items
At the Annual meeting each year which is held in July, a summary of the prior 12 months records of
receipts and disbursements are presented to the membership. All owners in good standing are
entitled to this information and it is provided at this time. Interim reports are only issued to board
members at their monthly meeting.
Dues
In May of each year, the Annual meeting information is provided along with the budget for the forth
coming fiscal year which runs from July 1st to June 30th. Along with the new budget are the agenda
for the meeting, voting material, boat registration, and a billing for the upcoming year dues payable by
July 1st.
This budget & dues billing is to provide funding to run the community much like any town. Since we
do not receive outside services for such things as snow plowing, road maintenance, community
liability insurance, lake & dam maintenance, etc., we must provide these for ourselves. The budget is
broken down by various categories in order to get a realization of what cost the community is liable
for. The budget total is divided by the net number of buildable lots minus lot owners who are in
arrears and can’t be counted on to pay their fair share. The resulting figure is the dues payable by
each Buildable lot owner. Liens will be placed on all property owners in arrears and foreclosure will
be sought for any property owner who is two years in arrears. This portion of the dues is for the
variable part of our expenses.
The fixed portion of the dues is for the payment of the dam refurbishment. The cost for this Dam
Mortgage will be a fixed amount for the next 15 years with interest payable at 7%, although the
mortgage is a 20 year mortgage. The last 5 years of the 20 year mortgage will be at a interest rate to
be determined at that time, so the fixed cost will change in 15 years.
Capital Improvement Fund
The Capital Improvement Plan will be funded in two ways.
The first will be an annual charge to each lot owner in the amount of $150 as it has been since fiscal
year 2004/2005.
The second way is that each new member purchasing an unimproved or improved lot in this
community must pay into this Capital Improvement Fund. Purchasers of an unimproved lot will pay
into the fund an amount equal to 50% of the current year dues charged. Purchasers of an improved
lot will pay into the fund an amount equal to the current year dues.
The Capital Improvement Fund is to be used to pay for capital improvements such as repaving the
roads approximately every 5 years. In the past, this fund has been used to pay off the old road loan
principal and the mail box building which have been the main items.
Summary
The yearly amount billable to each lot owner will be the total of the variable cost dues, Dam Mortgage
charge, and the Capital Improvement Fund assessment. This charge is payable on July 1st of each
fiscal year. Due to cash flow, not all funds will be used immediately, and as a result will be placed into
a money market fund or short term CD until they are required. A summary of this information will be
provided at the Annual meeting as already described. A finance charge will be applied to dues
payments not paid on time.
At the Annual meeting each year which is held in July, a summary of the prior 12 months records of
receipts and disbursements are presented to the membership. All owners in good standing are
entitled to this information and it is provided at this time. Interim reports are only issued to board
members at their monthly meeting.
Dues
In May of each year, the Annual meeting information is provided along with the budget for the forth
coming fiscal year which runs from July 1st to June 30th. Along with the new budget are the agenda
for the meeting, voting material, boat registration, and a billing for the upcoming year dues payable by
July 1st.
This budget & dues billing is to provide funding to run the community much like any town. Since we
do not receive outside services for such things as snow plowing, road maintenance, community
liability insurance, lake & dam maintenance, etc., we must provide these for ourselves. The budget is
broken down by various categories in order to get a realization of what cost the community is liable
for. The budget total is divided by the net number of buildable lots minus lot owners who are in
arrears and can’t be counted on to pay their fair share. The resulting figure is the dues payable by
each Buildable lot owner. Liens will be placed on all property owners in arrears and foreclosure will
be sought for any property owner who is two years in arrears. This portion of the dues is for the
variable part of our expenses.
The fixed portion of the dues is for the payment of the dam refurbishment. The cost for this Dam
Mortgage will be a fixed amount for the next 15 years with interest payable at 7%, although the
mortgage is a 20 year mortgage. The last 5 years of the 20 year mortgage will be at a interest rate to
be determined at that time, so the fixed cost will change in 15 years.
Capital Improvement Fund
The Capital Improvement Plan will be funded in two ways.
The first will be an annual charge to each lot owner in the amount of $150 as it has been since fiscal
year 2004/2005.
The second way is that each new member purchasing an unimproved or improved lot in this
community must pay into this Capital Improvement Fund. Purchasers of an unimproved lot will pay
into the fund an amount equal to 50% of the current year dues charged. Purchasers of an improved
lot will pay into the fund an amount equal to the current year dues.
The Capital Improvement Fund is to be used to pay for capital improvements such as repaving the
roads approximately every 5 years. In the past, this fund has been used to pay off the old road loan
principal and the mail box building which have been the main items.
Summary
The yearly amount billable to each lot owner will be the total of the variable cost dues, Dam Mortgage
charge, and the Capital Improvement Fund assessment. This charge is payable on July 1st of each
fiscal year. Due to cash flow, not all funds will be used immediately, and as a result will be placed into
a money market fund or short term CD until they are required. A summary of this information will be
provided at the Annual meeting as already described. A finance charge will be applied to dues
payments not paid on time.