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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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JohnP15
(New Jersey)
Posts:3
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| 11/26/2008 11:17 AM |
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| Is there a rule that says homeowners do not have the right to vote on special assessments? |
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JohnK3
(Pennsylvania)
Posts:568
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| 11/26/2008 11:23 AM |
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John,
Your docs (ByLaws and CCRs) probably outline who can vote for what. |
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MaryA1
(Arizona)
Posts:2504
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| 11/26/2008 11:30 AM |
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John,
John K tells it right -- your docs will outline the requirements for special assessments. In most instances a special assessment does require a vote of the members. The requirements should be stated in the CCR article entitled "assessments", at least that's where mine are. My docs even go so far as to state exactly what a special assessment can be approved for -- a 2/3 vote of the members is required for passage. |
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JohnP15
(New Jersey)
Posts:3
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| 11/26/2008 11:40 AM |
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| When you say members, is that members of the board or homeowners. And also, is there another way for hoa to generate money rather than sock it to the homeowners? |
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JohnP15
(New Jersey)
Posts:3
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| 11/26/2008 11:43 AM |
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| I as a homeowner voted for members to be on the board to find creative solutions to satisfy budgetary needs rather than utilize special assessments or increase homeowner's fees. What is the solution. If you raise the fees or create a special assessment, you will eventually have foreclosure increases, late charges, attorney fees that the hoa will never recover anyway. |
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DonnaS
(Tennessee)
Posts:2951
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| 11/26/2008 11:53 AM |
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John,
Every State has different HOA Laws and every association has different bylaws which would outline a procedure for special assessments. My associations both allow for the Board to vote on any specials, not the owners. BUT the Board better justify why the assessments are needed.
I am sure that your Board is doing the special because they need to. Operating funds can be hit with items that were not budgeted for. There also might be members not paying but the bills will still continue to come in.
Ask the Board, "what is this for?" They should have a valid reason.
As for your question, "who are members?" Those are the owners of title to the units within the association and are considered members of the association.. Board members will always be called Board of Directors or Board members or Officers of the Board. |
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MaryA1
(Arizona)
Posts:2504
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| 11/26/2008 11:58 AM |
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John,
I'm referring to members of the assn.
IMO, the BOD should have a reserve fund established to cover the maint, repair and replacement of major assets. A certain % of the assessment income is used to fund the reserve account. A reserve study should be performed to determine exactly what assets should be included. If adequate reserves are on hand, a special assessment is normally not required when a major expense occurs. IMO, it's poor planning on the part of the BOD that requires a special assessment. If you don't have a reserve fund, then a special assessment may be required together with an increase in assessments to start the funding of a reserve fund. BTW, are you in a condo or planned community. What do your common areas consist of (private streets?) and do you have any amenities (pool, tennis courts, etc.) |
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