Treasurer’s Report

Fellow Glen Oaks Manor Owners,

As your Treasurer, I am going to be explaining the good, bad and the ugly in the newsletters, so everyone is on the same page and prepared for the future. 

The Board of Directors, in May, approved doing a new Reserve Study for Glen Oak Manor.  This study will be completed by a Reserve Advisor who specialize in this field.  This report will tell us exactly where our finances are and what we need to do to get them where they should be.  Spoiler alert, we are behind and need to catch up. 

The first phase of the pond and the drainage issues have been completed thanks Pat Richmond and her hard-working committee.  Note, I said the FIRST PHASE.  Now the rest has to be completed so that hard work is not destroyed by erosion.  That cost could exceed $600,000.  In addition, we know the irrigation system is antiquated and needs updating.  This upgrade could easily cost $400,000.  There are many other concerns like fencing and walls that are not insurable and were not included in previous reserve studies so there was no funding for these items. 

I think you can see from the above items that, we, as Owners should be prepared for ongoing maintenance fee increases.  The days of $5 or $15 a month annual increases are in the past so please budget accordingly.  Our 2024 budget increase was a huge step in the right direction, but more will be needed in the future. 

It is very important that the community be properly funded so the projects above along with landscaping and sod upgrades once the irrigation system is upgraded can be accomplished in a timely fashion. 

The Board also approved “Delinquent Assessment Collection Policy” which follows our documents.  This policy is posted on the Glen Oaks Manor website, so everyone knows the process when maintenance fees are not paid on time.  PLEASE be sure to get your monthly fees in on time as it can be very costly to you if your account goes over 60 days late. 

I urge you to read the Board of Directors Minutes at the very least and stay informed. If you have any questions about the budget and/or finances of Glen Oaks Manor, please e-mail me at TreasurerGOM@gmail.com

Bob Malan, Treasurer