FY2022

Summary:

In accordance with our governing docs, The Board is responsible for releasing the final financial report for the prior fiscal year.

This task is normally performed by running a report in a management company’s portal system, but because The Cobblestones terminated the management contract with PLMG and began a new contract with Onyx, The Board needed to go through and itemize each line item from PLMG monthly reports from 1/1/2022 to 5/15/2022 and merge that data with Onyx’s records.

The result of our efforts is a detailed view of our income and expenses along with a graph to display a line item comparison of budget vs actual.

Some notables:

• The Cobblestones negotiated landscaping contract with Sharp’s saved The Association almost $13,000 when compared to our prior landscaping services.
• Legal was increased in order to begin collection on the $94,000+ in delinquencies. It should be noted that delinquent parties are responsible for all legal fees (court and filing) that the Association incurs and once the arrears are collected, the homeowner in arrears is responsible for the attorney’s standard 33% collection fee. To date, the legal expenses in 2022 have been recovered in the first half of 2023 .
• The 2022 Budget prepared by PLMG had The Cobblestones in the RED but as a result of vendor contract negotiations, careful planning, collections, and mindful maintenance strategies, the Actual P&L (Profit and Loss) had The Cobblestones, at the close of FY22, in the BLACK by over $31,000. The Reserves Account at the end of the year was over $100K.
• Requesting a reassessment of our land usage and storm run-off from PWD helped reduced our water bill by approximately $1000 a month, coming in $15K under budget.
• An abnormal number of insurance claims in 2021 caused our insurance to increase by $1000 a month, but this will be recouped when our $10K deductible is finally returned from the 2021 accident on the SE corner of the complex.
• We were able to exceeded our budgeted Reserve Contribution.
• And last, the lack of significant snowfall in 2022, allowed us to save $12,355 when we terminated the flat fee contract with the prior landscaping company to a “pay-per-snow-event” agreement with Sharps.

If you have any questions or concerns regarding this report, please email Natasha (D4) at admin@chestnuthillcobblestones.com

The Report: