Tuesday, June 12 | Kiawah Island Municipal Center | 7 a.m. – 7 p.m.
Statewide primaries will be underway Tuesday, June 12. While The Sandcastle is closed for renovations, the election will take place at Kiawah Island Municipal Center (4475 Betsy Kerrison Parkway).
Voters will be asked to provide one of the following photo IDs: S.C. Driver’s License, ID Card issued by S.C. Department of Motor Vehicles, Federal Military ID or U.S. Passport.
For more information regarding the state primaries, please visit www.scvotes.org or the Charleston County Board of Elections and Voter Registration.
KICA is looking for a small group of members to help build and maintain a board that has the talent, skill and diversity to provide effective governance for the community. Building the Nominating Committee is the first step in preparations to replace two board directors when their terms end in March 2019.
Committee work for the 2019 election will begin with the appointment of the committee at the July 2 Board of Directors meeting. Times and dates of meetings will be determined once the committee is established. September and October are anticipated to be the most active months. The deadline to volunteer for the Nominating Committee is Monday, June 25.
The nominating committee will have two main tasks:
Identify, solicit and interview candidates – The committee will work to identify qualified candidates who will consider running for a board seat. If unique skills (i.e. finance, legal, engineering, etc.) or if a segment such as full-time residents or club members are under (or over) represented, the committee will seek candidates with these skills and characteristics. In meeting with potential candidates the committee will explore their skills, experiences and qualifications. It will also develop a sense of candidate’s interpersonal skills and ability to work in the board setting.
Recommend candidates – It is important to have a board whose overall makeup provides necessary skills and experiences and with varied perspectives to provide KICA with highly-functioning governance. The committee will provide its recommendation for candidates it considers the best potential members. Potentially, more candidates will run than there are seats available. In that case, the committee may provide recommendations for all or only some of the candidates.
To read more about the Nominating Committee and its work or to find out how you can become a member, visit kica.us/board.
In January, Digest launched the first in a series of articles and surveys on the core services provided by KICA. While big projects such as the Sandcastle renovation are exciting, execution of a set of basic responsibilities is the backbone of the community. The purpose of this series is to inform, but also to gain broad-based feedback from our members via brief surveys.
As with the first two articles in the series about Security and Safety and Land and Lakes, KICA asks members to take a moment to answer a few questions regarding KICA’s Major Repairs and Maintenance.
For many years KICA’s Annual Report was included with the Annual Meeting election materials. This report was more of a “year in review,” focusing on the association’s major projects and accomplishments throughout the prior year. This year, the report focuses solely on financial information and was moved to a later distribution date so that any figures were based on the approved audited financial statements made available in the spring.
The 2017 Audited Financial Statements, along with other financial information, can be viewed at kica.us/finances. To view the full Treasurer’s Report presentation from the 2018 Annual Meeting, visit kica.us/treasurerreport.
Over the last several months, the KICA Finance Committee has worked to craft a new Investment Policy Statement to govern the manner in which the community’s reserve funds are invested. At last week’s meeting, the committee voted unanimously to send this draft to the KICA board for consideration. KICA’s standard procedure is to share policy drafts with the community for input prior to making a final decision. After reviewing the attached draft, if you wish to share any comments, please send them to firstname.lastname@example.org no later than 5 p.m. on Wednesday, May 2.
KICA funds major repair expenses (planned repair and replacement of roads, bridges, drainage, etc. – not unplanned major expenses such as storms) from three primary sources:
Contributions to Reserves (CTR’s): CTR’s are transfer fees on real estate sales, and represented 43% of reserve fund revenue in 2017.
The Reserve Assessment: Formally referred to as the Supplemental Annual Assessment, this assessment is billed to all members along with the Annual Assessment. It represented 39% of reserve fund revenue in 2017.
Commercial Access Fees: Commercial Access Fees are charged to contractors and other service providers who perform work on Kiawah Island. Beginning in 2017, a portion of these fees was allocated to the reserve fund for major repairs. They represented 14% of total reserve fund revenue.
