Board receives latest update on Stedwick Pool Renovation Project

The Montgomery Village Foundation (MVF) Board of Directors approved the following at the June 25, 2026 meeting:

• Sending a letter on behalf of MVF to County Executive Elrich and Members of the County Council regarding Equity for Montgomery Village and the Need to Address Duplication of Public Services.
• Reaffirming the email vote for the Sole Source Proposal from Geo-Technology Associates Construction Observation and Testing Proposal – Theater Pond Renovation Project.

President’s Remarks
Board President Susan Prince invited residents to attend the MV 5K and Fun Run on Sunday, June 28. Ms. Prince stated she would be in attendance. She also invited residents to the Annual MV Independence Parade and Celebration on July 3.

Interim EVP Report
MVF interim Executive Vice President Karen Kodjanian reported that MVF summer season kicked off on June 22 and she made a visit herself to camps on the first day. Ms. Kodjanian announced two new hirings at MVF: Chief Financial Officer Kendra Johnson, who began on July 6, and Communications and Marketing Manager Julia Maldonado, who began on June 22.

Information Items
1. The 2025 990, MD500, and PPT Tax Return Filings were provided to the Board in a packet.

2. Director of Recreation and Parks Duncan Mullis provided an update on the Major Renovation of Stedwick Pool and Bathhouse, noting it would be the final construction update. He provided recent photos of the hydrotherapy area, sun shelf, new lighting, and new building entrance, and mentioned there would be new ADA accessible parking.

Completion is slated for mid-July, with inspections taking place and a grand opening sometime in August (including a ribbon-cutting ceremony).

Treasurer’s Report
MVF Senior Accountant Mirna Rivas presented the Treasurer’s Report for the year-to-date (YTD) and month ending May 31, 2026.

• Overall results through the end of May continue ahead of budgeted projections, with net income higher than budget by approximately +$1.19M, driven primarily by higher revenues (+$1.13M) and lower operating costs (-$61k).
• Total revenues were $5,691,885, which is +24.7% higher than budget and +15.1% higher than 2025 actual revenues.
• Total Operating Expenses $3,983,326, which is -1.5% lower than budget and +6.7% higher than the same period last year.
• Capital Contribution Fees were $170,633 vs. $101,292 budgeted for 2026.
• Balance Sheet continues to reflect MVF’s strong financial position, with approximately $14.6 million, or about 40% of total assets investor held in bank accounts.
• Operating fund has approximately $3.4 million in undesignated reserves.
• The delinquency rate is 10.9% (926 units). This represents a 0.4 percentage-point increase from May 2025’s rate of 10.5% (893 units) and is approximately 0.5 percentage points above the 10-year May average of 10.4%. Performance remains consistent with historical trends for this time of year.

Next Meeting
The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, July 23, via Zoom. Residents are invited to attend.

Full meeting details, the meeting packet, and participation instructions will be posted online at www.montgomeryvillage.com the week before the meeting.