TLA Annual Meeting Highlights

Approximately 160 residents turned out for The Landings Association’s Annual Meeting on March 1 at 7 p.m., in the Palmetto Club Ballroom.

Landings Association President Herman Stone opened the meeting, welcomed the group, and gave an overview of the agenda. He recognized retired Directors Hal Duensing, Tony Martin, and Ex-Officio Judy Monaco for their service on the Board.

Landings Company President Raoul Rushin then took the podium to share The Landings Company’s (TLCo) results for 2022. The Landings Association is the sole shareholder of the Company, which is focused on marketing the community. However, the Company operates independently and receive no funding from the Association. Rushin shared that TLCo sells nearly five times its nearest competitor, with a 55 percent share of all home listings sold -- more than all the firms combined. He noted that the average home price within The Landings has increased from $541,000 in 2020 to $894,000 in 2022, a 57% increase over two years.

With the market stabilizing from COVID-19, and values appreciating at a more normal rate, the Company expects 2023 to be a good year for home sales. However, there is one caveat…home availability. Currently, the Company has 150 buyers waiting for the “right” house to come on the market. Nevertheless, the Company’s 30 professional Real Estate Agents and 9.25 staff members are optimistic and ready to assist clients with buying or selling a home.

Stone then acknowledged Landings resident Bob Egan as the 2022 Volunteer of the Year. Read more about Egan’s volunteer contributions here. Coastal Conservation Association Skidaway Chapter was named 2022 Volunteer Group of the Year. You can read more about CCA’s honor here.

Stone then shared some of the Association’s strategic initiative examples with the group, including an initiative to enhance the technology in our community, with Coastal Communications laying fiber to homes. This would offer an alternative to Comcast. The project is estimated to take 14 months to complete and should begin soon. Stone also shared information regarding the Association’s new mobile app that allows residents to receive notifications, submit maintenance requests, and places information at the fingertips of members on-the-go. He then switched gears to the flexible Annual Dues payment options (e.g., Annual, Quarterly, and Monthly) offered by the Association as well as the online payment portal that can be used for making payments on non-Assessment accounts.

Stone then turned the meeting over to Board Director and Treasurer Rosemary Mackey who congratulated the members for choosing to live in the paradise that is The Landings. She shared the Association’s financial report and covered some financial highlights for the Association. She assured the group that the financial health of The Landings Association remains favorable.

“We received another clean audit for 2022,” Mackey said. “Our Members’ Operating Equity plus Reserves equals $21.9 Million. The Capital Reserves ended at a balance of $9.6 Million, or 32 percent fully funded, which is above the target of 30 percent funded.”

Mackey noted that Assessment Revenue totaled $9.5M, as budgeted. However, non-Assessment Revenue performed less than budget mostly due to the awaiting balance from the Internal Revenue Service for the Employee Retention Tax Credit for 2021. Total Expenses performed better than budget mainly due to Capital Expenses with recognized cost savings and the timing of some 2022 projects that will be completed in 2023.

Landings Association General Manager and Chief Operating Officer Karl Stephens shared information on the 2024-2026 Annual Dues Vote that will begin March 15. He shared that the vote requires a modest increase that will maintain the level of service Landings members deserve and expect. The Vote does not include expensive new services; rather it focuses on maintaining the community’s infrastructure.

“The required 2024-2026 Annual Dues will keep the roads, community paths, lagoons, storm drains, and other aging infrastructure in good order,” he said. “The Dues also will support the Association’s Capital Reserves, that restricted account that pays for major projects and eliminates the need for emergency special assessments.”

Stephens shared that working with a Professional Reserve Analyst, the Association has finally reached the critical minimum funding of 30% for required repairs and replacements in the years ahead, and it is vital we maintain that status. Although the Association remains debt free, it has taken since 2005 to reach the status of being adequately funded in the Capital Reserves. Industry standards view anything between 30 and 70 percent to be adequately funded.

“It is important to note that the Capital Reserves is not a rainy day, fund,” he said. “This is a restricted fund, and we do not go into it to supplement in other areas. The funds are allocated for specific projects such as roads, storm drains, etc., to prevent the need for a Special Assessment.”

Stephens encouraged the crowd to vote early when they received their Annual Dues Vote Packet in the mail.

“We need at least 60% of all owners to vote,” he said. “You can learn more details and watch a brief video overview at www.landings.org/annual-dues. Please email any questions to webmaster@landings.org. And please cast a “Yes” ballot for the Annual Dues Vote!”

To view the PowerPoint presentation from the 2023 Annual Meeting, click here. To read the 2022 Annual Report, click here.

 

 

2023 Landings Association Board

 

 

 

 

 

 

 

 

 

Bob Egan accepts Volunteer of the Year Award. 

 

 

 

 

 

 

 

 

CCA President Dave Devore accepts Volunteer Group of the Year Award on behalf of CCA.