If this is your first visit, you may find the Getting Started page helpful in describing how the website is organized.
|Monday, February 27th from 2-3:30 pm|
|Lutheran Church of the Foothills
5102 N. Craycroft Road (at Territory
|Golden Years, Golden Brain – Memory For Life|
|Jill Jones,TMC Senior Services Volunteer|
Jill will explain how our memory systems work, the key brain areas involved and techniques for improving memory and learning. Included will be latest research on attention and working memory and strategies to stay mentally sharp for life.
SNAPLine: (520) 437-9556
Visit the SNAP website at www.sunrisesnap.org.
SNAP’s mission is to help older adults age in place through volunteer support & assistance for as long as possible.
Everyone is encouraged to attend and refreshments will be served!
For more information, please contact ✉ Joe Steiner, Phone:
BRING YOUR OWN BEVERAGE and an APPETIZER TO SHARE
Thursday, March 9, 2017
5 – 7 p.m.
All Residents Welcome (Homeowners & Tenants)
Please plan to come to the next neighborhood meet and greet. The HOA Hospitality Committee will provide cups*, napkins, and such. Bring your own beverage of choice and an appetizer to share. Mark you calendar now, then come and enjoy a nice evening at the North pool!
Come and meet your neighbors for a celebration of community in a casual setting; a drop-in opportunity to mingle and meet up with neighbors old and new. We look forward to seeing you.
For more information contact Susie Struck (508-789-8411), Hospitality Committee.
* If you bring your own cups, please remember no glass is permitted. Also, the SMVE alcohol policy restricts such beverages to the clubhouse and ramadas.
Why does a board conduct an advisory vote? A board conducts an advisory vote when they are interested in hearing membership opinion to help guide them on a future decision.
Is an advisory vote binding? No an advisory vote is not binding.
What is the issue I will be voting on? The issue at hand is whether to have the HOA’s Financial Statements audited by an outside CPA firm. In assessing this need, inquiries were made as to the cost and it was estimated to be $10,000 to $16,000.
What background should I have before I vote? There are three levels of financial statement services provided by CPA firms:
- The first level is a compilation. A compilation simply assists management in preparing the financial statements without undertaking to provide any assurance that there are no material modifications that should be made to the financial statements.
- The second level is a review. A review engagement is conducted to provide limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with the financial reporting framework.
- The highest level is an audit. The purpose of having an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are prepared in accordance with the proper financial reporting framework. An audit enhances the degree of confidence that intended users can place in the financial statements.
The auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement, and whether the misstatements are from error or fraud. However, because auditors do not examine every transaction and event, there is no guarantee that all material misstatements, whether caused by error or fraud, will be detected. In addition, the audit process will also assess internal processes and controls and issue a report regarding any weaknesses or deficiencies.
Currently our financial statements are compiled once a year by our CPA firm. Arizona statute requires an HOA have a compilation, review, or audit be performed by a CPA annually.
What Actions has the board taken to reduce the need for an audit?
During 2016, the Board has made financial transparency a priority. Below are listed some of the changes that have been made to increase transparency and to strengthen internal controls.
- The board increased transparency by putting all monthly financial reports online for homeowners to view.
- The treasurer moved to the bill.com payment system, which ensures all bills are approved by two board members and HOA checks are no longer used.
- The finance committee documented all key financial processes and posted them on web for homeowners to see. The financial processes include important checkpoints and safeguards that formerly were not documented and may or may not have been followed.
- The board approved new purchasing guidelines that detail procedures for selecting vendors and require periodic re-bidding for work done by long-term contractors.
- The board had all financial processes reviewed by a volunteer homeowner who is also a CPA.
- The investment policy was updated.
The Board is committed in 2017 to addressing issues raised in the review of financial processes.
Do other Fairfield HOAs perform audits? Generally not. Of the HOAs that the Board has talked with only one has an audit and the others have compilations performed. [updated 2/15/17]
What are the pros and cons of performing an audit?
PROS: An audit will provide the highest level of assurance that the financial statements are free from material misstatements. An audit will also assess the organization’s internal controls and report on any deficiencies or weaknesses. An audit will provide the greatest level of confidence.
CONS: An audit does not examine every transaction and cannot guarantee the detection of fraud. An audit is costly and time consuming
How will the vote be formulated? You will be asked to vote Yes (show of hands) if you believe the board should spend $10,000-$16,000 in the audit. You will be asked to vote No (show of hands) if you do not believe the board should spend money on this at this time.
If I don’t attend the meeting, do I get to vote? No. Only those who show up in person will vote on this issue. This is an advisory vote that the Board will consider in making a future decision. If you feel strongly on this issue and are unable to attend the meeting in person, you may contact the secretary to register your position.
How would an audit be financed? If the board decides to pursue an audit, it will be paid for out of the operating budget.
If we do an audit, would that cause my dues to go up? Not directly. This will come at the expense of reduced contributions to reserve fund and/or reduced expenditures on other postponable operating expenditures. Over time if our reserve fund is unhealthy or as our operational expenses increase due to additional expenditures such as this or simply inflation on our base expenses, dues could be increased.
Article Submitted by Finance Committee (Tammy Eversole, Kathy Mitton, Guy Scharf, Larry Spencer, Steve Struck)
Contact ✉ Larry Spencer, SMVE Treasurer if you’d like additional information.
A pre-addressed envelope for returning your ballot is included with the mailing. All you have to do is to insert your ballot in the return envelope, sign the envelope, attach a stamp, and mail it.
Attached below is an annual meeting packet sample. Note the ballot in the attached is a sample only. If you vote Absentee you must use the ballot in the package mailed to you.✉ by Kathy Mitton, SMVE Secretary
- Rick von Hasselt has agreed to take on lighting. Please report outages to Rick and thank Rick for taking this on.
- Phil Mowbray has accepted the role of Clubhouse Manager and is the person to contact about reserving the Clubhouse.
- A cease and desist letter was sent to a window replacement company to ask them to stop door-to-door solicitation.
- First quarter packrat inspection and removal was completed (18 nests), first half pre-emergent is partially complete (to be completed by end of January). Some large trees will be trimmed over the next couple of weeks (use care when traveling past those areas).
- The timer at north spa has been replaced (it was getting stuck on, leaving spa running).
- A final push was made to homeowners who hadn’t responded regarding the homeowner directory. This yielded approximately 20 more additions to the directory. The directory is available online at SMVE.org (you must be logged in to access the directory).
- Treasurer Larry Spencer reported operating expenses are below budget for month (4.6%) and for year (9.8%). All but 16 homeowners have paid their first half 2017 dues. Year end assets were at $694k, a 29% increase from year end 2015, and $285K was contributed to reserves.
- The Nominating Committee is still seeking volunteers for board and committee positions. Contact Kathy Mitton if you have any interest.
February 20th is the homeowner meeting at 7:00PM in the clubhouse. Hope to see you there!✉ by Kathy Mitton, SMVE Secretary