NEWS & ANNOUNCEMENTS
HOA PLANS FOR 2017: The Board has been making plans for the upcoming year and welcomes input from all residents.
- Rotation painting in wood replacement (Building 6 – extensive wood repair).
- Step replacement and sealing throughout community.
- Routine inspection and repair of grill and common area.
- Biweekly trash pickup, trash area cleaning and dog stations serviced.
- Landscape replacement and routine maintenance throughout community.
- Gutter repair, replacement and cleaning.
- Parking Lot routine maintenance.
- Monthly light inspections and replacement.
- Monthly dryer vent cleaning.
- Biweekly compliance inspections.
- Development of new Website and design of Newsletter.
- Community BBQ – picnic successful.
- New Post Office Box installed.
Please use the form on the Contact Us page to reach any board member if you see the need for improvements that will benefit all residents.
While these reminders seem obvious, we need to keep them in mind to prepare for the winter season and as we enjoy our complex with its natural beauty in the milder seasons. Stay informed. Summit Park will provide individual owners extra ice-melt for stairs and walkways. ♦ PLEASE DO NOT USE ICE-MELT from local hardware stores—it is highly corrosive to the concrete. ♦
HOA INSURANCE COVERAGE REVIEW: The Board initiated a review of our total insurance coverage to ensure that our complex is adequately protected. Access the Insurance Review link and learn about all the different coverage areas we have. Following the review the Board voted to reduce our Umbrella insurance coverage to $2 million from $5 million. In addition, each owner should review their personal property insurance coverage to determine if they are covered or want coverage for the $5,000 HOA insurance deductible. Owner’s that are negligent may be assessed the HOA deductible as an Individual Expense Assessment per CC&R Sec. 6.2 (d).
HOA & PERSONAL PROPERTY INSURANCE: The HOA Board has expanded its insurance coverage to include interior building components such as carpets, trim, cabinets, fixtures, improvements, structural alterations and appliances. All owners were mailed an information letter regarding these changes. The Board recommends that you consult with your personal insurance company to ensure that you have the coverage that meets your needs.
Do you have adequate insurance protection for your Unit and your personal property? Does your personal policy include coverage for the HOA deductible of $5,000? What does the HOA policy cover? What does your personal policy cover? Are there any gaps in coverage that might cost you out of pocket expenses? Do you have loss assessment coverage? LEARN MORE
You may request a Certificate of Insurance which mortgage companies may request by contacting Hakes Insurance at email@example.com.
FHA LENDING APPROVAL: Summit Park is starting the re-certification process for status as an approved property for FHA mortgages. This expands selling and buying opportunities for owners and purchasers of units in our comples. A resident survey has been completed to support our re-certification process. See details of the survey on the HOA Board Information page.
LONG TERM CAPITAL RESERVE STUDY: The HOA Board completed an update to our Long Term Capital Reserve Study, first prepared in 2013 by Capital Analysts. Both studies identify the capital elements, costs to replace and timing of replacement for the common property at Summit Park. They then propose a plan to fund these replacement costs over a 30 year planning period.
The updated Study just completed recommends that our Reserve assessment of $45 per month per condo unit continue for 2017 with 1% annual increases for each of the next 10 years. The Board will review the updated study results and agree on a plan for the next several years. The Long Term Reserve Study should be updated about every 3 years.
Our Reserve assets have grown to $293,242 as of the end of August, 2016 from about $15,000 at the end of 2008. Our reserve level is considered FAIR relative to our Fully Funded goal of $521,873. With slight 1% increases each year starting in 2018, it is possible to reach Full Funding at the end of 2021 if all things go according to plan.
In addition, our Money Market Savings account for unforeseen expenses has $103,128 and our checking account for monthly expenses has $67,318 year to date August, 2016.
The Association is in a very good financial position and will continue to improve with the support of you, our members.
You can see the both complete studies and the inventory of the Common Elements by clicking on the following links:
EVENTS – details in Calendar below, when available
- 2017 Annual Association Meeting: Saturday, October 28
- 2018 Quarterly Board Meetings: January 18 · April 26 · July 26 · September 20
- 2018 HOA Annual Social Event/Picnic: July 28 (Rain date: July 29)
- 2018 Annual Association Meeting: TBD
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