Important Insurance Reminder

As the insurance policy that covers our community comes up for renewal the board wanted to remind our neighbors that flood insurance is NOT part of the policy.  It never has been and will not be in the future.  Our policy covers, things like fire, accidents etc.  If you are interested in supplemental flood insurance you must acquire it on your own.  I know we have been very lucky the last two years dodging storms hopefully this will continue.  As always if you have any questions or comments about our insurance what is covered what is not please feel free to contact AA or a board member

Financial highlights from 2012 for Island Gate

We received our UNaudited financials from our accountant for the year ended December 31, 2012.  Here are some highlights and comments.  We expect audited financials later this spring and will share more details with you then.

As always if you want further details or have any questions please contact AA or Ed Fortunato our treasurer.

We have $384, 253.27 in cash and cash equivalents.  As expected this is an all-time high.  Cash in our checking account totals $34,212, we have over $30,000 in the checking account since we have the community’s insurance payment coming up.  Paying it in full saved the community ~$1,000 last year, we look to do the same this year. 

Accounts payable for community dues (late dues) are $19,524 not much different than December 2011, we have almost $12,000 reserved for non-payment so the community will not be significantly impacted if we never receive that money.

Our total assets are $401,007.83 or about $4,700 per unit.  As previously mentioned we are contacting an engineer in 2013 to verify our reserves match our future repair responsibilities. 

As far as liabilities we have $17,000 in prepaid maintenance fees  so there are a number of neighbors prepaying their community dues.  That is a good sign of the community’s financial health 

An examination of funds has $250,000 in reserves for replacement.    

We received almost $5,000 in interest in 2012 a remarkable number considering the stingy interest rated being offered by banks

We have $54,000 in deferred maintenance  and a total of $342,000 in reserve funds.

We haven’t completed our 2012 funding due to money transfer timing but we didn’t meet out stretch goal of $80,000.  We will be close to previous years goals of $60,000.  Although the funding goal wasn’t met in 2012, the community was painted and washed, the pool area revamped and we spent close to $10,000 to repair pond pumps.  Our repair goals are less ambitious this year and we should reach our stretch goal with some extra to deposit (there are a lot of variables between now and December 2013 to be sure about hitting our stretch goal).

Thanks for your interest and participation in the community and we are looking forward to another great year at Island Gate in 2013. 

Budget approved for 2013

The board met on Saturday January 19^th and approved our budget for 2013.  As we have discussed before there is no plan on increasing the Association fees this year.  This is the third year in a row that fees have been held steady.  The monthly cost remains at $260 per month. 

Community goals for 2013 were also discussed and they include  

A reserve study where we will be contracting with an engineering firm to make sure our financial reserves match up with future repair costs

Replacement of exterior light fixtures

Duct cleaning will need to be done by the owners in the community (we will be in touch with community members about the details)

Driveway sealing will be evaluated

Repair of the floors in the pool bathrooms

As always your suggestions and thoughts are welcome, please feel free to speak out

Save the Dates

Island Gate community meetings are scheduled for the following dates in 2013. 

Open community meeting Saturday May 25^th at 6 pm by the pool.  Friday September 13^th at 7:30 pm in the Stafford Borough hall, this meeting we will hold  board elections.  We hope you make the effort to attend the meetings and participate in the community.

Looking for a Board Member

Long time resident and board member Fred Schwarzenbach resigned from his board position following the sale of his house in late 2012.  As a result the board is looking for volunteers to join the board. 

By volunteering for a board position, you will be part of a dynamic, hands-on team, with a passion in the success of Island Gate.   Involvement in the Board is a challenging, rewarding experience and you should be should be willing to devote the personal time necessary to effectively manage the community.  We will be accepting requests for board membership until February 1st, 2012.   

Any homeowner in good standing that wishes to participate please submit a resume by fax, mail, email to

Island Gate Homeowners Association c/o Association Advisors

100 Market Yard Freehold NJ 07728

Fax 732 294 8884

Email help@askaa

If you have any questions or concerns please feel free to contact the management office at 732 294-8882

Thanks for your participation and interest and we look forward to naming a new board member in the near future. 

2012 Wrap-up and 2013 look ahead

As we enter 2013, the board wanted to review some community milestones from 2012 and share some thoughts looking forward to 2013.  We hope 2012 was enjoyable for you at Island Gate and hope 2013 is even better.

Ten days into 2013 with no snow in the forecast, we haven’t  spend a cent on snow removal since 2011. The budgeted funds for 2012 removal snow instead went for much needed pool furniture replacement.  Our budgeted amount for 2013 is ~10k we expect to use the full amount in 2013, but are hopeful we don’t.  Even with a new less expensive snow removal company.

Over the last 15 months any surface in the community that required paint, sealant, cleaning or repair has been addressed.  The lawn has been aerated twice in that time, almost a ton of grass seed and more than a ton of soil has been spread over our community and hundreds of plants shrubs and trees have been added or replaced.

Over the last 18 months we have accomplished most of our repair and maintenance goals in the community.  The one significant task that remains and hopefully be addressed in 2013 is the replacement of the exterior light fixtures.  We hope to accomplish this in 2013.

We have a new insurance carrier that provided more coverage for less money. As the policy comes up for renewal we are hoping this continues, given all the natural disasters in our area prices may rise significantly, we will keep you informed of any significant changes. 

As far as disasters we have been extremely fortunate to have been spared twice in the last two years.  We hope this continues also.  

Given the completion of most of the urgent community projects we hope to be able to put more money into reserves in 2013 than ever before.

The Board feels confident that the communities’ repair, maintenance and ascetic issues are being addressed.  If you do not agree please let us know, it is crucial you tell us.   

Over and over we find that the most crucial part of success in the community continues to be communication; to our neighbors, vendors, management company, and even each other.  The more we communicate the better things turn out.  Given that if you have a thought, comment, concern, even a critique let us know we will be sure to respond and discuss it.

Early in 2013 we will roll out our final budget for 2013 and actual figures from 2012 and detail more of our goals for the coming year.  Until then we wish you a Happy, Healthy and Prosperous 2013.

Only 128 days until the pool opens !

We all know that we are in the winter doldrums, the holidays over and we are two months from spring.  But here is something to look forward to; The Board of Trustees at Island Gate is planning on opening the pool the weekend before Memorial Day again.  That day is Saturday May Saturday May 18^th. 

Wew tried this last summer and there was good response as a result we are doing it again.  There are many reasons why we are looking to do this; late May can be a beautiful time of year and a great time to swim or get an early start on your summer tan, plus the pool is heated so if it’s not really summer weather you can still take a dip.

Since the pool will be opened before you know it we are starting the process of getting the pool plan for the coming year in place.
 
First we are looking for pool committee volunteers  The 2012 pool season was a big success and much of the reason was the work of our pool committee.  We want to continue that and make the pool better than ever.  It’s not hard work but a great way to get to know the neighbors and spend time at the pool. 

Second how about suggestions to make the pool and pool area better, your thoughts are always appreciated.  Over the next month or two the board will finalize rules, hours, contracts etc. for the pool this year.  If you have any thoughts speak now or it will be more difficult to get changes made after we make decisions. So don’t be afraid. 

I know it sounds premature but we are looking forward to another great pool season at Island Gate and your participation will be a crucial part to that success.    

Thanks again for your interest and participation