Dear members of the Lake Killarney Homeowners Association,
In recent years, we have seen a steady decline in the community becoming involved in the board of Directors and governing Board of our community. It has become increasingly difficult to fill the treasurer position. This position requires more time commitment than any other position.
Those of us who are involved in the Board, Committees and association have long been concerned that the duties of the Treasurer requires a significant amount of time and commitment to manage the yearly assessments that fund our community, lake, beaches, park and activities. As with all Board positions, this is a volunteer position.
This week, the board and some committee members and residents convened at a special meeting to discuss solutions to these two problems: Recruiting and keeping Board members and whether the Treasurer position should remain a volunteer position or be outsourced to a company that provides these type of services.
We determined by a unanimous vote of those present that the board will pursue at least three (3) quotes from local financial management companies for retaining services to oversee our finances. Any company selected will not be involved in the decision-making of needs, projects or activities for our community, but will be responsible for managing the association’s finances, paying our bills and collecting the assessments among other things.
In the upcoming budget or 2022, the board has budgeted for this retainer. Assessments will increase, however, we anticipate based on preliminary data this increase will be in the range of $20 to $50 per year/household. We believe this is a small price to pay to modernize our financials and perhaps make our board meetings a more pleasant experience, increasing the desire for residents to serve on the board.
The 2022 budget and the decision to contract with a management company will be discussed at the November General Membership meeting, which will be held on November 17. We will have a full list of their responsibilities and the value of having such a company. We will entertain any concerns you may have at this meeting. The Budget will be published on November 1 for all residents to review. We will also discuss the open board positions of President, Vice President, Treasurer, and Secretary.
All paying members of the community are encouraged to attend this November General Membership meeting, which will be held Via Zoom. The link will be posted on the website, Facebook and e-mail blast. Please reach out if you are unsure how or unable to do a Zoom call but would still like to attend.
A copy of the proposed budget was emailed to everyone on our email list but if you did not receive the email and you would like a copy of the proposed 2022 budget, please email firstname.lastname@example.org.