Quote:
Posted By RobertG38 on 08/08/2021 6:30 AM
I live in a 55+ community in Florida where the pool and clubhouse have been closed since October of 2020 for remodeling and to add a second pool for the third park they plan to open. We pay a lot rent monthly, we have been charged month after month for these services which we are not allowed to use and were told there will be no credit issued because they don’t have to.
Is this legal to charge for services not rendered?
I think the premise of your question is not valid. To determine whether you are getting all that you are paying for, I would have to see the monthly profit-and-loss statements; the balance sheets; and the most recent reserve study (completed in the last five years).
One's monthly assessment ordinarily should include contributions to the HOA/COA's reserve fund. A reserve fund is savings for big ticket items that age and will need replacement down the road. Hence one is not going to see services et cetera reflected immediately for every dollar paid to the HOA/COA.
Not maintaining an adequate reserve fund is dangerous, both to infrastructure and to the financial health of the HOA/COA (so the HOA/COA does not have to all of a sudden impose an enormous special assessment on owners who of course are not saving for same).