ReneeD
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
A service of:
Community123.com
Professional websites for HOAs & condos, since 2004
Professional websites for HOAs & condos, since 2004
🎁 1st year FREE for HOATalk members! →
Association Records
Started by ReneeD • 7 replies • 1152 views
💬 Join us to post & get advice from 50,000 HOA & Condo leaders.
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in
JohnK3
Posts: 964
Posts: 964
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
Posts: 5,596
Posts: 5,596
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
Posts: 5,197
Posts: 5,197
Posted:
Surely, an announcement to the membership is in order (in your next newsletter)
GloriaM
Posts: 820
Posts: 820
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
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
Posts: 6,993
Posts: 6,993
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
Posts: 137
Posts: 137
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
🎯 You've read this entire discussion
Join the conversation with 50,000 HOA & Condo Leaders:
- ✓ Ask follow-up questions
- ✓ Share your experience
- ✓ Get expert advice
- ✓ Access 350,000 discussions
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in here