BRYANT FARMS HOMEOWNERS’ ASSOCIATION

2008 BUDGET NARRATIVE

 

INCOME

 

4110                                Association Fees: The assessment income is derived from homeowners’ fees collected from 91 units.

 

4200                Advance Association Fees:  Fees paid in advance by a homeowner.

 

4205                                Association Fees – Delinquent:  The projected delinquency amount for this year.

 

4250                Other Misc Income:  Any other income.

 

4255                Interest Income: The amount of interest earned on the association’s interest bearing accounts.

 

4263                                Late Fees Income: A late fee is assessed if assessment fee is received after the 10th day of the month due.  Late fee is $5.10.

 

4264                                NSF Fee Income:  Charges for processing payment when funds were not sufficient in account.

 

4266                                Court Costs – Collections: Reimbursement received from owner for collection efforts.

 

EXPENSES

 

5140                Auditing Expenses: Costs associated with filing of income taxes and performing an audit.

 

5180                Bank Service Charge: Charges incurred with bank accounts.

 

5195                Legal Expenses: Expenses incurred for employing an attorney for legal consultation, litigation or collection.

 

5220                Property Insurance:  This covers the cost of the master insurance policy, which includes property, liability, workmen’s compensation, Directors and Officers, fidelity bond and umbrella.

 

5221                Corporate Fees: Annual fees required by the State Corporation Commission and Virginia Real Estate Board.

 

5240                Management Fee: This item covers the cost for United Property Associates to handle the day to day operations of the Association such as preparing monthly financial statements, handling all payments to vendors, preparation of resale information, handling financial disclosures, property inspections, rules enforcement, advising and assisting the Board of Directors in its duties and maintaining emergency coverage 24 hours a day.

 

5260                Miscellaneous Expenses/General & Administrative: Items not covered under a specific line item.

 

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Bryant Farms Homeowners’ Association

2006 Budget Narrative

 

5270                Office Expense/Printing:  This item is for the disbursement and dissemination of information to homeowners, residents and vendors (annual meeting notices, violation letters, arrearage letters, faxes to mortgage companies, budget information, requests for proposals, letters to contractors, newsletters, general information letter to owners, etc.).

 

5275                Coupon Books: This item is for the printing and mailing of coupon books once a year for payment of quarterly fees.

 
5290                Postage: This item is for the actual cost incurred in mailing the above information to homeowners, residents and vendors.

 

5300                Professional Fee:  This item is for the reserve study as required.

 

5310                Taxes – State:  Taxes paid to the State of Virginia.

 

5325                Taxes – Corporate:  Taxes paid to the Internal Revenue Service.

 

MAINTENANCE

 

5418                Lake Expenses: This item is for the Department of Games & Inland Fisheries permit for stocking lakes with fish, and for any other expenses incurred for the two lakes.

 

5430                Lawn Contract: Yearly lawn contract service to maintain the common areas.

 

5431                Landscaping Extras:  Funds set aside for the beautification committee and other landscaping needs.

 

5434                Signs:  Fund set aside for the purchase and maintenance of community signs and/or billboards.

 

5455                Building/Fence/Grounds:  Expense of maintaining common area buildings and grounds to

include fences.

 

REPLACEMENT RESERVE

 

5549                Replacement Reserve: Expenditures made now for future repairs and replacements.

 

GENERAL OPERATING RESERVE

 

5660                This reserve is a working capital fund to allow for any unanticipated expenses during the calendar year.  This line was reclassified for the 2005 Budget to 5661 (SEE BELOW).  Therefore this line item is not longer required and will be removed.  (REMOVE THIS LINE)

 

5661                This reserve is a working capital fund to allow for unanticipated expenses/capital

                        improvements throughout the community.  Petty cash for social events will also

                        come out of this fund.