News & Announcements
Update - Financial Highlights
Posted on Mar 5th, 2024

This is a brief update. Only two items.
 
  1. If you want to be removed from the mailing list that sends letters regarding insurance from Dominion Energy you can call the company that sends those letters out for Dominion, HomeServe. The number is 833-500-2622.
  2.  We are catching up on getting the financial reports out more promptly. Thank you for your patience. Please the attached file and Dan Becker’s report below.
  
Barney,
On behalf of the Board
 
 
To:  Villas of Wake Forest Unit Owners
From:  Dan Becker, Treasurer
Date:  March 2, 2024
Subject:  Treasurer Report for January 2024
 
Attached is Please select this link to view the financial highlight Report for January 2024 (resident login required).  The purpose of this report is to provide the Board with key high level performance indicators to assess the financial condition of Villas and to take corrective action if necessary.  The Board is committed to a monthly review of the financial results and to do its best to ensure adherence to the budget.
 
You recently were provided with a financial report on the full year of 2023.  In that report, it was stated that the financial condition of the Villas is sound and complies with the governing documents.  Although just one month, this continues in January.
 
The operating cash account is well in excess of the minimum required to comply with the documents on working capital, actual expenses are just slightly above budget and the balance in the reserve account increased by $15,016 to $454,281 due primarily to the budgeted reserve transfer from the operating account. 
 
There were no expenditures in the reserve account in January, but re-roofing was budgeted, and it is highly probable this will be a reserve account expenditure this year. 
For more detail, please see the attached report. 
 
The financial reports can be found on the following site: https://www.VillasOfWakeForest.com/Finance (sign in required)
 
Please let me 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.
 
Cc :  Villas of Wake Forest Board