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Forums > Homeowner Association > HOA Discussions

Subject: HOA Issues

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SheilaY
(North Carolina)

Posts:1

11/25/2008 7:24 AM
I was recently elected onto the board. Upon review the 2008 budget, we were $26,600 in the red due to the last boards poor management. HOA fees have now gone up to $109/month. We are a townhome community of 216. We are looking to self manage ourselves. One of our members is an economics major and she's informed us that we need a lawyer and a bank representative to take care of all finances (late dues, payments, pay contractors for services). We have a pool, no playground, and a pond for run off water. Upon reveiwing the 2009 budget, less money was alloted than last year. We pay the mgmt company $31K/year and are now in trouble with the 09 budget. We've requested a copy of the contract from the mgmt company. We've read the bylaws and they should've been released from the HOA association when the HOA was formed. Now their contract has been renewed (with no increase) but we'll be in debt by June of 2009. We tried to release the last board for misappropriation of funds and some homeowners thought of sueing, not sure if we have a case. Can we be successful if we cancel their contract (depending on contract rules) and are we better off self managing? We think it'll be well worth it.

EddyM1
(Maryland)

Posts:1

11/25/2008 7:55 AM
Hello,I think so far each home/unit pays only $12 a month or $144 a year to the mgt company to compansate for the mgt cost. I dont think that is too much. All you need is to make sure the Board takes the control of the Association finances and allocation of funds. Self managing an Association is not joke unless you have people who have good knowledge of bookkeeping, Contracts and etc. Good luck

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Forums > Homeowner Association > HOA Discussions > HOA Issues

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