The remaining revenue (4% of total in 2017) is provided by investment income.
In some years these revenue sources are sufficient to cover all reserve expenses. However, there are times when expenses exceed revenue, and reserve funds are needed to make up the difference. Having a healthy reserve is the best way to avoid special assessments, and KICA’s reserve stands at $7.5 million today.
KICA’s investments have historically been held primarily in cash and money market accounts, though in recent years the association has built a small ($3.8 million) laddered portfolio of high quality, “A” rated or better corporate bonds. This strategy has improved KICA’s investment returns, but not enough to keep pace with inflation. Continued losses in purchasing power could have a significant negative impact on KICA’s reserve funds over time.
The Finance Committee has drafted a new investment policy with the goal of keeping up with inflation. The committee believes this can be accomplished by investing approximately 70% of the funds in fixed income investments similar to what we have done in the past (individual investment grade bonds with maturity of 10 years or less) and 30% in equities (active and indexed mutual funds, no individual stocks or alternative investments). This balanced investing strategy has historically been very effective (it has never lost money over a 5-year period), although it would be subject to some moderate level of risk and volatility. More aggressive approaches weren’t deemed necessary to meet KICA’s objectives.
The management of the portfolio (within policy guidelines) will be the responsibility of Moneta Group. This firm has done an outstanding job managing KICA employees’ 401K funds, and was selected after an extensive review process by the Finance Committee and Board of Directors.
Thank you in advance for your input. Any decisions on this topic will be reported after the May Board meeting.
Introducing Around Kiawah, KICA’s new member-to member email discussion group. Around Kiawah offers a four-in-one platform; subscribe to just one topic category, all four, or anywhere in between. Select from events, classifieds, property services and discussions.
This unmoderated discussion platform will replace the outdated KICA-List platform. Assuming most users of our former KICAList will move to Around Kiawah, there may initially be a slight delay in verifying property ownership. After the initial phase, verification is expected to be prompt. KICA-List will be phased out on May 1, 2018.
For more information or to sign-up for Around Kiawah, visit kica.us/around-kiawah.
Did you know you can pay your annual assessment online for no additional fee? Payment for this assessment is securely processed by Payment Service Network (PSN).
On Thursday, Dec. 7, representatives from KICA, Kiawah Partners (KP) and the Kiawah Conservancy officially signed and executed the Parcel Trade Agreement. The agreement was approved by vote of the membership in September, with 87% of the voters supporting the trade.
Representatives from KICA, KP and the Conservancy Signed the Parcel Trade Agreement on Dec. 7, 2017.
“We would like to thank everyone who helped make this trade a reality,” said KICA COO Jimmy Bailey. “This agreement is not just beneficial to KICA, but to the entire Kiawah community.”
Part of the agreement included KP granting the Kiawah Conservancy a favorable purchase option on a 6.2-acre parcel directly across from Kiawah Island Real Estate that has zoning and development rights for 19 units. As was announced by the Conservancy earlier today (view full announcement), they have officially raised enough funds to purchase the land.
“We would like to congratulate the Conservancy and the community for raising the necessary funds to protect this parcel of land,” said Bailey. “This transaction, along with the two parcels acquired by KICA through the vote, will help protect the entrance to our island in perpetuity.”
For more details and background on the Parcel Trade agreement, visit kica.us/parceltrade.
Construction at The Sandcastle is really coming along! We were lucky enough to get a look at the progress on Thursday, Dec. 7. The majority of work so far has been focussed on the entry way and first floor fitness space (which is being completely reimagined to add additional space and eventually provide gorgeous ocean views!).
KICA COO Jimmy Bailey presented the 2018 budget for approval at the Nov. 6 board meeting. This presentation highlighted the variety of concerns and considerations taken into account during budget creation.
Hear Jimmy Bailey’s comments and explanations of the presentation by watching on the KICA YouTube Channel.