Annual Audit

Architectural Forms

Budget

By-laws

CC&R's

Fees/On-line Payments

Financial Statements

Homeowners Forms

HOA Rules

Violation Policy/Letters

08/30/10

The Arizona Republic (AZR) newspaper ran an article on Aug. 29, 2010, about HOA's. Readers were told to ask their HOA the following questions regarding “How stable is your HOA”? With that in mind, we wanted to share with you the financial health of MPRHOA.

AZR: Experts offered a number of suggestions for determining the financial health of a homeowners association. HOAs must provide financial documents to current homeowners and prospective homebuyers.

MPRHOA: The financials are always posted on the MPRHOA website as soon as they are approved by the budget and finance committee and board of directors. You can reference the site by going to www.mtparkranch.org , or we can provide you with a copy.

AZR: Request the association's most recent annual financial statement. Check whether there was a cash surplus or shortfall at the end of the year, whether the HOA stuck to its original budget, and what percentage of assessments was delinquent.

MPRHOA: There was a nominal surplus of funds from operations at year-end 2009, and we are expecting the same for 2010. Please note also, there will be no increase in the assessment for next year (2011); the 2011 budget has been approved with the assessment remaining at $150 semi-annually or $300 for the year. In addition, financial statements are audited annually.

AZR: Did the HOA stick to its original budget?

MPRHOA: Yes, and the budget was never amended.

AZR: What percentage of assessments were delinquent?

MPRHOA: Unlike other HOA's in the news article with delinquencies over 20%, MPRHOA is less than 1.5% at the 12/31/09 year-end (audit) and the percentage remains about the same at 6/30/10.

AZR: Make sure the HOA has completed a reserve study, which assesses how much cash must be held in reserve to cover the community's long-term repair and replacement needs for critical infrastructure?

MPRHOA: Allocation to the MPRHOA Reserve Fund is included in the annual budgeting process. The 2009 Annual Audit is on our web site under Annual Audit – go to page 8 and the caption “Note 8. Future Major Repairs…” You will see we are over 100% funded in the Reserve Fund (which means we have and will continue to meet and exceed the requirements the reserve engineers recommend). You can feel confident that MPRHOA can well meet needs that arise without having to consider something like a special assessment. The last Reserve Study was in 2006 and an update is currently being completed.

AZR: Ask for the minutes from recent board meetings and review them to look for signs of a problem. HOAs do not have to provide minutes to prospective homebuyers but often will do so. Check for discussions about an upcoming special assessment or any other serious financial issues.

MPRHOA: Monthly Board minutes are published on our web site as soon as they are approved. The financial matters discussed are routine ones and there are no indications of special assessments or any adverse financial matters. MPRHOA is financially very sound.

Please contact the office with any questions.

2010 ASSESSMENT INCREASE

At the July 2009 Board of Directors open meeting, the Budget and Finance committee recommended to the Board of Directors the 2010 draft budget. The Board of Directors approved the Budget and Finance Committees recommendations for the 2010 budget and increased the assessment 1 dollar per month starting January 01, 2010. Your assessment notices will show the new increase.

• 2009 assessment amount is $288.00 or $144.00 every 6 months, due on January 1st and July 1st each year.
• New assessment amount starting year 2010 will be $300.00 or $150.00 every 6 months, due on January 1st and July 1st each year.
• Other than last year, there has not been a raise in 10 years. Average cost of living is 3-5% per year.
• Cost of electricity up 3.9%, water 8%, things like fertilizer, propane, and chemicals for the spas and pools, pre-emergent, and weed control for the common areas and washes, trash bags and doggie bags, dump fees for landscape debris all have contributed, as well as general inflation.

ON-LINE ASSESSMENT PAYMENTS:

In an effort to further assist our homeowners, Mountain Park Ranch HOA (MPRHOA) offers you the convenience of paying your assessment on-line by E-check or credit card (MasterCard, Discover, and American Express).

This service is provided by Community Association Banc (CAB), a division of Mutual of Omaha Bank. Should you choose to use this service, it is a business transaction solely between you and CAB. MPRHOA has no control or affiliation with this website banking, and is not responsible for the accuracy or timing of this or any other CAB transaction.

To use this option, have your payment coupon or statement remittance in front of you, then click on the link to www.mutualofomahabank.com which will take you to the Association Banking page of Mutual of Omaha Bank's website. Look towards the lower right corner for “Homeowners Pay Assessments.” To pay using a direct debit from your checking account, select the labeled “By E-Check.” To pay by credit card, select the labeled “By Credit Card.” Then follow the step-by-step instructions.

Once all information has been submitted, you will receive an email confirming that the bank received your request.  A second email will be sent indicating successful completion of your payment along with a confirmation number for your records. (Additionally if your check or ACH is returned, a processing fee will be charged.)  If you do not receive a confirmation, contact your bank immediately for clarification.

PLEASE NOTE: Payments could take up to 5 days to be posted to your account.

In order to avoid late charges by your Association, payment should be submitted 5 days prior to your due date. Authorized charges to your checking account will be processed for the amount indicated above. Payment collected will be deposited to the checking account of your Association, maintained with the bank, and will be reported to the Association, its managing agent or designated representative in a timely manner.  

FEES