JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Below is a 1st draft of a dues increase notice. Names have been changed to protect the innocent.
Your advice, suggestions, comments, etc are welcomed/wanted:
Notice of New Annual Dues For 2019
Our Covenants call for the HOA to replace roofs and siding of all homes. Article V, Section 1, (d) and (f), located on page 10. Although this task does not need to begin until approximately 2027, our present dues structure will not cover this cost. The BOD has explored several ways to address this problem and we have arrived at a painful decision. That decision, in order to be financially prepared for this burden, is to increase our annual dues.
Our neighborhood began in 2007, and our annual dues have been $600 since then. There has never been a dues increase. After researching and getting roof replacement estimates (in excess of $500,000 at today's cost). Our HOA will be woefully short in funds unless something is done now. As unpopular as any dues increase will be, we felt we could not justify waiting any longer without addressing the issue.
Beginning January 1, 2019, our dues will increase from the present $600 per year to $840 per year or $70 per month, which is a $20 a month increase over our current dues. Every dollar of the dues increase will go to a separate reserve account for Roofs and Siding.
Beginning in January, 2019, dues payments will go from a quarterly payment to a monthly payment plan of $70 per month. Sometime in December, a coupon book will be mailed to each homeowner that will have 12 coupons one for each month's dues payment for 2019. We felt going to monthly dues payment would help everyone to be able to better budget a monthly payment versus the existing four lump sum quarterly payments.
So and So, our management company, through their website www.SoandSo.com provides a link to the John Doe Bank who processes our dues payments. Look for the Login to make a payment button and click on it. John Doe Bank offers multiple dues payment options:
1. Use the monthly coupon from the coupon book to mail a check or money order.
2. E-Check.
3. Setup a monthly automatic draft from your bank account.
4. Credit Card - a 3% service charge would be accessed.
5. Debit Card - a $5, service charge would be accessed.
John Doe Bank's contact information if needed is: 800-123-4567 You will need your account number found in your coupon book and So and So Real Estate Services ID number - 1*$3, if you decide to use any of the payment options other than the coupon book.
Also, please find the enclosed OUR HOA 2019 Proposed Budget as well as the OUR HOA 2018 Proposed Budget for comparison purposes. The 2019 Proposed Budget shows the additional dues income and the added line item - Roofing & Siding Reserve.
We are constantly looking for the least expensive ways to provide the conveniences we all benefit from and are always open to suggestions or ideas to better serve everyone in the community. Feel free to contact your BOD at [email protected].
We thank you for your understanding, cooperation, and support.
Our HOA Board of Directors
Your advice, suggestions, comments, etc are welcomed/wanted:
Notice of New Annual Dues For 2019
Our Covenants call for the HOA to replace roofs and siding of all homes. Article V, Section 1, (d) and (f), located on page 10. Although this task does not need to begin until approximately 2027, our present dues structure will not cover this cost. The BOD has explored several ways to address this problem and we have arrived at a painful decision. That decision, in order to be financially prepared for this burden, is to increase our annual dues.
Our neighborhood began in 2007, and our annual dues have been $600 since then. There has never been a dues increase. After researching and getting roof replacement estimates (in excess of $500,000 at today's cost). Our HOA will be woefully short in funds unless something is done now. As unpopular as any dues increase will be, we felt we could not justify waiting any longer without addressing the issue.
Beginning January 1, 2019, our dues will increase from the present $600 per year to $840 per year or $70 per month, which is a $20 a month increase over our current dues. Every dollar of the dues increase will go to a separate reserve account for Roofs and Siding.
Beginning in January, 2019, dues payments will go from a quarterly payment to a monthly payment plan of $70 per month. Sometime in December, a coupon book will be mailed to each homeowner that will have 12 coupons one for each month's dues payment for 2019. We felt going to monthly dues payment would help everyone to be able to better budget a monthly payment versus the existing four lump sum quarterly payments.
So and So, our management company, through their website www.SoandSo.com provides a link to the John Doe Bank who processes our dues payments. Look for the Login to make a payment button and click on it. John Doe Bank offers multiple dues payment options:
1. Use the monthly coupon from the coupon book to mail a check or money order.
2. E-Check.
3. Setup a monthly automatic draft from your bank account.
4. Credit Card - a 3% service charge would be accessed.
5. Debit Card - a $5, service charge would be accessed.
John Doe Bank's contact information if needed is: 800-123-4567 You will need your account number found in your coupon book and So and So Real Estate Services ID number - 1*$3, if you decide to use any of the payment options other than the coupon book.
Also, please find the enclosed OUR HOA 2019 Proposed Budget as well as the OUR HOA 2018 Proposed Budget for comparison purposes. The 2019 Proposed Budget shows the additional dues income and the added line item - Roofing & Siding Reserve.
We are constantly looking for the least expensive ways to provide the conveniences we all benefit from and are always open to suggestions or ideas to better serve everyone in the community. Feel free to contact your BOD at [email protected].
We thank you for your understanding, cooperation, and support.
Our HOA Board of Directors