^ vP l}v l }uuµv] Ç } } }v 2017 to 2018 · Annual Report ^ vP l}v l }uuµv] Ç } } }v 2017 to...

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Sengekontacket Community Corporation, 10 Sengekontacket Road, Edgartown, MA 02539

Transcript of ^ vP l}v l }uuµv] Ç } } }v 2017 to 2018 · Annual Report ^ vP l}v l }uuµv] Ç } } }v 2017 to...

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Annual Report Sengekontacket Community Corporation

2017 to 2018

Sengekontacket Community Corporation, 10 Sengekontacket Road, Edgartown, MA 02539

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Sengekontacket Community CorporationReport To Members

July 14, 2018

Directors’ CommentsReview of Preceding Fiscal Year

From our perspective, this fiscal year just now ending was a decent year. The Board again voted to maintain the annual dues at $ 900. Issues presented to the Board were routine or pertained to individ-ual member concerns about policy.

At the 2016 Annual Meeting, members approved a sweeping capital improvement plan after detailed discussion. Approximately $ 500,000 in five areas were identified for study. A $ 1,000 assessment was approved. The second special assessment of $ 500 was approved during this fiscal year. Board members were involved in planning to implement the various phases of the plan. The plan is discussed under a separate heading.

Snow and high winds continued to bring down trees and limbs from the weakened oak and pine trees. In March and April an outside tree service was brought in to clear the roads. The existence of good concrete bounds made it reasonably easy to determine whether or not it was the community’s respon-sibility or the individual member’s responsibility to pay for the removal.

A special high pressure water pump was again brought in to clear the drain in the road by the club-house and tennis courts. The operator’s assessment was that it had been clogged for many years. It tended to flood in heavy raintorms, a nuisance in the sumer months, but a hazard in the winter.

The Board again thanks the members for their continued support and help.

Your Board of Directors is committed to maintaining the character of the Sengekontacket Community consistent with the mandates of the protective covenants. The Club House, Tennis Courts, Road Net-work, Green Belts, Walking Paths, and the Salt Water Dock and Racks are the principal infrastructure that gives Sengekontacket its character and unique beauty. We believe in the least interference with individual members property enjoyment as we go about the management of this Sengekontacket infrastructure. Occasionally a member’s individual desires conflict with this balance and the Board mediates. Finally, this Board believes the character must be maintained within our members’ financial capacity—failure to make consistent improvements only leads to deteriorating infrastructure.

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Capital Plan Discussion

Capital Plan Discussion

Implementing the Plan

1. Club House

The first project tackled was updating the appearance of the now sadly dated club house. Gail Howe took responsibility for managing the project, selecting the contractor, and seeking advice from Steve Pogue, a member and practicing architect here on Martha’s Vineyard. The project consisted of new siding, replacing some windows and doors, repairing dryrot damage, sheetrook repairs, and repainting exterior trim. The club house was finished by the start of the last season.

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Capital Plan Discussion (Continued)

2. Turtle Pond

Susan Hobart took over the daunting task of seeking a solution to the deteriorating condition of the clarity and weed growth in Turtle Pond. After receiving proposals from three environmental assess-ment firms, and much discussion among concerned members, the Board approved a proposal submit-ted by ESS Group, Inc.

The environmental assessment was a shocking introduction to process at the expense of common sense. None-the-less, Susan worked tirelessly to get all of the pieces in order for the Oak Bluffs Con-servation Commission hearings. After further discussion about the proposed chemicals, all approved by Mass. DEP, the result of the third Conservation Commission hearing on June 13 was a reluctance to use chemicals, so a vote to permit manual removal of the vegetation in the pond. Prior to executing the order, the Commission worked with the consultants to develop baseline standards and metrics, which were reviewed at an open Conservation Commission meeting on June 27, 2017. The Board reviewed the final order for affordability to move forward at all, as well as whether any alum treatment should be undertaken so late in the growing season. The Conservation Commission issued a ruling in mid-June, 2017. The Board met on June 25, 2017 and decided to present it to the members at the Annual Meet-ing for a decision.

