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In February, John Marus stepped down from the Treasurer position after 3 1/2 years in that role. He wants to devote more time to tutoring school children in reading skills through the Reading Seed Program with Literacy Connect. Please join me in thanking John for his years of service to the community. The Board appointed Larry Spencer to fill the Treasurer position. Also in February homeowner Steve Struck volunteered to be a member of the Finance Committee.
The Finance Committee kicked off 2016 by making an extensive search of banks offering FDIC insured business savings accounts and short-term Certificates of Deposits. As a result of the findings, $213,980 of Operating Funds were moved from Chase to Capital One, and $213,887 of Reserve Funds were moved from UBS to BBVA Compass to take advantage of better interest rates.
$31,020 was transferred to the Capital Reserve Fund from the Operating Fund in March.
In March, monthly and annual SMVE financial statements were posted to the SMVE website for the first time, along with the annual budgets for 2013-2016. The Finance page now contains the HOA insurance policy, Reserve Study, budgets, and monthly and annual financial statements.
We added a website article to explain transfer fees that apply when a home within the HOA is sold. To help homeowners understand the HOA budget, we added an article showing how your monthly dues were used. If you have questions about HOA finances, please reach out to me.