Shorewood Community Association

Welcome to Shorewood Community Association

Live The Good Life

 

SHOREWOOD COMMUNITY ASSOCIATION, INC.

5505 N Atlantic Ave #207

Cocoa Beach, FL 32931

September 20th, 2022

Dear Shorewood Membership,

The Board of Directors scheduled a workshop meeting in April that occurred on September 16th,

2022. The meeting was attended by the Board of Directors and approximately twenty-unit

owners. Every line item in the budget was reviewed by all in attendance and based on the input

from the owners present, the board and information provided by our vendors the enclosed

proposed budget has been drafted. Enclosed in this mailing is the proposed 2023 Shorewood

budget which will be presented for approval at the October 13th board of directors meeting.

The planned dues for 2023 are $765 per month per unit which is an increase of 10%. There line

items we have no control over and there is no way to avoid these increases. The increase budget

per unit is $70.00 per month. The uncontrollable items listed equal to a monthly increase per unit

of $71.15. The Board and residents in attendance looked at every category under a microscope

to ensure that the budget was in line with the expected expenses. The key reasons for the

proposed increase are as follows.

-Insurance. Budgeted increase of $105,154.10 or a monthly dues increase per member of

$44.71. Many insurance carriers have left Florida leaving only a few to compete for ocean front

dwellings like ours valued at more than $50,000,000 on a barrier island. The board worked very

close with our agent to find ways to make improvements in this area.

-Cable and internet. Budgeted increase of $10,000 a month or a monthly dues increase per

member of $4.25. This is a contracted increase of 5% annually.

-Utilities. Budgeted increase of $27,200.00 or a monthly dues increase per member of $11.56.

-Structural Inspections. These are new categories that are mandatory under the new laws in

Florida that require inspections by engineers to ensure the building is stable and not going to

collapse. The budgeted increase of $25,000 or a monthly dues increase per member per month

of $10.63.

We understand no one of likes the dues to increase and the board does its absolute best to keep

these increases as small as possible. However, we have a beautiful community here in a

spectacular location and these are the conservative costs for keeping things running and in good

order for the coming year.

Sincerely,

Shorewood Board of Directors

___

Shorewood Community Association, Inc.

Board of Directors Meeting

Thursday October 13th , 2022, 4:00 PM

In-person at the Shorewood clubhouse/Via Video Conference/Call online

The agenda for the meeting will be as follows:

1. Call the meeting to order and certify a quorum

2. Adoption and the disposal of unapproved minutes for the August 10th , 2022

3. Financial Report-Bob Patterson

4. Committee Reports

• Social Committee - Cheryl Bold

• Landscape Committee - Sherron Jones

• Front Entrance Committee- Linda Allen

• Coastal Conservation Committee - Elizabeth Harding

5. Unfinished Business

• Concrete restoration of major cracks in parking lot

6. New Business

• Approve 2023 budget

7. Update on community projects

• Gazebo

8. Adjournment

INSTRUCTIONS TO ACCESS THE PHONENIDEO CALL

 Join Zoom Meeting https://us06web.zoom.us/j/5244801133 ?pwd=Z2R6S 1 RjM2N IRTlyNU9XcHVOZ1 N6QT09

Meeting ID 524 480 1133 Passcode 359955 Phone Number (646)876-9923

 

________________________________________________________________________________________________________________

SHOREWOOD COMMUNITY ASSOCIATION, INC.

                                                                                                                        June 17th, 2022

Dear Shorewood Membership,

 

Due to the insurance crisis here in Florida, which has impacted every homeowner statewide, the insurance premiums have gone up substantially. The insurance renewal was reviewed at the May 12th, 2022, board meeting. The increase on our wind premium alone was 53% which was more than double what we have budgeted for. Our premiums in total now exceed $400,000 per year on all policies combined.

 

Unfortunately, with this cost, the Board of Directors needed to address this issue and have taken two actions.  

 

First, due to the $98,000 shortage in covering the current 2022-23 premiums, we had to take out a loan to bind the insurance. To pay off the loan the Board of Directors has approved a one-time special assessment of $500 per unit to cover the cost of the insurance premium and loan. This will be due July 1st and must be paid by August 30th, 2022. The insurance loan does not have a prepayment penalty.

 

For the special assessment please send in a payment in the amount of $500 payable to

 

Shorewood Community Association

C/O Keys Property Management

5505 N Atlantic Ave #207

Cocoa Beach, FL 32931

 

Please list on the memo of your check your unit number such as A101 and (special assm). This way our team can properly credit the payment. Please do not send this payment to the Arizona address where your regular monthly fees are sent. These funds must be accounted for separately and cannot be comingled.

 

The second action taken by the Board of Directors is in regard to the funding of insurance to cover the cost of the 2023-24 renewal that will come due in May 2023. To meet the current pricing level and an increase recommended by our agent, the Board of Directors has approved the monthly fee increase to $695 a month effective July 1, 2022.  

 

 

For the new monthly fee of $695 per month, if you send in your payment, please adjust your payment that is sent to the Arizona address effective July 1, 2022. If you are on our payment system and we deduct the payment for you no action is needed, we will automatically adjust the amount for the July payment.   

 

We understand no one likes for our cost to increase and the board does its absolute best to keep these as low as possible as they pay the same fee as everyone else.  However, please keep in mind these are the cost to live on the ocean in our beautiful community.  We thank you all for your time and understanding of the issue and please let us know if you have any questions. The Board of Directors met on Wednesday, June 15th, 2022, and approved the above-listed actions.

 

Sincerely,

Shorewood Board of Directors

 

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