At the Annual Meeting, a consensus was reached to complete the manual removal of the weeds with-out alum treatment in Turtle pond. This initial removal was completed in September. Total cost of the project exceeded $ 25,000.

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Capital Plan Discussion (Continued)

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Salt Water Dock and Tennis Courts3. Salt Water Dock

Presently, this pre-regulation dock is safe to use. Any weather physical damage involving dock pilings cannot be repared or replaced without a full environmental permit undertaking. Early freezing con-ditions caused damage to the removal portions of the dock, which were subsequently repaired this Spring.

Sourati Engineering has started the two year permitting process and the FY2019 budget provides $ 5,000 to start the initial surveying. Many agencies and quasi-official groups will be involved in this effort. Not all of them will be supportive. It is expected the permitting will cost at least $ 50,000, de-pendent upon opposition similar to what occured with the Turtle Pond permitting exercise.

4. Tennis Courts

The Annual Meeting membership endorsed moving forward with the complete removal of the old as-phalt tennis courts and replacing them with a modern concrete system. The final ruberized court sur-face will include striping for two pickle ball courts. Total bid cost is $175,000. Construction was started in October, 2017 and the concrete foundation and slab were finished before winter freezing conditions set in—just barely.

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Treasurer’s Report

Treasurer’s Report

The following report presents the actual results for eleven months of FY 2018 (July 1, 2017 thru June 3, 2018). Income and Expense results reflect a balance of $ 8,127 remaining as of June 3, 2018. We antic-ipate an additional $ 6,000 to $ 8,000 will be expended in June.

As of June 3, 2018 we had operating funds of $ 78,513 and capital funds of $ 19,580. At the time of preparation more than $ 45,000 of annual dues have been prepaid and $ 19,000 of advanced capital assessments have been made.

The Statement of Cash Flows show a net decrease in cash and reconciles the ending cash position of $ 96,693, which is net of $ 1,400 in undeposited funds not yet recorded.

For comparative purposes only, I have included the two eleven month plus three day balance sheets. Again, the $ 50,184 decrease in cash is apparent. This is due to the the construction of the new tennis courts.

The FY 2019 Profit and Loss Budget Overview follows and reflects increasing expenditures for trash, tax-es, and utilities. The Board voted to hold the annual dues to $ 900, the ninth year we have been able to control expenditures while improving the community. To continue the community commitment to the five year capital plan, the budget provides for the final $35,000 tennis court payment and $ 5,000 for the start of the dock replacement permit.

We expect the final FY 2018 results to be available before the annual meeting on July 14, 2018.

Welcome Back!

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TOTAL

Ordinary Income/ExpenseIncomeAnnual Dues Revenue 81,900.00ServicesMember Reimbursement 400.00

Total Services 400.00

Total Income 82,300.00

Gross Profit 82,300.00

ExpenseFacilitiesClubhouse 198.00Dock Expense 1,011.77Tennis Court Expense 1,796.27 Capital Plan 11,852.16

Total Facilities 14,858.20

Insurance ExpenseGeneral Liability Insurance 5,092.52

Total Insurance Expense 5,092.52

Landscaping and GroundskeepingGreenbelt 8,040.00Lawn Care 2,100.00Project Maintenance 4,649.92Landscaping and Groundskeeping - ... 895.27

Total Landscaping and Groundskeeping 15,685.19

MiscellaneousCourt Filing Fees 200.00Miscellaneous - Other 546.32Miscellaneous Expense 20.61Miscellaneous - Other 60.19

Total Miscellaneous 827.12

Professional Fees -150.00Returned Check Charge 6.84Road Maintenance 3,904.82Snow RemovalSanding 1,200.00Snow 2,500.00

Total Snow Removal 3,700.00

11:12 AM Sengekontacket Community Corporation

06/03/18 Profit and Loss StandardAccrual Basis July 1, 2017 through June 3, 2018

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The following report presents the actual results for eleven months of FY 2018 (July 1, 2017 thru June 3, 2018). Income and Expense results reflect a balance of $ 8,127 remaining as of June 3, 2018. We anticipate an additional $ 6,000 to $ 8,000 will be expended in June.

