2021 FINANCIAL REPORT

EAGLE SPRINGS ASSOCIATION INC.
FINANCIAL INFORMATION REPORT
DECEMBER 6,2021
 
Eagle Springs Facebook and Website.
1. The Eagle Springs Association Inc. Facebook page will be for informational purposes only as directed by the Eagle Springs law firm of Nowack-Howard.
2. Posts on Eagle Springs Facebook page provide links to the Eagle Springs Association Inc. website (eaglespringsga.net) which is the official source of information pertaining to all matters relating to the operation of Eagle Springs Association Inc.

2021 Income & Expense Financials through October 2021.
1. All detail financial information of Eagle Springs Association Inc. is posted on the Eagle Springs website (eaglespringsga.net) for calendar years 2010 to the present calendar years.
2. A link is provided on the Eagle Springs Facebook page to the current calendar year financials on the Eagle Springs website for downloading of such financials.
3. Income Budgeted for 2021 = $559,930. Actual income year to date includes Association Fees, Clubhouse and Community Center rentals, late fees, interest, etc. October 2021 = $583,872.
4. Expense Budgeted for 2021 = $584,212. Actual expenses year to date October 2021 = $445,561. Remaining budgeted operating expenses October, November, and December = $138,651.
5. Projected cash balance in operating accounts as of December 31,2021 = $88,337.
6. Projected funds to be transferred from operating accounts to the Capital Expenditure Reserve for calendar year 2021 = $66,000.
7. Summary of Income & Operating Expenses calendar years 2008-2020 are:
Year                 Income                 Expense
2008                  $567,345                  $531,270
2009                 $681,357                  $544,938
2010                $577,448                   $533,388
2011                $617,061                   $491,953
2012                $630,890                  $804,297
2013                $650,178                  $574,470
2014                $582,640                  $522,954
2015                $600,575                  $584,819
2016                $620,566                  $596,200
2017                $589,499                  $508,505
2018                $593,791                  $492,371
2019                $591,053                  $502,745
2020                $610,170                  $517,847

8. The most important financial information for Eagle Springs is the Cash Projection that shows the current state of cash on hand, income and expenditure to date, and projected cash balance at end of December of the current calendar year. Following is the Cash Projection as of October 2021.
 
 
 
EAGLE SPRINGS HOMEOWNER'S ASSOCIATION
CASH PROJECTION
OCTOBER 2021
                                                                                                                                                                              OCT 31ST
                                                                                                                                                           Cash Bal
 
Cash Balances
1002 Sun Trust Operating Account                                                                                                              $175,470
1003 Robins Federal Operating Account                                                                                                    $113,105
1006 Sun Trust Gate Account                                                                                                                       $3,492
1009 Sun Trust Money Market                                                                                                                     $ -
Total Cash Balances All Accounts                                                                                                           $ 292,067
 
                                                                                                                                                                           Remaining       Expensed            Total
Operating Expenses                                                                                                                                      $138,651             $445,561               $584,212

                                                                                                                                                                          2021 Budget    2021 Budget       2021 Budget
2021 Budgeted Income                                                                                                                 Remaining       Received             Total
Association Fees                                                                                                                                           $ -                        $558,098               $ 537,708
Rental Income                                                                                                                                               $ -                        $11,075                 $ 6,062
Other Income                                                                                                                                                $ 922                   $14,699                 $ 15,621
Total Remaining 2021 Budgeted Income                                                                                           $ 922                   $ 583,872              $ 559,390

Projected 2021 Ending Cash Balance Including Tranfer to Capital Reserve                         $ 88,337

2021 Begining Balance CB&T Capital Expenditure Reserve                                                 $ 265,055
2021 CB&T Capital Expenditure Reserve Addition                                                                $ 66,000
2021 Projected CB&T Capital Expenditure Reserve & Actual Expenditures                      $ 331,055
2021 Capital Expenditures Disbursed                                                                                       $ (25,118)
2021 Transferred from Sun Trust Operating Account                                                            $ -
2021 Interest                                                                                                                                 $ 105
2021 Capital Expenditures Remaining                                                                                     $ 306,042
Current CB&T Balance                                                                                                                $ 240,042

2022 Income & Expense Operating Budget.
1. The 2022 calendar year Income & Expense Operating Budget is updated based on the ever-changing requirements of the day-to-day operations of Eagle Springs Association Inc.
2. The 2022 Income & Expense Operating Budget will be available on the Eagle Springs website in January 2022.
3. Projected Income for 2022 = $575,108. Projected Operating Expenses for 2022 = $533,179.

Forecasted Income & Expense Operating Budget for calendar years 2023-2026.
1. As part of the 2022 Income & Expense Operating Budget a four (4) year forecast model is included projecting the income and operating expense for calendar years 2023-2026 by detail account number.
2. The 2022 Income & Expense Operating Budget and the 2023-2026 forecast modeling will be available on the Eagle Springs website in January 2022.

Capital Expenditure Reserve Account for calendar years 2018-2025.
1. In 2018 a Capital Expenditure Reserve was established to cover major infrastructure repairs, maintenance, replacements, upgrades, etc.
2. At the end of each calendar year a budgeted amount of funds is transferred from the Operating Account to the Capital Expenditure Reserve account. Once funds are transferred to the Capital Expenditure Reserve, these funds cannot be transferred back to the operating accounts. Funds in the Capital Expenditure Reserve account can be moved from between the allocated projects.
3. The Capital Expenditure Reserve Account was funded without a specific Capital Expenditure Assessment is allowed by the Eagle Springs Association Inc. Declarations.
4. At the end of each calendar year funds are transferred from the operating accounts to the Capital Expenditure Reserve account. The amounts transferred are:
2018 = $82,586
2019 = $166,450
2020 = $51,000
Total Actual funds transferred from operating account = $300,036

Proposed transfers from operating account for calendar years 2021-2025

2021 = $66,000 
2022 = $53,000 
2023 = $53,000 
2024 = $37,000 
2025 = $37,000 
Total Proposed funds transferred from operating account = $246,000 

Eagle Springs Association Inc. Collection Policy. 

1 Eagle Springs Association Inc. working with the Nowack-Howard law firm have instituted  a Delinquency Collection policy that will be implemented immediately. This policy is: 

➢ Association Fees invoices are mailed to each resident at the end December of  each calendar year and all assessments are due by January 31st of each calendar  year. 

➢ Association Fees not paid in full by February 5th of the current calendar year will  have a 10% late fee added to the original Association Fee. 

➢ Interest will be charged at the annual rate of 7% on the unpaid balance starting  February 5th of the current calendar year. 

➢ Association Fees not paid in full by March 31st of the current calendar year may result in the resident delinquent account being turned over to the Eagle Springs  law firm for legal actions. 

➢ Eagle Springs Association Inc. strongly prefers to work with homeowners to  resolve delinquent balances through a mutually acceptable settlement, and  without legal action. Owners who have fallen delinquent or are facing financial  hardship should reach out to the Board to make arrangements for the  

delinquent balance. The Association will work with residents to structure a  payment plan on a case-by-case basis. Owners who reach out and agree to a  settlement with the Association may still have a lien placed on their home to  protect the Association’s interest during the payment plan.  

➢ Legal fees, lien fees, bankruptcy fees, lawsuit fees, attorney fees, etc., may be  assessed against the delinquent residents based on Eagle Springs law firm  current rates for such legal actions.
January Hours
Annual Board Meeting
Eagle Springs Association, Inc.

102 Eagle Pkwy, Centerville GA 31028
Office Phone: 478-953-8702