Edgewood Financials
Edgewood HOA Reserves: What’s Actually in the Bank
And Why It Matters.
Clear facts from owner-facing documents, and a straightforward ask for proper disclosure and oversight.
Scope & Limitations (Read This First)
The Board does has not provided access to actual financial documents. The observations below rely on owner-facing materials that the Association released publicly or to homeowners (e.g., reserve studies, financial summaries) and on our analysis published here.Where we say “appears,” it means the conclusion follows from the documents available to us. Full verification requires the records listed in “Requests for Authorities & Board” below.
Key Findings (From Owner-Facing Docs)
Finding 1: Assumed Assessments in the Model
The reserve study appears to plug in revenue from future special assessments to make the plan pencil out. We have not seen matching owner notices or approvals confirming that these would actually be billed.
Finding 2: Percent-Funded Presented Without Context
“Percent-funded” is highlighted to owners without plainly stating that it relies on assumptions (including uncollected assessments). Without that disclosure, owners can reasonably believe it reflects money already saved.
Finding 3: Reported Balances vs. Actual Cash Not Documented
Owner-facing summaries show balances, but we do not have the underlying monthly bank statements or board approvals to reconcile those balances with assumptions. That gap needs a formal records review.
Finding 4: What Transparent Practice Looks Like
Good practice separates cash on deposit today from hypothetical future revenue, and clearly discloses any contemplated assessments before they appear in owner-facing metrics.
Requests for Authorities & Board
1) Obtain & Compare Primary Records
Preserve and review: monthly bank statements, reserve study workpapers, budgets, minutes, board resolutions, and any notices/ballots related to special assessments referenced by the study.
Goal: Determine whether owner communications relied on hypothetical income without clear disclosure or approval.
2) Clarify Owner Disclosures
Require a plain-language correction to owners if “percent-funded” or reported balances embedded assumed assessments. Owners deserve a current cash number and a list of any approved/collected assessments.
Contact & Materials
We will provide interviews and the materials we hold (public scans, screenshots, and analysis). We ask the Board and management to furnish the records listed above directly to investigators and homeowners.
Birdcage Heights • community@birdcageheights.com • (279) 252-8072
What Neighbors Can Do Right Now
- Read the reserve study scan and our review notes (links above).
- Ask the Board—in writing—for: (a) latest cash on deposit, and (b) any approved special assessments included in the reserve plan.
- Share this page and bring questions to the next open meeting.
Timeline (Key Milestones)
Owner-facing document highlights “percent-funded” without clarifying reliance on assumptions.
Post documents that reserves were closer to ~8% funded, not 55% as told to owners. Reserve advice cited a $5,120 per-unit assessment never billed.
Shows that projections depend on assumed special assessments not disclosed or collected.
Article recounts president’s admission of falsified disclosures (per meeting notes).
Accountant states responsibility for supplementary schedules rests with management; no opinion expressed on them.
Annual packet sent to owners; review (not audit) relying on Board representations. Warns that future needs may require dues increases, special assessments, or delaying repairs.
Summarizes pattern of assumed assessments inflating reserve health; cites per-unit shortfalls of ~$1,389, ~$1,470, and ~$4,167 not collected from owners.
Provenance: This page draws only from owner-facing documents linked above and our public analysis. If you find an error, we will correct it—please reference page and line.
Purpose: Protect homeowners through accurate, plain-language financial disclosure.