TOTAL

TaxesTaxes - Income 89.57Taxes - Property 16,185.00

Total Taxes 16,274.57

Trash & RubbishGarbage contracts 4,050.23Trash Disposal Fees 3,350.78Trash Hauling 6,270.00

Total Trash & Rubbish 13,671.01

UtilitiesElectricity 167.84Water Charges 184.21

Total Utilities 352.05

Total Expense 74,222.32

Net Ordinary Income 8,077.68

Other Income/ExpenseOther Income

Finance Charge Income 0.00Interest Income 49.14

Total Other Income 49.14

Net Other Income 49.14

Net Income 8,126.82

11:12 AM Sengekontacket Community Corporation

06/03/18 Profit and Loss StandardAccrual Basis July 1, 2017 through June 3, 2018

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Jun 3, '18

ASSETSCurrent AssetsChecking/Savings

RTC - Corporate Check... 78,512.78RTC - MMKT 8019851 19,580.43

Total Checking/Savings 98,093.21

Accounts ReceivableAccounts Receivable -18,547.04

Total Accounts Receivable -18,547.04

Other Current AssetsCapital Fund -42,562.00Undeposited Funds -1,400.00

Total Other Current Assets -43,962.00

Total Current Assets 35,584.17

Fixed AssetsClubhouse

Major Repairs 23,335.40

Total Clubhouse 23,335.40

Furniture and Equipment 590.00Roads

Road Paving 130,500.56Road Siding 15,356.13Road Signage 3,211.38

Total Roads 149,068.07

Tennis Courts 173,122.75

Total Fixed Assets 346,116.22

Other AssetsOther Opening Assets 2,232.97

Total Other Assets 2,232.97

TOTAL ASSETS 383,933.36

11:12 AM Sengekontacket Community Corporation

06/03/18 Balance Sheet StandardAccrual Basis As of June 3, 2018

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Enjoy The 4th of July, 2018

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Jul 1, '17 - Jun 3, '18

OPERATING ACTIVITIESNet Income 8,126.82Adjustments to reconcile Net Incometo net cash provided by operations:Accounts Receivable 57,354.01Capital Fund 41,892.00Accounts Payable -730.52

Net cash provided by Operating Acti... 106,642.31

INVESTING ACTIVITIESClubhouse:Major Repairs -3,289.27Tennis Courts -140,108.00

Net cash provided by Investing Activi... -143,397.27

FINANCING ACTIVITIESOpening Balance Equity -7,368.86Retained Earnings -37,192.00

Net cash provided by Financing Acti... -44,560.86

Net cash increase for period -81,315.82

Cash at beginning of period 178,009.03

Cash at end of period 96,693.21

11:21 AM Sengekontacket Community Corporation

06/03/18 Statement Of Cash FlowsJuly 1, 2017 through June 3, 2018

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All finished and showing off their new brilliant colors.

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Jun 3, '18 Jun 3, '17 $ Change

ASSETSCurrent AssetsChecking/Savings

RTC - Corporate Check... 78,512.78 65,175.36 13,337.42RTC - MMKT 8019851 19,580.43 83,102.31 -63,521.88

Total Checking/Savings 98,093.21 148,277.67 -50,184.46

Accounts ReceivableAccounts Receivable -18,547.04 78,206.97 -96,754.01

Total Accounts Receivable -18,547.04 78,206.97 -96,754.01

Other Current AssetsCapital Fund -42,562.00 -670.00 -41,892.00Undeposited Funds -1,400.00 0.00 -1,400.00

