Company Profile
Company Overview
Overview of Organization
The Las Campanas Master Association (LCOA) was incorporated in the State of New Mexico as a not-for-profit corporation on August 20, 1991. For IRS purposes, LCOA is a corporation electing under IRS Section 528 to be taxed as a Home Owners Association and files a Form 1120-H annually. It was formed for the protection, improvement, alteration, maintenance, repair, replacements, ownership, administration and operation of the Master common areas as well as for the assessment of expenses. There is a master plan that allows for 1,717 residential lots. At present there are approximately 1214 lots that are subject to quarterly assessments. There are 143 platted and 139 unplatted lots owned by the Developer that are not subject to Master Assessments until the lots are sold. The Master Association is governed by a Board of Directors voted in by the members (owners) of the Association.
Company History
Las Campanas Owners Association (LCOA)
The Las Campanas Owners Association (LCOA) manages the daily operations of the Master Association. The Las Campanas property encompasses approximately 5,000 acres divided into gated Estates. Each Estate has certain common areas and infrastructure maintained by LCOA. Owners in each Estate contribute to the maintenance of the common areas and roads within their Estate. There are also areas common to all Estates, such as Las Campanas Drive, Trailhead Drive, the two Gatehouses, Camino La Tierra and Clubhouse Drive. Las Campanas Drive is currently maintained by Las Campanas, however, LCOA is petitioning to Santa Fe County for dedicating the road to the county for maintenance. All owners contribute to the maintenance of these areas. There are about 50 miles of roads and 11 miles of walking paths in the community.
LCOA establishes a Budget in October of each year which is approved by the Board of Directors. There is a Master Association Budget, which includes the operating expenses for LCOA administration, security and maintenance departments, depreciation for all the fixed assets and reserve contributions for LCOA common areas. The total amount of this budget is divided by the number of non-developer owned lots to arrive at the Master Assessments for each year. In addition to the Operations Budget, a budget is created for each Estate for Reserves and Beneficials.
Reserves are funds set aside for future repair and replacement expenditures for components in each Estate such as roads, mail kiosks, gate monuments and landscaping. An annual Reserve study is conducted by the Finance Committee which reviews the various components, when replacements are needed and the costs to repair or replace. LCOA uses the Fully Funded Component method to determine annual reserve contributions.
Beneficial Assessments are for unique amenities in certain estates where there are special landscaping features such as additional landscape maintenance, park areas or fountains requiring labor, electricity, parts/supplies and water.
Each owner is subject to quarterly assessments consisting of two to five assessments depending on their Estate:
Master Association Assessments (the same for all owners, regardless of Estate)
Reserves – all owners pay Reserves but amounts vary depending on the Estate
Beneficial – owners in certain Estates are subject to amenities unique to their Estate
Certain Estates have unique developments or features within the Estate that may require additional assessments. For example, owners in Los Santeros pay Beneficials and Reserves, however, Las Melodias, The Villas and Puertas are small enclaves within Los Santeros with special features such as additional landscape maintenance, pavers and/or fountains that require additional beneficials and reserves assessments to maintain.
The Club Casitas Association (CCA)
The Club Casitas Association is a separate home owners association with 33 lots within Las Campanas. There are currently 26 Casitas constructed. The association is managed and maintained by LCOA under a contract, and is billed monthly for Maintenance and Administrative services. CCA owners pay monthly assessments which include exterior maintenance of the units (stucco, painting and staining). CCA has their own Board, budget, tax ID, annual accounting compilation and annual meeting, all administered by LCOA staff.
Las Campanas Water and Sewer Cooperative (Co-op)
Las Campanas Water and Sewer Cooperative (Co-op) provides the water and sewer service to the owners in Las Campanas (sewer only in Estates I and II-water service is provided by Santa Fe County Utilities). The Co-op contracts with Jacobs to operate and manage the water and sewer treatment facilities. The Co-op is managed by the designated LCOA Co-op General Manager and Director of Maintenance. LCOA’s Controller is also the Co-op Controller and the executive administrator is a LCOA employee but is 100% dedicated to Co-op billing and administration. The Co-op has a contract with LCOA to manage on their behalf the Co-op operations. The contract was created in June 2013 and amended and revised in 2017. The contract includes monthly rent, support services, security and administration costs. The amount of time spent by LCOA staff is reviewed and the contract amended annually to adjust the salary allocations and other costs, as appropriate.
The Club at Las Campanas (The Club)
The Club at Las Campanas (The Club) is a separate entity and has an IRS Tax Exempt status under Section 501 (c)(7). The Club maintains the Golf Course membership and includes additional facilities such as the Hacienda Clubhouse restaurant and meeting facility, Tennis Courts, Spa, Pool, Equestrian Center and Log Cabin in Ranch Estates. LCOA and The Club have an Easement and Cost Sharing Agreement to share costs of providing gatehouse services, paramedic coverage and specific patrol services. A monthly invoice is prepared and submitted to The Club for payment on specific salary costs, insurance coverage, reimbursement of costs and reserve assessments for Clubhouse Drive and Ranch Estates.
Cienda Partners, aka Las Campanas (LC) Residential Holdings and Las Campanas (LC) Land Holdings
Cienda purchased the properties owned by the original developer, Lyle Anderson, from the Bank of Scotland in 2010. Cienda owns undeveloped lots, several Casitas and a number of developed lots, approximately 200 lots in total. If a lot is in a parcel that has been turned over to the Master Association for maintenance, the developer pays reserves and beneficials on the lot, but not the Master Association Assessments. LC Residential Holdings is the name used if there is a house on the property as in the Casitas, and LC Land Holdings is the name used if it is a vacant lot. Alan Box, who is an employee of Cienda, is on the Board of LCOA. The developer is currently selling lots in a new estate called Black Mesa.
Village Builders
“Village Builder” is a designation used by a third party developer who purchases a tract of land in Las Campanas. Only the Developer can grant a third party developer the designation of Village Builder. The Village Builder provides the infrastructure and construction of the houses. The Village Builder is responsible for collecting assessments for maintaining the property, including landscaping, until it is turned over to LCOA. Turnover occurs when the property is completely sold out or at the mutual agreement of LCOA and the Village Builder. The Village Builder does not pay Master Assessments, but when a property is sold to a retail purchaser, the new owner pays LCOA Assessments. When the property is turned over to LCOA, a budget is developed for Reserves and Beneficials and owners will be assessed accordingly.
Currently, there are two Village Builders: WDS Funding, LLC (Sivage) in Las Melodias and Pulte Homes of New Mexico, Inc. in Las Terrazas. Pulte is now developing and selling lots in Phase 3A and to be developed in the future Phase 3B.
Village Builders do not go through Design Review for specific owner building house plan reviews-currently $5,000 nonrefundable fee. Village Builders do not pay construction compliance bonds (Builder and Owner Bonds)-currently $30,000 refundable upon satisfaction of compliance.