LHPOA Promotes Financial Transparency On Website

The Lake Heritage Property Owners’ Association prepares several budgets years in advance that take into account income and expenses. This projected budget is based on past expenses and past income. In attempt to make the budget as transparent as possible for residents, the association makes many financial statements available in the login protected area of the website.

For example, you will find a May 2016 balance sheet, a May 2016 profit and loss statement and a May 2016 profit and loss statement that compares 2016 with 2015. These aforementioned financial statements are updated monthly.

You will also find the projected 2017 budget and the five year capital plan that identifies spending for 2016, 2017, 2018, 2019 and 2020. If you were wondering how much was budgeted for reconstructing the shuffle ball court in 2018, you will have your answer. Before posting these budgets and other financial statements on the website, they were only available to residents upon request in the office. Now to paraphrase Sherlock Holmes, all financials are hidden in plain sight..eh…plain website!

How well do you know the LHPOA budget? All questions are based on the projected 2017 budget. These are not actual figures and the “real” spending may differ from what is projected. All answers are found in the website’s protected area and you will need a login to find them. No password? Fill in the password request form and one will be issued a.s.a.p.

resident password request

1. How much does the LHPOA estimate to receive as income from advertisers that will appear in the monthly Newsletter that is mailed to all LHPOA residents and advertisers?
a. $5,000
b. $10,000
c. $15,000
d. $20,000

2. How much income is the LHPOA expected to receive in membership dues in 2017? (rounded off to closest thousand)
a. $670,000
b. $730,000
c. $870,000
d. $1,234,000

3. As estimated in the 2017 budget, how much income will the LHPOA credit members in the form of a discount who pay their Membership dues early? (rounded to nearest thousand)
a, $3,000
b. $17,000
c. $20,000
d. $25,000

4. What percentage of the LHPOA’s estimated income in 2017 will be used to pay Payroll Expenses and Payroll Taxes? (rounded off to the nearest percent)
a. 33%
b. 45%
c. 52%
d. 75%

5. How much will the LHPOA pay for electricity as estimated in the 2017 budget?
a. $21,000
b. $28,000
c. $31,000
d. $49,000

6. As estimated in the 2017 budget, how much will the LHPOA pay for insurance?
a. $6000
b. $12,000
c. $15,000
d, $17,000

7. How much will the LHPOA pay to repair the roof of the pool house as estimated in the 2017 budget? (rounded off to the nearest thousand)
a. $11,000
b. $19,000
c. $27,000
d. $32,000

8. The LHPOA is planning to replace the fence around the tennis court and resurface the tennis court. What is the estimated combined cost in the 2017 budget?
a. $10,300
b. $12,800
c. $14,300
d. $16,500

9. Under the subject heading of Capital Asset Repairs, which will be the most expensive project?
a. Community Center HVAC – Duct Work
b. Rec Area Improvement – Pave Ball Field Lot
c. Roads Maint/Improv – Steel Guardrails
d. Community Center Floor

10. Based on the estimated 2017 budget, what will be the LHPOA’s total income based on assessments and services?
a. $854,789
b. $988,291
c. $1,160,518
d. $2,910,977

Answers to Budget Questionnaire