SOA BOD Candidate Night Video

For those owners who did not attend the “Meet the BOD Candidates” meeting held on October 24th (the vast majority of you), a video of the meeting is now available on the SOA website’s home page (www.somersett.net) under the “Meet the 2018 Board Candidates” News Article. Access to the video will also be included within the next Somersett email Newsletter.

For those who do not have log-in access to the SOA website or who are not on the SOA Newsletter email distribution, you are encouraged to do so by contacting the FSR Communications Coordinator Robin Bolson via email at Robin.Bolson@fsresidential.com or telephone at 775-787-4500 x324.

The video may also be accessed by clicking on the following link:

https://www.somersett.net/meet-the-2018-board-candidates/

The video is approximately 1 hr 51 min in duration and presents the Candidates opening and closing statements, Communication Committee prepared questions asked of each Candidate and Homeowner questions at the end.

Communication Committee questions addressed the following topics: 1) Time available to devote to the position, 2) Outside influences and/or conflicts of interest, 3) Familiarity with SOA communication media, 4) Individual priorities, 5) SOA Committee participation, 6) Purpose for candidacy and qualifications, 7) Familiarity with SOA’s governing documents, 8) Sub-association relationships, 9) Rockery Wall failure actions past & future, 10) Roll of the Aesthetic Guidelines Committee and 11) Somersett Golf & Country Club (SGCC) relationship.

Homeowner questions pertained to: 1) Special Assessment and reserve funding, 2) Financial and benefit inequities between the SOA and Sierra Canyon, 3) Limitation on assessments, 4) Capital Improvements moving forward, 5) SGCC Lease Agreement liabilities and 6) Willingness to apply future SOA assessment funds to underwrite SGSS financial problems.

No attempt is made to summarize candidate responses to the preceding questions, rather the reader is referred to the video itself.

4 thoughts on “SOA BOD Candidate Night Video

    1. Pattie,

      Could the SOA ever go Bankrupt? An extremely unlikely occurrence, given the SOA has the authority (and is required by law) to assess its members (via regular monthly or special assessments) sufficient sums to pay its obligations and maintain adequate reserves.

      However, if this indeed occurred, it would probably be via a Chapter 11 Bankruptcy filing. Under Chapter 11, the Association would remain in possession of its assets and continue to operate under the supervision of the Court, with the opportunity to negotiate with its creditors, cancel or renegotiate leases and contracts, and prevent the seizure of bank accounts.

      What would be the subsequent impact on Homeowners? Given that all owners are collectively responsible for the Associations debts, the Bankruptcy Court could assess debt payments against individual owners and supervise reorganization of the Association. Another obvious impact would be on property values.

      But who really knows? Perhaps some reader with HOA bankruptcy experience, or an informed lawyer, could provide addituonal insight here.

  1. 1. My understanding is that (from reading notes on Somersett.net)……the SOA is no longer in a position to take out more loans. Can someone tell me if that is correct. Also my understanding was that the $1,200 was to boost the reserve, but if part of this is to cover the disputed SGCC repair costs…. That’s concerning!

    2. Also….As I recall Misc. Expenses for the SOA were approximately $18,000. Can someone tell me 1) What expenses does that cover? 2) Is that a reasonable amount given the total budget?

    3. My husband and I were VERY happy to hear that the SOA is now sending out monthly email blasts……….BUT…………we have NOT been receiving them.

    In talking to our son, a computer and electrical engineer, he said that many email servers seem to have increasingly agressive bulk mail blockers. Just wondering how many others have NOT been receiving these email blasts. When I asked to have all emails sent to us by snail mail…until we can figure this out….I was told it would be too cost prohibitive. What do homeowners do if they don’t have a computer? Homeowners have the right to be fully informed…. so….. perhaps SOA could print out these monthly emails so residents can stop by TownCenter or Aspen Lodge and EASILY pick up a copy. Any other suggestions?

    1. Deb,

      1. The $1200 assessment is to provide $3.7M in funds for the Common Area Reserves. In essence to replace 2018 reserves spent on repair of the Rockery Walls (both on SOA and SGCC leased properties). Therefore, it is reasonable to conclude that a portion of the assessment is to cover the disputed SGCC repair costs. The SOA recently combined multiple existing loans into a single $6M loan, saving the Association significant loan fees. However, per the SOA this affects the ability for additional loans. Hence, the special assessment.

      2. Not sure what $18,000 in misc. expenses you are referring to. However, it does not appear unreasonable given the SOA’s total annual operating budget of approximately $6M.

      3. Suggest you contact Robin Bolson (SOA Communications Coordinator) at 775-787-4500 x324 or robin.bolson@fsresidential.com for any problems with receiving the Somersett Happenings emails.

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