no budget

Started by BB5 • 2 replies • 1159 views

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BB5 (Missouri)
Posts: 145

Posted:

I noticed on another thread if there is not an approved budget dues cannot be raised. Our board/officers have never presented a budget does this mean dues and spending cannot be raised ? We are in MO. also Incorporated.

LawrenceC1 (Georgia)
Posts: 480

Posted:

Quote:

Posted By BB5 on 06/04/2012 7:53 AM
I noticed on another thread if there is not an approved budget dues cannot be raised. Our board/officers have never presented a budget does this mean dues and spending cannot be raised ? We are in MO. also Incorporated.

The question of what is required to raise dues will vary from state to state and from bylaws to bylaws. You will have to look to your governing documents to see what the rules are for your HOA.

Some states require a budget and limit raises to a certain percentage each year. For my HOA in Georgia there are no such rules and the board can set dues at any number they want.

GlenL (Ohio)
Posts: 5,491

Posted:

BB that question was from a poster in California and I replied citing Davis-Stirling which is the law there. Lawrence is correct in that it varies from State to State, for instance some States limit the amount dues can be raised regardless of what the CC&R's state. And others like Ohio requires a minimum of 10% to go into reserves or the homeowners MUST vote each year to allow for the possibility of a special assessment.

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