How are the maintenance fees calculated?
The maintenance fees are calculated per square foot of property. The rate is 4 mils per square foot. The definition of 4 mils is 4 one thousandths of a penny. The maintenance fees were established in the 1960's.
What are prepaid accounts?
Some mortgage companies require that any maintenance fees associated with a home be “prepaid”, i.e., the amount of the yearly maintenance fee x the length of the mortgage. This amount is then paid into a separate account. Only the amount of the yearly maintenance fee can be deducted from that account each year for each prepaid account. These funds cannot be used for expenses or capital expenditures.
Why do we have certificates of deposit?
The certificates of deposit (CD’s) are Lake Shadows’ reserves. While there are several items covered by insurance, others such as the fishing pier and the boat ramp are not covered. This money is to insure that if these items were to be destroyed or damaged that repairs and/or replacements can be done.
Which buildings and/or items are insured?
The pool house, sign, gazebo, pavilion are insured. The deductible is $500.00 deductible unless damaged by wind/hail, then it’s 1% of the value of the building. The total value of those insured items is $116,025.00; so if a tornado or windstorm was to come through and take everything out, we are looking at $11,602.50 for our part to rebuild just those 4.
Since our maintenance fees are so low, how were we able to save the money that is in the cd’s?
Years back the fund were depleted to nothing. Resident volunteers did all the work at no cost. This allowed the funds to build that are now in the CD (reserve) accounts.
Why do I have to purchase a boat ramp sticker?
The income generated from the purchase of the boat ramp stickers helps to maintain, repair and/or improve the boat ramp and park located at the boat ramp. It also discourages non-resident boaters from using our boat ramp.
Why do I have to purchase a pool pass?
Maintaining, repairing and/or improving a pool is very costly. Pool passes are sold to help offset these costs along with the costs of pool monitors and the pool manager. Pool passes are sold to Lake Shadows residents only.
How can I make a donation?
Each time a boat ramp sticker and pool pass is purchased you are making a donation to help cover the cost of maintaining, improving and/or repairing the amenities. You can send a monetary donation to the Lake Shadows Civic League at P. O. Box 642, Crosby, Texas 77532. You can also contact board members if you would like to donate picnic tables, chairs for the pool, playground equipment, etc.
How do I report a problem in the neighborhood?
This information is available on the Lake Shadows website - lakeshadows.org.
How do I get approval for home improvements?
The forms to complete for approval for home improvements can be found on the website. The form should be completed and the form along with a fee of $20.00 is to be presented to the ACC Chairman for approval.
Why are the minutes of the monthly civic league minutes posted a month behind?
Minutes will only be posted after approval of the Civic League Board. This approval is given at the meeting following.