The following is a preview of a survey you will be receiving from the Board of Directors.
In the not to distant future you will receive an email with a link to the actual survey.

When you closed on your home you provided a two month HOA fee payment to Hickory Woods LLC, which they placed into the Hickory Woods HOA operating account. These funds are required by laws to be sure the HOA is solvent during the start up period.

At this time Hickory Woods HOA is through the start up and we have operating funds sufficient to cover the expected expenses.

The Board of Directors has discussed options for the two months of HOA fees currently in the operating reserve. Before we define a recommendation we would like to obtain feedback from the residents. There are three options that we must consider: 1) should we use the funds to improve Hickory Woods; 2) should we hold the funds in the capital reserve to cover future expenses that might occur, such as Clubhouse repairs or repairs to the roads; or 3) should we return these funds to the residents?

Before providing your opinion the Board wants you to know that the capital reserve is funded each month by part of your HOA fee ($19 each month per household) and that we believe this is adequate for coverage of capital repairs in future years.

Also, there are many improvements which have been brought to the Board, which can be funded through this reserve without impacting your HOA fees.

Please provide your response by selecting one of the following:
1. Use the money to fund the capital reserve which will be used in future years for repairs and replacements of capital items (clubhouse, roads, etc.).
2. Use the money for improvements to the clubhouse and the neighborhood, with expenditures at the discretion of the Board as limited by the By-laws.
3. Use the money for improvements, but spread the expenditures out over at least 5 years.
4. Give the money back, you will get a check for $450.

Please select your first and second choices.

Thank you for your assistance in this matter. From your responses the Board will create a recommendation for your approval at the Annual meeting.

The Hickory Woods Board of Directors