LedgewoodHills
  • Home
  • Map & Directions
  • Legal Documents
    • Ledgewood Hills Rules & Regulations
    • By-Laws
    • HB 353
  • Newsletters
  • For Sale / For Rent
  • Residents' Items for Sale
  • FAQs
  • Forms
    • ARC Property Modification
    • Additions & Improvements Form
    • Clubhouse Rental Agreement and Rules
    • Nomination Form
    • Owner Information Form
    • Pet Registration Form
    • Snow Birds' Information Sheet
  • Insurance
  • ARC - About / Submit a Request
    • Paint Colors
    • Painting/Siding/Landscaping Cycles
    • Windows, Skylights, Sliding & Storm Doors
    • Garage Doors
    • Fireplace Manual
    • Furnace Installations
    • Generator Policy
    • Deck Gate, Light Fixtures, Motion Sensors
    • Sump Pump Installation
  • Chimney Inspections
  • Pets
  • Lawn Care Program
  • Trash Disposal
    • Holiday Schedule
  • Owners Only
    • Meetings >
      • Annual Meeting Minutes >
        • 2020 Annual Meeting
        • Annual Meeting Minutes 2019
        • Annual Meeting Minutes 2018
        • Annual Meeting Minutes 2017
        • Annual Meeting Minutes 2016
        • Annual Meeting Minutes 2015
      • Schedule of Meetings
      • Board of Directors Meetings
    • Nomination Form
    • 2021 Budget
    • 2020 Budget
    • 2019 Budget
    • 2018 Budget
    • 2017 Budget
    • Capital Reserve Spreadsheet
    • Roof Project 2019-2020
  • Community Garden
Notice of Special Assessment
 
November 10, 2015
 
Dear Homeowner,
 
As you may already know our Ledgewood Hills community faced several large unforeseen and unbudgeted expenses this past year that significantly strained the Association's budget. Great care and due diligence is always taken in the preparation of our annual budgets. However, this year not all expenses were able to be foreseen as the real world, and mother-nature, did not cooperate with our 2015 spending plan.
 
There were several contributing factors leading to the unanticipated shortfall. The largest contributing factor was the winter storm damage to the Association's roofs and decks, coupled with the removal of the large amounts of snow from the roofs throughout our community. The total cost for winter storm damage is estimated at $83,010.00. The second contributing factor was finding greater wood rot than could be seen during the walk-around that generated the repair estimate. Often what you see on the outside hides deterioration on the inside, as was the case this  year; and we are committed to repairing what we find. More siding and trim replacement was needed during this year's Phase IV's prepaint carpentry along with more exterior and interior repairs than were expected. The extra cost was $58,697.00. The remaining balance stems from our contingency line item totaling $10,391.00.
 
As the year progressed we took actions to control other expenses and decrease costs. Because we  create an annual budget that is without "fat", our operating budget unfortunately cannot absorb these unforeseen expenses.
 
After carefully considering all options, and with the recommendation of the Finance Committee, the Board of Directors voted for a onetime special assessment that will allow us to fund our anticipated shortfall in the amount of $152,098.00, or $405.00 per homeowner. This assessment is due December 31, 2015 payable in full by February 29, 2016.
 
We assure you that we on the Board regret this assessment. After all, like you, we are homeowners at Ledgewood Hills and have a vested interest in our community. We are working hard on next year's budget to make it sufficient to cover the needs of the Ledgewood Hills community.
 

 
Note:  Please make checks payable to Ledgewood Hills Condominium Association and mail to Ledgewood Hills Condominium Association, c/o Foxfire Property Management, PO Box 1438, Concord, NH 03302 or drop in the mailbox on the front of the Clubhouse by February 29, 2016.