WayneR3 (South Carolina)
Posts: 2
Posts: 2
Posted:
WE are a HOA that has 3900 members, the Covent's require that long term storage
can not be stored in driveway or seen from the road if stored in back yard.
We have a Special Use Property for RV storage. The annual rate for storage is
about 10% of commercial storage facilities in the area. The president and HOA
manager feel that they should charge what the going rate is so that they can
build up the reserves fund. For the past 3 years they have collected in excess
of 42,000.00 each year. This year they are doing a 10% increase in the RV Lot rates.
It the HOA breaking laws by producing double the amount require to run the lot, and
in effect changing the Non-Profit status of the HOA by doing this?
Also we have a lake with a 800 foot dam that has been neglected for over 30 years,
we are have to bring it up to new codes. The cost will be 2-3 million dollars
of the next 10 years, At the present time Our reserves have about 3 million in
reserves to cover the estimated 8 million in assets. I think it would be wrong to
deplete the present reserves that have been set aside to cover the existing assets.
My question is shouldn't a special assessment be done to cover the unplanned
work on the dike, instead of drawing our reserves down?
can not be stored in driveway or seen from the road if stored in back yard.
We have a Special Use Property for RV storage. The annual rate for storage is
about 10% of commercial storage facilities in the area. The president and HOA
manager feel that they should charge what the going rate is so that they can
build up the reserves fund. For the past 3 years they have collected in excess
of 42,000.00 each year. This year they are doing a 10% increase in the RV Lot rates.
It the HOA breaking laws by producing double the amount require to run the lot, and
in effect changing the Non-Profit status of the HOA by doing this?
Also we have a lake with a 800 foot dam that has been neglected for over 30 years,
we are have to bring it up to new codes. The cost will be 2-3 million dollars
of the next 10 years, At the present time Our reserves have about 3 million in
reserves to cover the estimated 8 million in assets. I think it would be wrong to
deplete the present reserves that have been set aside to cover the existing assets.
My question is shouldn't a special assessment be done to cover the unplanned
work on the dike, instead of drawing our reserves down?