Total Other Current Assets -43,962.00 -670.00 -43,292.00

Total Current Assets 35,584.17 225,814.64 -190,230.47

Fixed AssetsClubhouse

Major Repairs 23,335.40 13,446.13 9,889.27

Total Clubhouse 23,335.40 13,446.13 9,889.27

Furniture and Equipment 590.00 590.00 0.00Roads

Road Paving 130,500.56 130,500.56 0.00Road Siding 15,356.13 15,356.13 0.00Road Signage 3,211.38 3,211.38 0.00

Total Roads 149,068.07 149,068.07 0.00

Tennis Courts 173,122.75 33,014.75 140,108.00

Total Fixed Assets 346,116.22 196,118.95 149,997.27

Other AssetsOther Opening Assets 2,232.97 2,232.97 0.00

Total Other Assets 2,232.97 2,232.97 0.00

TOTAL ASSETS 383,933.36 424,166.56 -40,233.20

11:13 AM Sengekontacket Community Corporation

06/03/18 Balance Sheet Prev Year ComparisonAccrual Basis As of June 3, 2018

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All finished and showing off their new brilliant colors.

Jun 3, '18 Jun 3, '17 $ Change

LIABILITIES & EQUITYEquityOpening Balance Equity 30,643.75 38,012.61 -7,368.86Retained Earnings 345,162.79 308,430.49 36,732.30Net Income 8,126.82 77,723.46 -69,596.64

Total Equity 383,933.36 424,166.56 -40,233.20

TOTAL LIABILITIES & EQU... 383,933.36 424,166.56 -40,233.20

11:13 AM Sengekontacket Community Corporation

06/03/18 Balance Sheet Prev Year ComparisonAccrual Basis As of June 3, 2018

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Jul '18 - Jun '19

Ordinary Income/ExpenseIncomeAnnual Dues Revenue 78,300.00Interest Income - CD 300.00

Total Income 78,600.00

Gross Profit 78,600.00

ExpenseFacilitiesClubhouse 500.00Dock Expense 2,500.00Tennis Court Expense 750.00 Capital Plan 40,000.00

Total Facilities 43,750.00

Insurance ExpenseGeneral Liability Insurance 6,000.00Professional Liability 2,000.00

Total Insurance Expense 8,000.00

Landscaping and GroundskeepingGreenbelt 5,250.00Lawn Care 2,800.00Project Maintenance 8,000.00

Total Landscaping and Groundske... 16,050.00

MiscellaneousMiscellaneous - Other 600.00Miscellaneous Expense 500.00Small Tools and Equipment 150.00

Total Miscellaneous 1,250.00

Office ExpensesComputer and Internet Expenses 350.00Office Supplies 400.00Postage and Delivery 200.00

Total Office Expenses 950.00

Road Maintenance 3,000.00Snow RemovalOther 1,000.00Sanding 1,500.00Snow 3,000.00

Total Snow Removal 5,500.00

10:43 AM Sengekontacket Community Corporation

06/03/18 Profit and Loss Budget OverviewJuly 2018 through June 2019

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Jul '18 - Jun '19

TaxesTaxes - Property 22,000.00

Total Taxes 22,000.00

Trash & RubbishGarbage contracts 3,925.00Trash Disposal Fees 4,750.00Trash Hauling 7,905.00

Total Trash & Rubbish 16,580.00

UtilitiesElectricity 480.00Water Charges 1,750.00

Total Utilities 2,230.00

Total Expense 119,310.00

Net Ordinary Income -40,710.00

Other Income/ExpenseOther Expense

Contingency Reserve 5,000.00

Total Other Expense 5,000.00

Net Other Income -5,000.00

Net Income -45,710.00

10:43 AM Sengekontacket Community Corporation

06/03/18 Profit and Loss Budget OverviewJuly 2018 through June 2019

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