Annual Maui Vista AOAO President Message
To all Maui Vista Owners
The Maui Vista Association of Apartment Owners (AOAO) Annual Meeting was held on Tennis Court 1 on November 5, 2022, with approximately 50 owners in physical attendance, 25 electronically connected via ZOOM©, and 28 having provided proxies. I would like to thank Don Smart (3313) and Chet Hodgson (2407) for more than a decade of service to the AOAO!
No owner likes to see AOAO maintenance fee increases or special assessments. For quite some time, Maui Vista has relied on the Hawaiian Cash Flow Method reserve funding plan option, which the Hawaiian Reserve Study Guide for Board Members and Property Managers notes, “carries significant risk over time . . . is much more difficult to implement . . . and carries a much higher risk for reliance on special assessments . . .” (p10). In retrospect, this cautionary note could have been written as a predictor of the financial situation in which the Maui Vista AOAO finds itself. I am pleased to report, as you probably already know, the AOAO Board has set the goal to return to the more conservative 50% Full Funded Reserve Funding Method by 2030. Given our current financial situation, significant revenue adjustments were required in order to even present a balanced annual budget. A thorough presentation of the financial situation was presented by Treasurer Jenny Copeland at the Annual Meeting and is included as Attachment 7 to the meeting minutes posted at: 11-05-22 Annual Meeting Minutes Draft. The 2022 and new 2023 fees are listed below.
Your unit designation is listed on the Maui Vista Property Declaration (which is available at the embedded link). For owners who have their maintenance fees paid with ACH automatic bank withdrawal, the adjustment will be automatic. All others will have to make whatever arrangements are necessary. Please ensure that these arrangements are completed by 1 January 2023 to eliminate the costs associated with extra bookkeeping.
The past year has been a time of challenge and transitions. We have faced significant financial challenges and are now on a path to healthy conservative management. We have a new General Manager, Jennelle Fraser, who brings a wealth of construction and property management experiences and is working hard to learn the Maui Vista property and systems. I want to personally thank all of you for your patience and support as we deal with these challenges and the opportunities they present. Please know your Board is committed to making sound decisions for the health and betterment of the Maui Vista owner community. We are but an email away—you can email all five Board members via the Maui Vista Contact Us page/form.
Aloha and good wishes for a healthy and happy year in 2023,
Jerry Jenkins (Unit 2107)
President, AOAO Board of Directors
jerry97523@gmail.com
541-415-0915