03-29-25 Status of the PPP Loan

As of this date, the status of the SCOV PPP Loan has not changed. Hence no notification has been sent to Homeowners.

Annually the SCOV Management in conjunction with the SCOV Controller develop an Operating Budget for the next fiscal year. This Operating Budget is reviewed by the SCOV Treasurer and the Finance and Budget Committee.

This year’s Operating Budget will be presented to the SCOV Board of Directors on April 10, 2025 in an open meeting.

The Operating Budget will be voted on by the SCOV Board of Directors at the April 22, 2025 open meeting.

In addition to the Operating Budget, the SCOV Controller and Board Treasurer develop a 5 year forecast. This is a planning tool. You can view this tool on page 38 of the total package.

This 5 year forecast does include the possibility of a repayment of the PPP loan out of the Capital Fund, and has therefore included a plan for repayment should the need arise. Since this is a planning tool it does not represent a commitment of any SCOV Funds and is subject to modification.

If necessary, the funds are slated to come from the Capital Contribution Fee paid by new homeowners as part of the closing process. These funds are currently deposited in the Capital Fund. The Operating Budget is not affected.