The total amounts for annual estimated operational expenses, capital investments and capital reserve replacement estimates makes up the annual budget. The total annual budget is then divided by the number of people paying assessments to determine the annual assessment amount.
Committee chairpersons and administration are members of the finance committee. Committees and administration are responsible for estimating annual expenses, capital investments and capital replacement reserves. Once all budgets are reviewed an approved by the finance committee, the final proposed budget goes to the Board of Directors for their approval. The BOD has the final say for additions to and deletions from a finance committee- approved budget. The budget is normally approved late in the year which establishes the annual assessment.
The annual assessment is billed as soon as the assessment rate is established. Typically the assessment is due January 1st. The annual assessment can be paid in full, quarterly or monthly. Credit cards are currently not accepted for payment.
Members who do not pay an assessment and/or are behind in payments are considered members not in good standing and do not have the right to use any common ground area or facility (such as the beach, lake, parks, etc.). Their gate card is also ‘turned-off’ meaning access is only via the guest gate. A collection process is in place to collect past due assessment amounts.
Lake Sherwood does not receive money from any tax revenue so assessments have been authorized by the restrictions. Assessments pay for such things as road maintenance, security personnel, public works personnel, administrative staff; maintenance for parks, lakes, recreational facilities, Lake Sherwood-owned buildings, equipment used by maintenance, administration, security, water and sewer lines, wastewater treatment plant, dams maintenance and insurance just to name some of the major categories. Assessments also provide revenue for future community needs.
Lake Sherwood is a year-round residential community of about 1,200 acres and is much more than a Home Owners Association (HOA). Lake Sherwood is more like a small town. Lake Sherwood is the third largest community in Warren County. Lake Sherwood was started in 1967 and has around 500 homes and about 2100 lots.
Lake Sherwood owns, operates and maintain several business operations, including: A state-licensed water system with three commercial deep wells with about 27 miles of water mains. A state-certified waste water system with over 26 miles of sewer mains, including a waste water treatment plant that can service about 1,200 homes. 6 lakes, 3 regulated dams, a marina with over 100 boats slips, about 300 parking places for boat trailers and 4 sets of boat racks. The main lake (Lake Sherwood) is about 130 acres and does permit water skiing and other similar water activities. Lake Sherwood owns, maintains about 26 miles of roads that twist and turn throughout the community up and down a 200-foot elevation. Maintenance includes road patching, snow plowing and annual resurfacing of all roads on a four-year plan. Community Center which includes a clubhouse, beach, swimming pool, summertime snack bar, picnic table area, boat parking and volleyball court. Campground with electric and water hookups. Campground also has a pavilion with restrooms and showers, large playground and large grassy area. Several parks, playgrounds and pavilions are located throughout the community.
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