New members installed, service awards given at MVF Annual Meeting

The Montgomery Village Foundation (MVF) Board of Directors held its annual meeting on Thursday, March 24 via Zoom. During the meeting, newly elected members to the Board, Dick Rabil and incumbents Doniele Ayres and Scott Dyer, were installed for their 2022-2025 term. Outgoing director Andrew Bird was thanked for his service to the Board and the community. Ayres, Dyer and Rabil were announced as the winning candidates after the March 19 ballot counting.

Board President Pete Webb opened the meeting with an address to the Village, reflecting on the highlights of 2021, noting that there was much to celebrate, as the year was one of continued change, growth and adaptation. He said despite any challenges presented, the MVF Board and staff were able to rise to the occasion, and do so on a budget that presented no increases in assessment fees.

Webb was impressed with participation from the community, whether virtually or in person, and was happy to offer community events like the July 4th Celebration and Great Pumpkin Race again.

He noted the development projects in the Village—Bloom Village houses built, sold and lived in; the Starbucks construction at the Village Center; Lidl construction finished and open for business; South Lake Elementary School renovation underway; and the Lake Whetstone Toe Drain replacement project. Webb highlighted MVF projects including the completion of the North Creek Pool and Bathhouse renovation; the new scoreboard at South Valley Park; continued work on the plans to repurpose the Watkins Mill Pool; LED lighting upgrades at MVF facilities; interior renovations to North Creek Community Center; and the development of the MVF Organizational Green Plan.

Before closing and thanking the Board, staff and residents for their commitment to Montgomery Village, Webb noted the condominium lawsuit had concluded with MVF’s position upheld and all unpaid assessments having been received.

MVF Chief Financial Officer Daniel Salazar reviewed the 2021 financials, following an unmodified opinion given in the 2021 MVF Audit by the new audit firm Lydon Fetterolf Corydon. Salazar noted that in addition to the unmodified opinion, the auditors gave favorable review of MVF’s internal control procedures and found no difficulties or material weaknesses.

Salazar reported MVF’s Net Income was $1.9 million compared to a budget of $324K. He noted the main drivers as Revenue favorable to the budget by $871K and lower-than expected Personnel Costs ($289K) and Operating Costs ($342K). Revenue was reported at $9.5 million compared to a budget of $8.6 million due mainly to Investment Income returning 8%; Pool Memberships and Rentals being up 65%; the Capital Contribution Fees and Disclosure Fees returning significantly higher yields from the booming real estate market; and Miscellaneous Revenues increasing from the settlement of the condominium lawsuit.

Salazar said expenses were all favorable to the budget totaling, $7.6 million versus a budget of $8.3 million. Personnel benefitted from open positions and fewer temporary staff from the closure of North Creek Pool for renovation in 2021. Legal and Financial Fees, Landscape and Maintenance and Utilities were also lower due to COVID-19 restrictions and the inability to hold programs and events.

Contributions to Reserves in the amount of $1.35 million were made as prescribed by the budget. Salazar added that over $3 million was invested in MVF assets, including the North Creek Pool renovation, Hurley Park Playground, pool resurfacings and the Watkins Mill Pool repurposing project.

The Reserve Investment portfolio increased $589,000, the third highest return since its inception; with a total Net Investment Change over the life of the portfolio of $2.4 million. Assessment Delinquencies were reported at 7.2%, the lowest since 2018; the assessment receivables balance had decreased considerably mostly due to the finality of the condominium lawsuit.

The Balance Sheet continues to show the organization’s strong financial position, with MVF holding $23 million in assets. Total Liabilities were reported at $1.6 million. Finally, Salazar reported on MVF’s Current Ratio (assets over liabilities) as 2.65 vs a benchmark of 2.0 (over 2.0 is considered excellent), and the General Administrative Cost Ratio as 14%, also in the acceptable range vs the benchmark.

During the meeting, the Board also honored several community members, organizations and staff members for their volunteer efforts, service to the community or years of dedicated employment.

Awards were presented to:

Community Service Awards

Montgomery County Councilmember Craig Rice for his service to the community during his tenure on the County Council
Alyssa Holt for earning her Girl Scout Gold Award
Hillmuth Auto Care for their commitment to the community through advertising

Outgoing Board Members

Andrew Bird

Staff Service Awards

Hugo Garcia, Repairs and Maintenance Specialist – 5 years
Daniel Salazar, CFO – 5 years
Courtney Haynes, Community Manager – 10 years
Kristina Campbell, Registration Manager – 15 years
Jason Nickow, Facilities and Aquatics Manager – 15 years
Dee Wirth, Director of Architectural Standards – 15 years

Employee Recognition Awards

Erica Choucroun, Executive Assistant
Henry Meneses, Custodian
Ernesto Montano, Custodian
Jason Nicklow, Facilities and Aquatics Manager
Kristina Campbell, Registration Manager
Mike Conroy, Assistant EVP