Finance & Dues

 

Annual Financial Reports

PRIOR YEAR REPORTS

 
Annual Internal Financial Reviews
As part of the Sierra board's efforts to ensure the transparency of the association's financial records, and to prevent the need for a costly external audit, we conduct annual internal financial reviews (i.e., internal audits) with volunteer Sierra community members/owners.
 
Following are the reports prepared by the volunteer member participants reflecting their findings from the internal financial review sessions.
 
  • 2020 Internal Financial Review Summary:  
    The 2020 Sierra Internal Finance Review was held on Saturday, November 14.  Thanks to our volunteer members who participated in the review: Amy Carrigan, Holly Lee, Wayne Lucia,  and John Schick.   The Sierra membership voted at the 2020 annual meeting to waive the external audit.  However, to ensure the transparency of our financial records, practices, and controls, the board conducts these annual internal financial reviews with volunteer members of the Sierra community.  The outcome of this year’s audit was such that our participants believed we have the necessary practices and controls in place. Read the full report submitted Wayne Lucia below.
 
 
Financial Controls & Review Policy
Read the policy in place that describes the financial controls established.
 
 
Reserve Studies & Summary
Reserve studies are required for homeowners associations.  These studies allow us to plan for current and future revenue requirements. We consider capital investments to date, the remaining life of assets, and expected costs to maintain and replace those assets over the next 30 years. We have been growing our reserves knowing that we have an aging infrastructure and the need for an additional well, which is a top priority for Sierra. A reasonable objective is to have reserves that cover at least 70%, but the closer to 100% the better. Following are the 2020 summary and detailed reserve study reports.
 
Annual Membership Dues
2021 Dues:  $305 per lot
 
Per Sierra Country Club (SCC) covenants and bylaws, all owners of Sierra properties are members of the association.  Annual membership dues and any special assessments are charged against all lots in the plat of Sierra for the purpose of financing the operations of the association.  

Annual dues may be increased by up to 10% of the previous year's assessment in order to ensure appropriate funding for the association's operations and reserves.  Please refer to the Dues Q&A posted below for further details.

Annual dues are billed by early February and are due no later than April 1.    Any account which becomes delinquent shall be subject to late fees and interest, as well as collections by any means possible by the Board of Directors, including, but not limited to liens placed against the property and/or litigation:

  • As of April 2, a late notice bill will be mailed via first-class mail.  10% interest on the unpaid balance will be added to the amount owed.  For example, for unpaid dues of $305, $30.50 (10% of $305) will be added, making the total amount due $335.50.
  • As of May 1, a warning letter assessing an additional $50.00 late fine will be mailed via first-class or certified mail. For example, if the previous amount owed was $335.50, $50 will be added, making the total amount due $385.50. 
  • A lien will be filed with Island County soon after June 1 with fees and charges added to delinquent property owner’s account.

 

Further reading:

Important Notes:  

  • It is the property owner's responsibility to ensure King Water has your correct mailing address.  

  • Dues are assessed per lot, regardless if lots are legally combined. For example, an owners of
    two (2) lots will be assessed the annual dues for each of the two lots.

  • Payment must be received no later than April 1 to avoid the 10% late fee, and any legal/collections activity and costs.

  • Checks must be made payable to Sierra Country Club.  Checks made out otherwise will be returned to be corrected.

  • Payments should be mailed to PO Box 915, Coupeville, WA 98239; or made in person at
    King Water Company, 107 South Main Street, Suite A203, Coupeville.

  • If you use online banking bill-pay services, be sure the check will be delivered to King Water by
    April 1    .  Postmarks dated April 1 is not sufficient to be considered on time.  Banks handle online
    bill-pay payments differently.  In some cases, the date the bank issues the check and deducts it
    from your account is NOT the same as when King Water actually receives the payment.

Timely payment of annual due helps ensure we have the necessary funds to properly manage the association's operations, and promotes a fair distribution of financial responsibility among all SCC property owners.  Thank you for your cooperation.

 

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