Our Community’s reputation has vastly improved over the past 10 years. Property values have increased at double the rate of nearby communities. The City has invested in Lake Forest and LFPOA has worked hard to build a good relationship with our City leaders. Yet you may have seen certain reckless, orchestrated disruptions by some intended to injure the Lake Forest community and harm our relationship with our City leaders. Misleading information being promoted on ad hoc social media sites and to City leaders has been divisive to our common good.
The orchestrated disruptions and false information being sent out by a small group is damaging Lake Forest. These attacks are generally false and negatively impact our property values. The members of LFPOA deserve better. Your Board and LFPOA management intend to get the truth out. The POA is going to regularly send out accurate information in this fight to protect our property values.
Please read on so you will know the facts; then you can decide for yourself.
FINANCIAL HISTORY and DUES RATES: Prior to 2010 and prior to ICON Management’s tenure, the POA had incurred over $500,000 of debt. Our organization was nearly bankrupt. Of note from 1983 until 2003 the dues rate remained the same rate at $30.00 per month for 20 years. Our dues rate did not keep up with increases for the cost-of-living, which contributed to limited amenity upkeep and maintenance for our existing amenity package, which ultimately fell into steep decline. Home values were hurting.
BP Oil Spill Grant - initiated by ICON - resulted with an award amount that cleared all past POA debts as well as established our first ever reserve account fund with over $200,000.
Since 2014, our POA has NOT incurred any new debt. Currently, the POA has NO DEBT. For 2022, the dues rate was rolled back $10 from $70 per month rate to the 2018 Dues Rate, and our Dues Rate is presently $60 per month.
Since 2014, as part of annual budget review process, targeted dues increases were approved for our POA to bring the dues rate more in line with present needs when balanced against expected and projected LFPOA revenues. Revenues from golf, event rentals, and from our food and beverage venues, combined with monthly dues from members, are used to provide funding for our staffing, management, and maintenance costs. The POA funds also serve as a “common fund” used for enforcement of the LF Covenants. The enforcement of Covenant restrictions, as well as proper maintenance of common amenities, directly affects our quality of life, which directly affects our home values. We think quality of life and home values are important.
Our amenity package includes (3) pools, (3) common ground parks with playground equipment, 18-hole golf course, (4) entrances, stables, 19th hole (remnant building left over from old clubhouse), waterfront restaurant venue formerly known as the Yacht Club and Marina. Our Lake Forest staffing levels are comprised of nearly 50 personnel.
In 2014, a BUILDING FUND was established to set aside a monthly amount for Capital Projects and significant maintenance projects. Since 2014, two pools with associated common grounds and playground equipment were significantly renovated (Montclair and Ridgewood). One pool (Swim and Racket) received less extensive renovation - with playground equipment added. From late 2020 to early 2021, the waterfront venue was renovated in compliance with floodplain requirements. All these projects were competitively bid and managed by professional services.
Since 2015, STRATEGIC MUTUALLY BENEFICIAL RELATIONSHIPS have been entered into with the City of Daphne. These relationships have benefited our City and the Lake Forest Community. These agreements were at no cost to our members and resulted in over $25 Million Dollars of infrastructure and other improvements for our boat ramp, waterfront boat channel, Lake 9 DISC Golf Course and drainage improvements for D’Olive and Tiawasee Creeks, just to name a few. Effective communication with City officials has resulted in sidewalks, road paving, improved street signage, and other capital improvements.
FINANCIAL TRANSPARENCY: As we are not a public entity, such as a city or county, our finances are not required to be posted publicly. However, our POA financial records are posted routinely on our member website for members to view. Financial reporting is typically provided by the Board Treasurer or by Management during our monthly meetings. Members may also set an appointment with our Management Team to review areas of concern.
While ICON provides appropriate budget oversight by utilizing a mid-year as well as annual financial reviews, our Association goes even further with independent outside professional examinations. Here are the FACTS:
FINANCIAL THIRD-PARTY INDEPENDENT “REVIEW” PRACTICES SINCE 2010:
FINANCIAL THIRD-PARTY INDEPENDENT FINDINGS 2018, 2019 AND 2020:
FINANCIAL THIRD-PARTY INDEPENDENT AUDIT FOR 2022:
With all the progress over the last ten years, it is important to remind LFPOA members about how far we have come. Despite the unwarranted attacks, Lake Forest continues to improve. With your help, Lake Forest will reach its full potential to be one of the best places to live due to our Location, Affordability and Quality of Life.
Be sure to visit www.lakeforestdaphne.com where you can read the online version of the “Lake Forester”. Your POA will continue to provide TRUTH so you can respond to the attacks as well.
LFPOA BOARD OF DIRECTORS and ICON MANAGEMENT
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