Useful Information

Four Board members were elected to two year terms at the October 1st meeting; Allen Summerlin, Robert Stuart, Dave Dyer, and Tony Black.  Valarie McKoon chose not to run for reelection and we thank her for her service. 
 
Allan Summerlin was chosen by the Board to be its President; Glenn Owen, its Vice President; Dave Dyer, Treasurer; and Susan Knight, Secretary.

Dues for 2012 were upchanged from this years. There will however be an assessment for building repairs recently completed and insurance.  However, we do not yet have final figures for what the insurance portion of the assessment will be, though it is expected to be around the same as last year.  Final figures will be posted as soon as we know the final cost of insurance for the next year.

Watch for future communications in the Property Manager Corner.

For those of you familiar with the latest in computer networking, check out the Sugar Beach page on Facebook.   Go to http://www.facebook.com.  You have to sign up and then search for Sugar Beach. 

If you're not familiar with how to do this, ask your kids or grandkids.  They'll tell you all about it. 

  The sand dunes and sea oats play a vital role in protecting the beach and the buildings behind them.  Please don't walk on them.  This increases beach erosion and is a factor in the destruction of the dunes.

Click here to view copies of Sugar Beach's financial reports.  This directory is now password protected.  Owners have been mailed their user name and password.  If you wish immediate access, please email the webmaster your email address and the unit you own.   NOTE:  The tables below will also be password protected.  So if you want access, you will need to get your password.

As of March 31,  2011, we had cash on hand of $1,023,992.40.  This includes reserves, funds for operations, and petty cash.  This is an 12.8% increase over cash on hand March 31,  2010.   Note much of the cash on hand is needed to pay outstanding obligations,e.g, the SBA loan, maintenance for the complex, insurance premiums, etc.   The payment of insurance premiums, pending the receipt of assessments from owners, accounts for most of the drop in cash on hand in December and later.

Cash on Hand	2009	2010	2011
January	$500,394.48	$  744,134.65	$   888,021.91
February	$643,505.76	$  775,749.54	$   921,599.60
March	$737,977.71	$  908,043.53	$1,023,992.40
April	$764,928.99	$   972,707.98
May	$782,371.15	$   995,399.17
June	$822,117.38	$1,002,984.30
July	$843,198.19	$1,016,499.30
August	$858,458.49	$1,046,038.90
September		$1,030,286.30
October		$1,025,524.40
November	$889,263.08	$1,001,881.90
December	$699,817.18	$   841,307.84

This does not include assessments receivable, i.e, money owed the Association, which came to $60,386.13 as of March 31, 2011. 

Accounts Receivable (assessments only)	2009	2010	2011
January	$370,805.63	$ 285,535.10	$ 174,127.36
February	$216,990.17	$ 267,823.02	$ 153,073.55
March	$118,588.53	$ 161,422.36	$   60.386.13
April	$109,265.39	$ 114,470.59
May	$102,192.79	$ 104,491.38
June	$  95,447.74	$ 106,816.97
July	$  86,579.27	$   82,631.42
August	$ 84,004.95	$   29,372.18
September		$   27,794.32
October		$   28,135.27
November	$ 66,401.49	$   32,020.26
December	$ 71,091.32	$   13,526.60

In March 2011, assessments receivable decreased 62.6% from March 2010,

Note:  Assessments receivable generally increase in January because the insurance assessment has been assessed, but owners have a number of months to pay it.  This year they had until April 1st. 

We continue to work on collecting the remaining delinguent dues owed the Association. 

As of March 31, 2011 the Association earned $ 2,428.76 in interest.   This is 50.7% less interest than collected in the first three months of 2010..  See table for monthly figures.

Interest Earned	2009	2010	2011
January	$   182.99	$    674.17	$1,653.29
February	$   553.20	$    638.29	$   354.46
March	$   204.72	$  3,613.41	$    441.01
April	$   198.96	$     833.71
May	$   854.94	$     828.31
June	$   188.12	$     853.54
July	$    201.69	$     685.40
August	$    261.74	$     666.80
September		$      665.07
October		$      678.91
November	$    842.60	$      555.32
December	$    719.44	$      365.62
Total	$ 5,286.51 (12 months)	$ 11,058.35

 

Owners and guests should not dispose of bulk items at the dumpsters.  That means don't dump your old tables, chairs, sofas, etc. at the dumpster.  The rule of thumb is if it does not fit through the dumpster opening, it SHOULD NOT be left at the dumpster.  If you have such bulk items to dispose of, contact, the property manager, on how to dispose of them. 

As you know, Sugar Beach has worked hard to make the financial impact of IVAN and KATRINA on owners as painless as possible.  That is why owners have the option of paying off the 2005 special assessment over a 2 year period, i.e, with 8 quarterly payments.  However some owners are not current with their payments.  Some owners have made no payments or only 1 or 2 payments.   A notice will shortly go out informing all owners that if they are not current with their payments liens will be placed against their units.  This is not a step we take lightly.  We are well aware of the financial hardship imposed by the special assessment.  But it is also unfair to other owners who are making timely payments. 

Your Board requests that owners not place aluminum foil in the hallway windows of their units.  The property manager will be checking windows for this practice and contacting owners that are not compliant with the standard window treatments.  Standard window treatments are blinds, shutters, curtains, drapes, and sheers.  Whatever you use, the surface showing in the hallway should be white or off white.  Many owners use mini-blinds or plantation-blinds.  Note if you chose to use blinds, considerable savings can be had if two standard size blinds (side by side) are used in place of one large blind that usually must be custom ordered.