Dear Neighbors,

                                          

Below you will find information on: 

1. Water and sewer line insurance that could save you money
2. The Treasurer’s report
3. Villas Committees
4. The Board’s work
5. Accidental damage to two garages
   ---------------

1. Water and Sewer Insurance
   
   The Board has learned that the water and sewer lines to and from Villas’ buildings and the street cannot be covered in our master policy insurance for the Villas. It is also the case that since Villas unit owners do not own the land around their unit the insurance offered by Dominion Energy is not applicable. The Board has voted unanimously to cover this cost if and when it occurs for Villas unit owners. If insurance for this matter becomes available, the Board will evaluate purchasing the insurance at that time. The Dominion Energy letter gives this number (833-500-2622) to call if you wish to cancel this insurance. Arlene and I have cancelled ours and successfully requested a refund of the monthly premiums we paid.
   
   
2. The Treasurer’s report on financial year 2023
   
   To:  VWF Unit Owners
   From:  Dan Becker, Treasurer
   Date:  February 12, 2024
   Subject:  Treasurer Report
   
   (Select this link to view) the financial highlight Report for the full year 2023. Major points from that report follow.
   + Net operating income closely approximated budget.  Expenses were below a $500,070 budget by $690.
   
   + The Board is committed to monitoring and adhering to the governing document requirements in all financial matters and for adhering and monitoring as it did this year to the budget. We got a clean bill of health from our auditors for 2022.   A 2023 audit is scheduled.
   
   + There was no budget for the reserve fund in 2023 or in prior years, but there is for 2024.  The Board did create a budget that was adopted by the community for 2024. In 2023, the budgeted $137,982 was transferred from the operating fund to the reserve fund as well as the $32,805 surplus in 2022 as required by the documents.  Expenditures exceeded these transfers plus interest income by $11,442.The reserve fund balance was $450,107 at the end of 2022 and $438,665 at the end of 2023.
   
   + For more detail, please see the (previously noted) financial highlight Report. All monthly financial reports can be found on the following webpage: https://www.VillasOfWakeForest.com/Finance.
   
   Please let me, Dan, know if you have any comments or questions. The Board will respond and include any such comments/questions in its normal update to the community.
   
   
3. Committee Information
   
   Al Zack has stepped down as the Chair of the Facilities Committee. Al, thank you so much for your years of service to the Villas community!
   
   Chris Jones has volunteered to serve as the Facilities Committee Chair and has been appointed as the Chair of the Facilities Committee. Chris, welcome!
   
   As you know, Marlene invited those interested to a meeting on the work of the Landscape Committee. Our thanks to the nine people who responded to Marlene’s invitation to consider the Landscape Committee. Those discussions continue. Please contact Marlene Barnes if you would like more information.
   
   The Board liaisons for our committees are:
    + Social, Clubhouse and Pool committees – Pam Alig
    + Communications Committee – Barney Ford
    + Facilities Committee – Dan Becker
    + Landscape and Election committees – Carolyn Coordes
   
   
4. Board Information
   1. Minutes for the January 9 and 22 as well as the minutes for the February 12 Board meetings are available on this webpage: https://www.VillasOfWakeForest.com/BoardDocuments.
   2. The Board has adopted and signed a Code of Ethics. The Code of Ethics can be found on this webpage: https://www.VillasOfWakeForest.com/BoardDocuments.
   3. The Board has adopted a set of guidelines for how we will work together as a Board team. You can see them on this webpage: https://www.VillasOfWakeForest.com/BoardDocuments
   4. The Board is considering ways to have meetings with all unit owners invited and/or smaller repeated events for unit owners. In both kinds of meetings, the Board would provide updates and have a Q & A time. Your input is welcome. Please send your input to any Board member.
   5. The Rules and Regulations are being updated thanks to Barbara Newnam. They will be posted and distributed in the next few of weeks.
   6. Board members Pam Alig and Shelley Welch have updated the Villas document for realtors.
   7. The Board has decided to use the helpful Board Tool Kit created by the Community Associates Institute. The Board Tool Kit was created to help HOA/COA boards become more professional and effective. A copy of the CAI Board Tool Kit has been placed on the table in the library.
      
      
5. Accidental damage to two garages
   
   On a mid-January weekend, the guest of a unit owner had the car in reverse rather than drive and hit the back wall of the garage. Unfortunately, the force of impact went through the wall and into the garage on the other side. Two members of the Board were informed at the time and took photos of the damage. The Board informed our insurance agent, our property manager, and our legal counsel that weekend. In conjunction with our property manager and insurance agent, the Board arranged for the debris to be cleaned up so a structural engineering firm could evaluate the damage. This was done and the needed temporary supports put in place. The Board also obtained a police information report. A contractor has been selected and is working with the driver’s insurance.

 

Have a great Leap Year week!

 

If you have any questions or concerns, please direct them to either the Committee chairs or to the Board.  You will be responded to in a timely manner.

 
Villas Board of Directors
Pam Alig
Dan Becker
Carolyn Coordes
Barney Ford

Shelley Welch

 

NOTE: if you have a question or a concern for the Board, please use this website's Contact form to email them a message.