Prior to the beginning of each calendar year, the Board of Directors establishes the HoA’s operating budget. This budget includes the costs associated with the day to day operating costs of the Association, and also includes fixing the amount of the HoA’s annual assessment, which is paid on a quarterly basis.
The Operating Fund is maintained by the Management Company and is kept at an FDIC-insured bank.
In addition to the Operating Fund, the HoA is also responsible for maintaining a Reserve Fund for Common Area capital expenditures. The Reserve Fund is a separate account from the Operating Fund and is only accessible by the HoA Board President and Treasurer. Currently, the HoA maintains two Reserve Funds; a CD and Money Market Account. Both of these accounts are through an FDIC-insured bank.
Detailed financial reports and monthly banking statements for both the Operating and Reserve Funds are submitted to the Board of Directors for review on a quarterly basis by the Management Company.
Quarterly Assessments
HoA Assessments are currently $110.00 per quarter. Assessments are due on the 1st of January, April, July, and October.
The Management Company offers Automatic Debit for the payment of Association Assessments. Please consult their website for additional information about payment by Automatic Debit.
Reserves
The Board of Directors is responsible for ensuring the Reserve Funds are sufficient for capital item improvements and maintenance. In order to achieve this, the Board updates yearly the Capital Reserve Study to project the reserve funds and expected expenditures for the next twenty years.