The ISHOA Finance Committee was established in April 2020 as a standing committee, accountable to the Indian Summer HOA Board of Directors. As stated in it's Charter, the Finance Committee will advise and assist the
ISHOA Treasurer and Board of Directors in fulfilling their fiduciary responsibilities to homeowners, in accordance with the requirements of the Revised Code of Washington and other pertinent Federal and State laws.
January 2021 UPDATE
Operating revenue and expenses for January are in line with the 2021 Budget, the exception being that the monthly Reserve Fund and Community Enhancement Fund transfers were not made by VIS. The recent snow storm may lead to expenses in February for snow damage and clean up not covered in the budget.
We have $108,500 in operating cash, which is a stronger position than usual. This is
due in part to several factors:
1) More residents prepaying their 2021 monthly assessment of $38,800.
2) The monthly Reserve Fund transfer of $7,855 has not been made to date.
3) The Monthly Community Enhancement Fund transfer of $4,167 has not been made to
The Accounts Receivable balance total is $11,265, which is approximately $6000.00 higher than usual, most likely due to issues related to the change of our HOA Management Company.
In 2020, the Reserve Fund Asset Allocation was evaluated, and then modified to lessen the risk to the investment portfolio. (see Policy FIN-07) The ISHOA's professional investment manager, Morgan Stanley, subsequently rebalanced the portfolio, resulting in a gain of approximately $120,000, which was deposited into the Reserve Fund. As a result of the gains, the ISHOA will incur federal income taxes for 2020 of approximately $26,000 - $38,000, to be paid out of the Reserve Fund.
If the work of the Finance Committee interests you, consider joining us! Contact Molly for details