OAKMONT COMMUNITY IMPROVEMENT ASSOCIATION
ANNUAL MEMBERSHIP MEETING
May 1st, 2021
Present: Gary Haupt, Chad Littler, Jeff Wilhoit, Jodie King, Junior Crafton and many association members. In addition, Randall Moots & Jessica Stokes of KPM Accounting were in attendance.
The annual improvement membership meeting was called to order at 2:18 p.m. by President Gary Haupt.
Previous Minutes: Secretary Crafton read the minutes of the 2019 OCIA annual meeting(there was no 2020 annual meeting due to the Covid pandemic and safety protocols), held on Saturday May 4th, 2019. As there were no corrections, Bob Pratt made a motion made to accept minutes as read, Bruce Mattison seconded. All votes by members were in favor and the motion carried.
Consolidated (Sales and Improvement) Financial Reports:
President Haupt introduced the Associations’ Auditors, Randall Moots and Jessica Stokes, KPRMA Accounting to review the Audit. Mr. Moots first provided a historical review of the HOA in brief as follows (report incorporated by reference to these minutes and available in the Administrative Office of the Association):
Randall Moots provided a chronological history of the formation of the Oakmont District starting in the 1960’s with Ozark Paradise Village of over 5,000 lots and their eventual reorganization under bankruptcy in 1969. In 1971, the bankruptcy court approved a succession plan, terms of judgment in addition to bylaws. In the late 1970’s, the original developer did not come out of bankruptcy, therefore the assets were purchased, lot sales began using an appraisal of lots in 1979, renamed the association and the sales association was created.
In the 1990’s, lot sales increased significantly primarily due to expansion of Big Cedar. Dues were then $60.00 a year. The Association was carrying a large debt from the purchase of the lots out of bankruptcy until the golf course was sold and dues were increased.
In the early 2000’s, the Association sold the golf course due to significant operating losses and drain of assets on the association. This also provided reserves for the Association.
Auditor recommended increasing dues to $300/year over the next several years to meet the operating needs of the association. The Auditor recommends closing the sales association when most of Oakmont owned lots are sold.
Mr. Moots provided a clean opinion on the yearly audit. The audit report is incorporated by reference to these minutes and available in the Administrative Office of the Association.
Jessica Stokes stated the total assets of the association were $2.26 million, up slightly for 2019. She reported as of December 2020, total revenues were $614,000 and total expenses, were $548,000. She reported actual cost on hand at $257,000 at which $228,000 was undesignated. The investment account (60/40 income /equity) holds $226,000. The Association has no debt as of this Audit.
The Association reports approximately 400 nonpaying members – mostly as a result of tax sale lots. The Board reports several initivies in past to collect on delinquent dues, particularly where there is clear ownership to provide notice and lots with structures.
The Auditor was questioned as to the need for a “reserve funds” – to have funds allocated over time to repair and or replace large items. Mr. Moots stated the Board looks at capital needs every year for 5 – 10 year planning.
President Haupt presented the 2021 Budget, incorporated by reference to these minutes and available in the Administrative Office of the Association, for both the Sales Association and Improvement Association. He stated that it takes approximately $450,000 to manage the operations and staff of the HOA. Of that, the Big Cedar/Bluegreen/White Oak Ventures organizations contribute approximately $215,000. President Haupt stated that the Board will continue to implement the plan to increase dues over the next 10 years – every other year at 6% (2020 increase was deferred due to pandemic hardship).
Maintenance, Development and Roads Report:
Donnie Sherwood, Maintenance Supervisor, presented the activities and expenditures of the Maintenance and Development Department as follows:
In the last 2 years, significant hours were spent in the development, building and maintaining of roads. 900 hours of brush hogging roadsides were completed. In 2019, we repainted the water tank and flag pole. Also in 2019, we started building in the center of Cedar Dr. to connect both ends together. In 2020, we finished building Cedar Dr and started filling the side of the Recreation Center road then reseeding the hill. This last winter we built the end of Rivera and the center part of Orchard to connect both sides.
Mr. Sherwood would like to thank his team members, Willie and Kevin, for all their hard work and thank the Board for all the hours they put in on Oakmont business to keep everything running smoothly.
Open Forum for Members to Discuss Issues/Corcern:
President Haupt stated that if anyone needed further clarification on Association issues, he will be available after this meeting to discuss it further. He stated that we would encourage members to attend monthly board meetings, second Thursday of each month at 5:00 p.m.
Next Annual Meeting: Jodie King, on behalf of the Oakmont Board, thanked all for attending. The next annual meeting will be May 7th, 2022 at 1pm.
Being no further business, Linda Ellis read the following resolution:
Be it resolved: that all resolutions, acts and expenditures made by the Board of Directors in carrying out purposes and interests of the Association since the last annual meeting are hereby ratified, approved and made the acts and deeds of the Association.
As there was no further business, Charles Elliott made a motion to adjourn, seconded by Bruce Mattison. All votes by members in favor and motion carried. President Gary Haupt adjourned the meeting at 3:30 p.m.
These minutes are respectfully prepared and submitted by Secretary Junior Crafton.