There have been questions regarding the monitary amounts stated in the monthly meeting minutes, and their respective headings under which these are classified. There have been changes to these headings. These changes first occurred beginning in January of 2013, in accordance with Federal and Washington State law.
The December 2012 meeting minutes included the following [I have omitted the actual amounts, in the interest of internet privacy/security for Kenthill Townhomes (please refer to your copies of the meeting minutes for actual amounts)]:
Operating Account + $500 petty cash $ xx,xxx
Security Deposits Held $ x,xxx [a requirement; this has to do with owners being behind on their dues]
Replacement Reserve $xxx,xxx
Total $xxx,xxx
Beginning in January of 2013, these headings changed.
Operating Account + $500 petty cash $ xx,xxx
FHA Insurance Deductable-in Operating $ xxx
Security Deposits Held $ x,xxx
Replacement Reserve $xxx,xxx
Total $xxx,xxx
The Accountant for Suhrco Residential Properties, LLC. explained the change, writing as follows:
"2013 Budget has #7150 for FHA Deductable: $5,000. This amount will need to be set aside in a separate account under the Operating Account on your books. $416.67 will be set aside into that account from the Operating Account, each month, so by December 2013, there will be the full $5,000 shown as set aside for the FHA deductable, per your budget."
Again, this is in accordance with Federal and State law. It is in the interest of Kenthill Townhomes to comply with FHA requirements. These assist potential buyers in acquiring loans in order to purchase condominiums at Kenthill Townhomes; compliance with VA requirements is also in our interest, in helping veterans obtain the necessary financial assistance that they need; the Board makes every effort to comply with these and other Federal, State, and local requirements.
Sunday, August 18, 2013
Saturday, August 03, 2013
2013 Wood Siding repairs (con't)
