TLA Annual Meeting Highlights

More than 300 members turned out for The Landings Association’s Annual Meeting on March 6 at 7 p.m., in the Palmetto Club Ballroom.

Landings Association President Bill Bina opened the meeting, welcomed the group, and gave an overview of the agenda. He recognized retired Directors Andrea Felkins, Carol McCarthy, and Bob Wood for their service on the Board.

Landings Company President Raoul Rushin then took the podium to share The Landings Company’s (TLCo) results for 2023. The Landings Association is the sole shareholder of the Company, which is focused on marketing the community. However, the Company operates independently and receives no funding from the Association. With the market continuing to stabilize from COVID-19, and values appreciating at a more normal rate, the Company expects 2024 to be a good year for home sales, with the average sale in the community reaching $1M at some point this year. However, there is one caveat…home availability. Currently, the Company has the demand for homes but not enough homes in inventory. Nevertheless, the Company’s professional Real Estate Agents and staff members are optimistic and ready to assist clients with buying or selling a home.

The program then shifted to recognition of the Volunteers of the Year and Volunteer Group of the Year. Rick Cunningham and Tom Hamilton received the honor of Volunteers of the Year for their work with the Strategic Water Committee and the Mal Welch “Water Wise” project. Click here to read more.

Landlovers Foundation, Inc. was recognized as Volunteer Group of the Year. Philanthropy is the cornerstone of this organization. Since its inception in 1974, Landlovers Foundation, Inc. has distributed more than $1.8 million to the community through grants to a wide variety of non-profit and service organizations, academic scholarships to Landings Association and Landings Company employees and their immediate families, and Community Service Merit Awards to high school seniors. Click here to read more.

TLA Board Director and Treasurer Rosemary Mackey rose to share TLA’s financials with the group. First, she reminded everyone that “We All Are TLA.”

“Sometimes I hear people ask, ‘why doesn’t TLA do this or that?’” Mackey said. “The fact is we all are TLA and our staff, led by General Manager Karl Stephens work proactively to maintain all those assets. The Board members and the staff always are ready to answer a question. Fact is so much better than rumors!”

Mackey assured the group that the financial health of The Landings Association remains favorable.

“We received another clean audit for 2023,” Mackey said. “Our Members’ Operating Equity plus Reserves equals $22.9M. Our Capital Assets Replacement Value equals 62.2M and the Capital Reserves ended at a balance of $10.2M, or 33 percent fully funded, which is above the target of 30 percent funded.”

Mackey noted that Assessment Revenue totaled $10M, as budgeted. Likewise, non-Assessment Revenue, which includes such items as vehicle registration, Architectural Review Fees, and Sunset Pavilion Rentals, performed better than budget mostly due to increased interest earnings. Total Expenses performed better than budget primarily due to cost savings on approved capital projects and the timing of some 2023 projects that will be completed in 2024.

Bina shared a look back at some highlights of 2023 as well as a look ahead at goals for 2024. He thanked members for a successful Assessment Vote in 2023.

“Every three years, TLA holds a vote of the community members asking for approval of the proposed Annual Assessment for the following three years,” he said. “These Annual Dues represent a necessary investment that will protect our community now, and in the years ahead. We don’t have another vote for another year and a half.”

Bina then shared some 2023 TLA highlights and 2024 focus areas listed, which are listed below.

2023 TLA highlights

• Landings Harbor Fishing Pier Re-decking/Savings ($366k savings)
• Landings Harbor Dry Rack Storage Phase 1
• Delegal Clean Marina Certification
• Governing Documents Review

• Rules & Regulations
• Bylaws
• Board Policy Manual

• Community Survey
• New Phone App
• Community Events

• Food Truck Fridays
• Savannah Bananas
• Savannah Ghost Pirates

   Below are the 2024 focus areas for your Association.

• Completion of Fiber to the Home Internet
• Traffic Study Implementation and Traffic Enforcement Officer
• LH Picnic Area Review & LH Dry Rack Storage Phase 2
• Strategic Plan Update Begins
• Continued Investments with High Interest Rates
• Website and Database Review
• Storage Facility Updates
• Continued Videos

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