Financial information

The WPOA Treasurer: Don Eastman - handles the financial affairs of the Wheatherstone Property Owners Association.

The duties of the Treasurer are to establish an annual budget, maintain the financial records for Wheatherstone, collect assessments from the homeowners, maintain the operating funds and reserve funds, file annual tax returns, and pay bills for utilities, maintenance, landscaping, insurance, and other expenditures.

Purchases must follow the Purchasing Protocol.

Expenditures and budget comparisons are provided monthly with the minutes of the board meetings. Formal reviewed financial statements are required annually.

Our fiscal year is January 1 through December 31.

Financial statements for any month are available through the Treasurer.

Reserve Study

The Association sets aside a percentage of assessments each quarter to build our reserve for future capital projects. A formal, professional reserve analysis is periodically conducted.

What is a Reserve Study? - Oregonian article

Sidewalk lights

Several homes have transformers leading to sidewalk lights. Those homeowners are reimbursed for their electricity. Sidewalk lights payments - PDF

Homeowner Assessments

Homeowners are assessed fees on a quarterly basis, according to the square footage of the units, and are due on the 15th of the first month in the quarter (January, April, July, October).

Penalties for unpaid fees

Unpaid fees accrue interest according to Resolution 2014: Collection of Unpaid HOA Assessments

Failure to pay Association fees puts a financial burden on the other homeowners and can result in a lien on the delinquent home, according to Bylaws Article IX - Collection of Share of Common Expense and Declaration Article VII.

History of assessments

Unit size was stated in the 1972 Exhibit B map. Adjustments to the calculation of the fees were made in the Attachment to the 1979 Amended Declaration. Clarification of the calculations was documented in a 1992 letter to the Board, showing the method of calculation in use since the 1979 amendment. This was followed by another letter with further calculations