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2010 Assessment

President’s Corner
Bradford Farms Homeowner’s Association
2010 Assessment Letter

In 1997, control of Bradford Farms was turned over by the Builder to the Community, to be handled by a Board of Directors following a set of Covenants and By-Laws. Each household should have a set of the Covenants and By-Laws that we operate by. Both documents are also on our website at www.bradfordfarms.com

The 2010 annual assessment will be $160 per household. 

Since 1997 the assessments were as follows:

1997 $135

1998 $125

1999 $125

2000 $100

2001 $150

2002 $125

2003 $125

2004 $175

2005 $150

2006 $85

2007 $120

2008 $130

2009 $130

2010 $160

 

 

In the past 14 years the average annual assessment is $131.07 per household.

   The reason why 2006 was so low is because that in prior years the Board budgeted for a pond dredging fund. In 2005 we found out that pond dredging is the responsibility of the Town of Madison. The Board of Directors used the $9,000 surplus as a one-time bonus to offset the 2006 budget.

   The reasons we have to raise the 2010 assessment to $160 per household is due to circumstances beyond our control. Our overall budget for 2009 was $27,570 and in 2010 will be $30,140. The overall increase of $2,750 is mainly due to two unexpected factors: the rising cost of our insurance (from $1,800 to $2,300) and replacement of our front entrance signage ($2,500), which was vandalized.

   The Hughes Road entrance into our community needed refurbishing. We put the job out to bid receiving bids up to $16,000. The Board was able to locate the original builders of the entrance and reduced the cost to only $9,000. That money came from the capital improvement/maintenance fund. This reduced the capital improvement funds, so the Board will be setting a new capital fund level for the coming years. The 2010 budget has earmarkered $2,500 for the replacement of the front entrance signage.

   There will be projects in 2010 that will require neighborhood volunteers. I will send out an email blast to all when those occasions arise. The easiest way to keep our annual assessments low is through volunteering within the community. For example, a previous year’s project had bids exceeding $6,000. Due to the volunteer work of The Board and our neighbors we were able to complete the job with minimal expenses.

   All members of the community are encouraged to attend the board meetings. They are held the third Tuesday of every month at 7:00 p.m. at Madison Assembly of God church on Hughes Road. This is next to the front pond. The success of our community is dependent on your involvement, so I look forward to seeing you at our next meeting. 

Thank you,
Paul Hurst
President
Bradford Farms Homeowner’s Association