Pat Horning, IronOaks President
It’s Always Nice to Be Home!
Dear IronOaks Residents,
I hope this message finds you well! For those who may not know, I work full time in a position that requires frequent travel, often spending significant time on airplanes. While I enjoy exploring our country and meeting people from diverse backgrounds, there’s truly nothing like returning home to the beautiful IronOaks community.
As the temperatures rise, our plants and the grass on our golf courses spring back to life. Our dedicated maintenance teams are busy trimming bushes and trees to prepare for the growing season, and work has begun to repair cracks and seal our streets.
IronOaks Annual Dues Recap
The IronOaks Operating Fund: Each home within the IronOaks community contributes an annual assessment fee. Of this amount, 68% is allocated to our Operating Fund. This fund supports our community’s maintenance costs, accounting, community services, communications, facilities, amenities including fitness, and other essential services. As the saying goes, “It takes a village,” and we are, indeed, a large and vibrant village.
The IronOaks Reserve Fund: The remaining portion of 32% goes to our Reserve Fund. IronOaks is home to numerous assets—including buildings, grounds, fountains, lights, streets, HVAC units, and more—which require regular maintenance and upkeep using a variety of equipment such as mowers, patrol cars, trucks, ladders, and tools.
Financial experts from organizations like Community Association Managers (CAM) and Reserve Study Specialists recommend that HOAs aim to have 30% to 40% of their funds set aside in Reserve Funds for the repair and replacement of community assets. What does this mean for us? It means that we must stay focused on our financial goals. It also means that we need to remain vigilant as we navigate potential unforeseen expenses. It is crucial for us to manage and grow our fund responsibly to ensure we can meet both planned and unplanned expenses. That may also mean delaying certain non-critical maintenance projects to extend their life just a bit further.
IronOaks: The Ideal Retirement Destination! We are committed to maintaining and enhancing our community to ensure IronOaks remains one of the most desirable retirement destinations in the Valley, which includes continued board transparency and fiscal responsibility.
Thank you for the opportunity to serve you. I look forward to seeing you next month!