BUDGET
FINANCIAL STATEMENTS
MORTGAGE PROCESSING INFORMATION PAGE
BOARD MEETING RESOLUTIONS (in lieu of Board Meeting Minutes)
If you require a list of DRs, Rules/Regulations, etc., the SVCA By Laws Article XVIII, Covenants contains this information.
SVCA OPERATIONS
BY LAWS, MASTER DEED and OTHER ORGANIZATIONAL DOCUMENTS
Board Meeting Resolutions are the official and formal record of decisions made by the SVCA Board of Directors. These decisions are voted upon by the Board in the presence of SVCA Membership in order to keep members apprised of Board activity, and to fulfill the legal requirement that "Board activity affecting members must be voted on at a meeting where the membership is present."
These records are offered in lieu of Board Meeting Minutes, because they are the most accurate record of Board activity that the Association maintains.
This document contains the information below on SVCA letterhead, signed by an Officer of SVCA.
INSURANCE
This letter contains a list of SVCA insurance coverage and our registered insurance agent contact data if you need more information than we have posted.
Suburbian Village Condominium Association is a not-for-profit corporation incorporated in the State of New Jersey.
Condominium Legal Information:
- The property name is: Suburbian Village Condominiums.
- The property address is: C5 Suburbian Village, Wanaque, NJ 07465
- The governing Association is referred to as: Suburbian Village Condominium Association (SVCA)
- The condominium was established in 1993 and control of the Board was passed to Unit Owners in 1994.
- The condominium is self-managed by owner/occupant volunteers comprised of 3 elected Board Members who also serve as SVCA Officers in the capacity of President, Secretary and Treasurer.
- The SVCA Board are fiduciaries charged with maintaining the solvency, maintenance, and property value of the project.
- The responsibility of the Board for the physical plant is over all common areas, consisting of drives, driveways, parking areas, common grounds (including the ground underneath the buildings) and the exterior of buildings, defined as "from the exterior drywall out." The Association maintains insurance to cover damage to common areas and building exteriors.
- Unit owners hold responsibility for everything inside their unit, defined as "from the exterior drywall in." Unit owners are expected to maintain personal insurance to cover the interior of their unit as well as all contents.
Fannie Mae Condo Questionnaire Data:
- The SVCA Condominiums were newly built construction in 1 project phase. No new construction or new phases on the property are planned.
- Total # of Units in project: 19
- All units were completed by 1993. All 19 units were sold and conveyed in the single project.
- The 4-Building complex consists of 19 townhouse style units on 2.99 acres of land. Building A - 6 Units; Building B - 5 Units; Building C - 4 Units; Building D - 4 Units.
- No other buildings exist on the property.
- All buildings, common elements and amenities are complete.
- The property does not lie in a Flood Plain.
- No single investor owns more than 1 unit.
- 17 units are owner/occupied, 2 units are leased (long term) as of the last update of this document.
- NO part of the project or common grounds is used for commercial purposes and the HOA does not operate any non-incidental business operations .
- The property is NOT a continuing care facility.
- The project is NOT a live-work project.
- The project contains NO manufactured housing.
- NO units are utilized as a hotel/motel, time share, or similar ownership.
- The project has NO amenities, and NO mandatory maintenance charges are assessed for the use of amenities.
- The project has NO property that is not real estate (e.g., houseboat, boat slips, cabanas)
- There are NO covenants that split the use of the property EXCEPT the ACCESS AND USE EASEMENT provided to Unit Owners for front porches and rear decks, which are owned and maintained by the Association.
- The project DOES NOT permit a priority lien for unpaid common expenses in excess of 6 months of regular common expenses.
Fees for New Unit Owners:
- New Unit Owners are charged aone-time $500 Records Transfer / Membership Fee for account set up and maintenance.
- The Monthly Assessment for Unit Owners is$350. This fee is due on the 1st and past due at COB on the 15th.
- A $17.50 fee is assessed for past due payments.
Assessments:
- SVCA has no existing or planned special assessments against unit owners.
- There have been no special assessments for the past 10+ years.
- The monthly maintenance fee CURRENTLY received from each owner is $350 per month, which covers annual Reserve Fund Contributions, insurance, maintenance, landscaping, lawn care, snow removal and other costs related to the operation of the condominium.
- This monthly assessment places SVCA in the lower half of monthly assessments for comparable condominiums in this area.
- SVCA operates on a 'pay-as-you-go' basis, meaning all major maintenance activity is financed through savings and investment growth accumulated in Reserve Fund accounts. The SVCA Board has committed to restricting Special Assessments solely to emergencies.
Recent Maintenance:
- Most recently (2020) SVCA repaired wooden floorboards on rear decks for all units that needed maintenance.
- In 2019, we rebuilt / replaced all raised front porches with Trex materials, rebuilt the gutter drainage system, replaced 2 diseased trees and replaced the shutters on all units.
- The roofs on all 4 buildings have been replaced within the last 6 years.
- The rear deck across the entirety of the 'A' building was re-leveled and reinforced.
- All other major maintenance was for landscaping and tree husbandry.
Future Maintenance Needs:
- The only future item of major maintenance anticipated is re-milling of all driveways, parking lots and streets. This will likely occur within the next 3-5-year period.
Reserves:
- The SVCA Board normally maintains a large reserve fund ($120K+) for such expenditures and operates on a ‘pay-as-you-go’ basis to avoid unit owner assessments for any circumstance except emergencies.
- The reserve fund is currently lower than the amount normally retained (currently $42K in July 2021), because of the 2019/20 major maintenance items undertaken.
- The Board budgets $10,000 per year for Reserve Fund Contributions, and contributions have been made consistently for 10+ years. Reserve Fund contributions come from our Operating Fund, which is funded by the Monthly Maintenance Dues
- It is anticipated that with current cash flows the reserve fund will be replenished to normal levels within 3-4 years.
Litigation:
- Suburbian Village Condominium Association is not currently engaged in litigation nor is any litigation anticipated in the foreseeable future.
Bankruptcy:
- Suburbian Village Condominium Association has never filed for bankruptcy protection.
NOTE: SVCA Also carries a $1M Commercial Umbrella policy; we do not have a PDF for this document. See agent.
Last data update: July 4, 2021
By: John L Harris, SVCA Treasurer
Suburbian Village Condo Association (SVCA) is a small, self-managed HOA. We do not work with a management company. Generally, the Treasurer is the contact person, and the one who distributes information externally. In the event of travel or other unavoidable absences, we have established this SVCA Mortgage Processing Information page to expedite the collection of commonly necessary information.
Since you have been provided with a link to this site, you can select and download any information here to your PC. If you cannot find something, please contact John Harris at johnlharris2@optonline.net (preferred), 973-835-2907 (h) or 973-303-3381 (c). Your request will be filled as quickly as possible. All requests for a Current Status with regard to Seller's /Refinancer's Monthly HOA Dues (on SVCA letterhead) will have to manually generated. Please use the contact info above to request same and we will provide the information as quickly as possible.
The SVCA OPERATIONS section below contains much of the information generally requested by finance reps. All underlined documents are available for download for your records.
Instructions for download:
Find the document you wish to download and click on it. The document will open in a separate window. In Windows, right click on the document and select SAVE or PRINT. All documents are in PDF format, compatible to Acrobat 8.
Agency: Laglia Insurance Agency - State Farm
Agent: Gary Laglia
Canfield Office Park
886 B1 Pompton Avenue
Cedar Grove, New Jersey 07009
(Off) 973-857-1442
(Fax) 973-857-9075