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YLP Q&A

Q: Why can’t…..

A: Because……

 

CHANGE TO FISCAL YEAR:

This year we will be changing our fiscal year to start on July 1st. Historically, our fiscal year has started on June 1st, which doesn’t match the time period covered by our dues. The result has been projecting higher revenues and expenses in June (before the actual new dues are in place). This has meant starting every year behind budget which has left us consistently short of funds at the end of the year. Making this change will allow us to more accurately track revenue and cash flow.

CHANGE TO PAYMENT & COLLECTION POLICY:

In compliance with Davis-Stirling and our Governing Docs, we have updated our payment and collection policy. Please see the details in the following pages to avoid late fees, interest charges and collection costs.

  1. Payments are due on the FIRST day of the month and are considered DELINQUENT on the 16th. A late fee of 10% may be assessed if dues are not received by the 16th.
  2. Dues that are not received within 30 days of the due date are subject to an additional interest charge of 12% per annum
  3. If dues are more than 90 days late, your property is subject to lien and foreclosure

PAYMENT PROCESSING FEE: For other than annual payments, a processing fee of $8 per payment will be charged to cover the additional administrative labor expense associated with processing multiple payments.

PAYMENT BY CREDIT CARD: Credit card processing fees have increased and cost the association over $20,000 a year in additional costs. For your convenience we will continue to accept credit cards; HOWEVER, a convenience fee of 3% will be added to cover the additional expense incurred by the association (this is IN ADDITION to the payment processing fee (if applicable).  If you pay by debit card, ACH, EFT, check, money order, cashier’s check or cash you will not be charged a credit card fee.

YLP CARES:

YLP Cares is a new, not for profit, charitable organization that was authorized by the board last year. It is independent from YLOA and was established to help our community qualify for grants, encourage volunteerism and provide financial assistance to local residents.

Various YLOA employees and board members have committed to personally donate at least $5,000 in initial funding. Other members of our community will be given the opportunity to contribute and to participate in various projects as well.

Some of these funds will be used to help those on fixed incomes with current and future dues increases. These are not funds from YLOA, but funds from caring residents who wish to help others in our community who are experiencing financial difficulties.

The initial Articles of Incorporation have been completed, to be followed by an application for status as a federally approved 501c3. Once approved, YLP Cares will be able to accept tax-deductible donations.

Additional details regarding YLP Cares will be made available in the coming weeks, including: meeting times, board appointments and how to apply for financial assistance if this year’s increase in assessments will cause economic hardship.

CHANGE TO POOL HOURS & STAFFING:

The impact of California’s change in minimum wage policy (increase from $10/hr to $15/hr by 2022) presents a significant budget challenge for our association. This has an especially significant impact at the pool. Given that, the way our pool is configured we have ONLY been able to have the pool open with lifeguards in attendance. By installing new signage and gates with electronic locks we will accomplish six things:

  1. Keep the pool open longer hours during the season: 6 a.m. to 11 p.m.
  2. Cut our labor costs this year by almost $40,000 (more than 60% compared to last years’ budget)
  3. Save $50,000 to $60,000 in pool labor costs in future years (as minimum wage increases from $12/hr to $15/hr)
  4. Extend the pool season (weather permitting)
  5. Extend the use of the spa for several additional months a year
  6. Decrease liability to the association. By using pool attendants during the summer instead of lifeguards, we actually decrease the risk of lawsuits against the association with no increase in insurance costs.

Pool access will be controlled with an electronic key. Electronic keys are compatible with most existing smartphones (If you do not have a smartphone, an electronic key fob can be purchased for a one-time fee of $50)

The cost for an annual pool pass (whether a smartphone key or a key fob) will be $25 for the first key per household. Additional electronic keys will be available for $10 each.

We will continue to offer water aerobics, but unfortunately we will no longer be able to offer swimming lessons or pool parties.

NOTE: It has always been our policy that children under the age of 14 are not allowed to use the pool without a parent or guardian in attendance – this is in accordance with CA law.

5 YEAR FIX OUR STUFF PLAN (FOS):

This year the YLOA Board of Directors approved a five-year plan to address improvements and upgrades of our amenities. The plan authorizes spending of $300,000 a year to address deferred maintenance and reserve replacements.

FOS is a multi-year plan that prioritizes repair/replacement  based on:

  1. Return on investment (Ex: Replace AC to save money)
  2. Reduce risk (Ex: Address ADA issues to avoid fees/fines)
  3. Plan ahead for big items that we can’t immediately fund (Ex: roads)

A primary driver for FOS is to get started now, as the longer we wait the greater the ultimate expense will be and the harder it will be to fix the issues.

  • Year 1: Clubhouse
  • Year 2: Cafe/Golf Course
  • Year 3: Pool
  • Year 4: Equestrian/Rec Center
  • Year 5: Misc/Clubhouse Deck

ROADS:

Fixing the roads is a major priority. However, we do not have adequate reserves to undertake a project of this scope at this time. We will begin setting aside $100,000 each year into a new dedicated Road Reserve fund. At this funding level, we anticipate sufficient funds to begin repaving roads in Year 6.

As part of the FOS plan we will also be conducting a new, comprehensive reserve study which will assist in better long term planning, budgeting and prioritization of our most critical needs.

CHANGE TO PHONE NUMBERS:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     new phone numbers for YLOA, YSPUC and all amenities will take effect June 1.

The numbers are being changed because of worsening problems in recent years with the existing SierraTel-based phone system at YLOA and its facilities and amenities.

An exhaustive effort was made to keep the existing numbers which are held by SierraTel — but without success. YLP’s new phones will be part of an integrated, modern communications system with the ability to easily forward calls to any department or phone and to record calls among other features.

The new numbers will be:

On and after June 1, calls made to existing numbers will direct callers to the new numbers. More information will be made available in our Newsletter, YLP Life, and at yosemitelakespark.org prior to June 1.

COMPARISON OF YLP ASSESSMENT TO SIMILAR HOAs

The following table shows a comparison of our assessments to three other associations in CA that are very similar to ours. You will note that our cost to operate our amenities is significantly lower than other associations. Also, even with the increased funding this year for reserve funding and maintenance/roads/public works, we expend significantly less than other associations.and have significantly less in overall reserves.


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