November 2024 Newsletter

LHPM January Newsletter From Your Board of Trustees A Note from the Board Welcome to a new year at LHPM! We hope you had a safe and restful holiday season. We always strive to keep you updated on community matters, upcoming projects, and important reminders. Please review the highlights below and don't hesitate to reach out with any questions or concerns. 1. Dockmaster Status & Contact Info Seasonal Hiatus: Our Dockmaster remains off-duty until April 1. Contact the Board: If you notice anything that needs immediate attention or have any concerns, please email the Board directly at trustees@lhpmarina.org . We appreciate your cooperation during this transitional period. 2. D23 Foreclosure Update Blind Bidding Process: The association-owned slip (D23), obtained through foreclosure, has been under a blind bidding process. Successful Bid: We are pleased to announce that the winning bid of $24,500 exceeded the total amount owed. This outcome helps recoup costs and benefits the entire community. Next Steps: The closing process is ongoing, and we will provide final updates once the sale is complete. 3. Engineering & Legal Upper Deck Project: An engineer has been hired to conduct a thorough inspection of the upper deck repair project and provide expert reports for our ongoing counter-suit litigation. Scope of Work: This engineer will also prepare a Scope of Work to guide the completion of the deck project. Reserve Study: As required by New Jersey law, the Board is considering engaging the same engineer for a reserve study, ensuring our community remains financially prepared for future repairs and replacements. 4. First Quarter Assessment Reminder Due Date: The 1st Quarter Common Area Assessment invoices are due no later than January 30 . ACH Withdrawals: Available through PMC and processed on the 15th of each billing month. One-Off Payments: As outlined in the Uniform Collection Policy, you can also arrange a one-time ACH to avoid late fees. Avoid Late Charges: Please ensure timely payment to help maintain consistent cash flow for community operations and improvements. 5. Dredge Permit Progress Finalizing Pending Approvals: Water's Edge LLC will assist in completing the necessary edits to our previously approved NJDEP permit. Army Corps of Engineers: The final step is to obtain approval from the Army Corps, as previous documentation was never fully completed. Moving Forward: Once the permit is complete and all requirements are satisfied, the Board will revisit the dredging plans and schedules. 6. Proof of Insurance & Rental Guidelines Insurance Requirements: All property owners, including those renting their properties, must maintain up-to-date proof of insurance with the association. Signed Lease & Restrictions: Rentals require a signed lease agreement and Renter Restrictions document on file. Fines & Responsibility: Owners are responsible for any penalties/fines resulting from a tenant violating the community's rules. Winter Occupancy Checks: The association will reach out to confirm valid lease documents for any slip occupied during the winter to avoid unauthorized tenants. 7. Upcoming Open Meeting – January 23, 2025 Date & Time: January 23, 2025, at 6:30 PM. Location: Zoom (The Board will send a link via email). Why Attend? We'll discuss recent updates, review community projects, and address owners' questions. Your input is invaluable in shaping the future of LHPM. Stay Connected Board Emails: trustees@lhpmarina.org General Inquiries: info@lhpmarina.org We appreciate your cooperation, feedback, and dedication to making LHPM a welcoming, well-maintained community. Wishing everyone a wonderful start to the new year! Warm regards, Your LHPM Board of Trustees

Dear LHPM Owners, As we settle into the quieter winter season, we’d like to take a moment to update you on the latest developments within our community. We appreciate your ongoing involvement, understanding, and commitment to making LHPM a wonderful place to enjoy life by the water. Personnel Updates Seasonal Staffing Adjustments: As we do each year, our full-time staff members Russ and Jack have been laid off in November. In 2025, we will be cutting payroll expenses by transitioning Russ into a 1099 contractor role, as-needed. This ensures we’ll may still have his expertise available, while maintaining fiscal responsibility. JT will remain on a part-time schedule throughout the winter, working two days each week (up to 10 hours total). His duties will include property walk-throughs, mooring line and bilge checks, spot-cleaning in the Clubhouse, and promptly reporting any concerns back to the Board. Ongoing Oversight: While the property will have limited on-site staffing, members of the Board of Trustees will also stop by periodically for inspections. As always, we value your feedback. If you have any concerns, please don’t hesitate to reach out at: trustees@lhpmarina.org Operational Updates Deck Litigation: The deck litigation process continues, with the formal discovery period wrapping up on February 7th. We will keep you informed as we move forward. Engineering Assessment: We have engaged an engineer to conduct a thorough evaluation of the upper deck repairs and to create a clear Scope of Work for final completion. This ensures that when the time comes to move forward, we will do so with a well-defined plan supported by expert advice. Dredge Permits: Our NJDEP dredge permit requires finalization with the Army Corps of Engineers. Our consultants at Water’s Edge are leading this effort. We will refrain from any dredge-related activity until all proper documentation and approvals are obtained, ensuring we follow best practices and meet all necessary regulatory requirements. Winter Clubhouse Access: Owners who wish to use the Clubhouse this winter can request lockbox access by emailing info@lhpmarina.org. If you choose to use the facility, please remember that you are responsible for leaving it clean and returning the key afterward. Please note that winter leases do not guarantee Clubhouse amenities, so this is an optional convenience rather than a guaranteed service during these months. D23 Unit Update: The deed-in-lieu of foreclosure for D23 is now finalized. Owners have the first right of refusal to submit a purchase bid by December 31, 2024. Please refer to the email sent by our Secretary for more details. Board Updates Vacant Board Seat: We appreciate the thoughtful submissions from qualified owners interested in filling the vacant Board seat. The Board plans to review and finalize a nomination at our Executive Working Session on December 12, 2024. We look forward to welcoming a new member to our dedicated team and continuing our mission to serve the community effectively. 2025 Budget and Assessment: After careful consideration, the Board has approved the 2025 budget and an assessment increase starting in Q1 2025. Going forward, annual increases will generally align with the Consumer Price Index to maintain financial stability and support our reserve funds. This year’s additional increase helps ensure we can meet our operational goals and continue improving LHPM for all owners. Please see the attached deck that explains the budget process in more detail. Next Open Meeting January 25, 2025 at 6:30 PM via Zoom Mark your calendars! We look forward to your participation and constructive dialogue as we plan for an even better year ahead. Delinquency Management & Financial Health November Financials to be posted in the members portal by 12/18 Receivable Balance improved by $36,411 (12/02: $48,466 vs 11/01: $84,877) We are pleased to report that increased clarity, consistent communication, and a compassionate approach have continued to improve our community’s financial health. Reducing arrears not only improves cash flow for operations and upgrades but also fosters a more positive environment for everyone. At a Glance: 26 Properties (8 Owners / 21% of Ownership) are currently in arrears. 3 of 26 Properties Liened (1 Owner / 2.21% of Ownership) remain in arrears. 8 of 26 Properties (3 Owners / 5.47% of Ownership) have approved monthly installments. 18 of 26 Properties (4 Owners / 15.65% of Ownership) are approaching lien status. These figures show that while challenges remain, our shared efforts are making a difference. Together, we can continue to lower these numbers and strengthen our community’s financial stability. In Closing We understand that winter at LHPM brings a different pace and new responsibilities. Thank you for working together with us to maintain a safe, secure, and welcoming environment. Your feedback, initiative, and cooperation ensure that as we enter the new year, LHPM will remain a place we’re all proud to call our home away from home. Warm regards, Your LHPM Board of Trustees