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Subject: Guidlines for spending
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Author Messages
AlanK
(Tennessee)

Posts:9


09/24/2005 5:38 AM  
I'm on the Board of an HOA in Tennessee and am looking for guidlines as to how much the Board can approve to spend without asking the homeowners.

Any ideas/experiences?
LisaS
(Illinois)

Posts:341


09/28/2005 7:01 PM  
In Illinois, we are goverened by the State law as well as our Declaration. We can pretty much spend as much as we want so long as we have a meeting to discuss it. It is not required that we have a quorum show up, and only the Board votes.

If an expenditure is approved (such as a $20,000 for benches and trees) and someone disagrees, they can call a special meeting with a specified period a petition to the Board and open the discussion again. It would then require a vote by the membership.

For the most part, no one in our HOA cares what we spend so long as they don't get a big bill at the end of the year (we are 300 houses and currently pay $100 per year)
AlanK
(Tennessee)

Posts:9


10/11/2005 10:38 AM  
Thanks Lisa
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