Windemere Neighbors for Change

We’re a group of Windemere neighbors working together to promote greater transparency, accountability, and responsible financial management in our community.

Operating expenses exceeded budget for the first three months

Financial Report Question

Budgeted Reserve Contributions per the Budget Comparison Report

What the records show

For July–September, $177,000 was budgeted for reserve transfers, but only $118,000 was recorded as transferred on that line leaving contributions $59,000 below budget.

A Simple Explanation

The HOA planned to put money in a savings jar for future repairs. This report shows not all of the planned savings were put into the jar.

Open Question

The report says there is a surplus of $40,660.55 but does not account for the $59,000 reserve shortage. If the reserve transfer proceeded as planned, there would be a deficit of $18,339.45.

Legal Costs

+49.6% over budget for July-Sept per the monthly financial reports

* The annual budget is $96,000.

* The 3-month budget is $24,000

* $35,894.50 of legal costs recorded in just 3 months (July - Sept).

Financial Report Question

Amounts owed to reserves per September Balance Sheet

What the records show

The September balance sheet lists $458,243.30 under “Due to Reserve.”

A Simple Explanation

It's listed like an “I owe you” instead of money sitting in the savings jar.

Open Question

What transactions created this balance, and what is the repayment schedule?

Security Costs

+12.9% over the security budget for July-Sept per the monthly financial reports

* The annual budget is $48,000. The HOA has used 28.2% of that budget in the first three months of the fiscal year.

* $13,544 spent on security in 3 months across multiple vendors.

The Board previously stated that security would be the vendor's responsibility...

Why is the HOA covering the cost of security?

The monthly fee has increased +79.5% in a few years

2021-2022 | $405 Monthly Fee

2026-2027 | $727 Monthly Fee

2027-2028 | Is the Board intending to increase the monthly fee to $872.40 without a vote, utilizing the maximum allowable increase?

Property Management - Additional Billable Costs

+434.1% over budget for July-September per the monthly financial reports

* $8,012 in additional property management charges compared to the 3-month budget of $1,500

Reserves at Critical Low Levels while Spending Increases

Reserves Are Scheduled To Be Underfunded Until 2041

Higher Risk of Future Assessments

Low Reserves Can Impact Home Sales and Financing

Higher Risk of Monthly Fee Increases

Low Reserves Can Increase Insurance Costs

Telephone Costs

* September expenses recorded under Telephone were $23,580.86, exceeding the budget of $560.