The following is a reproduction an email sent out by John Kalantzakos on February 19

Follow this link to see the actual document referred to in this email.

Subject: Hickory Woods Condo Budgets

To All:

Attached is a three year look at our Hickory Woods Condominium Association expenses. It includes the actuals vs budget for 2015, a 2016 budget & a projection for 2017 when we have full occupancy and no developer owned models or open lots. It is possible we won’t close all of the remaining lots this year but I think that is not likely. Here is a summary of some of the key points:

1. The 2017 Budget at full occupancy shows revenue of $242,256 and expenses of $201,101 with an additional $$22,344 going towards capital reserves. Estimates are not perfect and conditions may change but as it stands in this budget there will be a surplus of funds of $41,155 for the year. This shows the $225 fee per month is not artificially low and could be maintained.
2. Many condo’s have been turned over to the residents with zero funds available. At the end of this year we are projecting the reserves to be $83,710.
3. In 2015 Hickory Woods, LLC is contributing $35,210 for models & unsold lots which is leading to a surplus of funds of $13,684 which will be added to the Hickory Woods Condominium Association reserves.
4. In the 2016 budget some expenses may not be spent and may be high.

In summary I think this is a good look at what is going on with expenses and fees. When the new board is elected we can go into more detail about the projections. This will be one of the first agenda items for the board. Please let me know if you have questions. Thanks.

John Kalantzakos
603-421-0560

The following is background information from the Association Meeting of August 20, 2015

Projected annual costs for the Hickory Woods Condominium Association (distributed at meeting conducted 8/20/15);
Document #1
Document #2
Note “Management Fees” and “Total Expenses”. Total annual income from 98 units @ $225 per month will be $264,600

2015 actual and projected expenses for Hickory Woods Condominium Association (distributed at meeting conducted 8/20/15):
Document #1
Document #2
Note “Shortfall”. Also, it is not completely clear how the numbers actually add up.

2014 Profit & Loss Statement for Hickory Woods Condominium Association (distributed at meeting conducted 8/20/15):
2014 Profit & Loss