Roofing Project Update

Back in 2010 our HOA had entered uncharted territory. We had a new board which was floundering and despite the objections of a small group of owners who purported to know better I was elected. Lucky me. My first challenge was to take on a botched reserve study.

An earlier board had begun a multi-million dollar roofing project, but really had no clue how to fund it. So the newer board was left holding the bag. They really didn't have a solid idea of how to do this, either. So they did the prudent thing, which was to commission a reserve study. This was the first independent study ever commissioned for this association. Somewhat disappointing for an association  more than 30 years old. Our management firm told us that "we could be opening pandora's box" and they were correct.

With no solution in sight, and with my perseverance our magnanimous owners allowed me to be elected.

One of my first chores in addition to coming up with a financial plan which worked was to determine how to complete the roofing project which was begun in 2003. Here is one of a number of summary charts I presented to the 15 or so owners who were willing to attend a HOA meeting in 2010 and stay for the presentation. I had figured out a way to do it, and accomplish everything else, too. And, without the purported 10% fee increases or special assessments. What is important about this chart is the fact that it predicted the completion of the roofing project in 2016. Lo and behold, we will complete it this year. My roof will be among the final group. It was designed for 18-20 years and is 23 years old. Yes, those earlier boards really did make this difficult.

Here is a cash flow diagram prepared and presented at the same time: