ReneeD (Illinois)
Posts: 201
Posts: 201
Posted:
Should increases in monthly association fees and any late fee increases the BOD adopts be recorded and reflected in our governing documents? -ReneeD
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Started by ReneeD • 7 replies • 1151 views
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JohnK3 (Pennsylvania)
Posts: 967
Posts: 967
Posted:
Renee,
Our Board signs and dates all Board Resolutions and they become part of the official records of the HOA. We also provide copies to Membership via e-mail.
Our Board signs and dates all Board Resolutions and they become part of the official records of the HOA. We also provide copies to Membership via e-mail.
DonnaS (Tennessee)
Posts: 5,671
Posts: 5,671
Posted:
Renee,
No , any increases in dues along with late fees will not be included in the governing documents. However, they must be documented per your minutes, and any Board vote plus the official/annual Budget. Of course, if this was an increase that was higher than the governing docs allowed, then an official vote of the membership must be also on record but basically, no , unfortunately, this is what most of our HOAs are having to do recently.
SusanW1 (Michigan)
Posts: 5,202
Posts: 5,202
Posted:
Surely, an announcement to the membership is in order (in your next newsletter)
GloriaM (North Carolina)
Posts: 829
Posts: 829
Posted:
Renee:
Your documents should state how much the board is able to raise the dues annually e.g. 5%, 8% or 10%. I have seen some documents that even state if the HOA has not raise their fees for several years that the board can raise it by that percentage plus the 5%. As always read your governing documents first.
Your documents should state how much the board is able to raise the dues annually e.g. 5%, 8% or 10%. I have seen some documents that even state if the HOA has not raise their fees for several years that the board can raise it by that percentage plus the 5%. As always read your governing documents first.
ReneeD (Illinois)
Posts: 201
Posts: 201
Posted:
Thank you all for your answers and quick turnaround! I will need to check our governing documents to see if there is an increase limit. -Renee
MaryA1 (Arizona)
Posts: 7,043
Posts: 7,043
Posted:
Renee,
Don't know if IL has any HOA statutes, but if so, you will want to check those out also. AZ does have a law regarding planned communities but not condos.
Don't know if IL has any HOA statutes, but if so, you will want to check those out also. AZ does have a law regarding planned communities but not condos.
PatR (Florida)
Posts: 139
Posts: 139
Posted:
We just increased our HOA fees by 5%, as allowed by FL state statute. Instead of increasing by a dollar amount, we went with the %, in case the dues go up or down.
The BOD voted on it at the BOD meeting.
Done.
Pat
The BOD voted on it at the BOD meeting.
Done.
Pat
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