Annual Homeowners Association Budget

Started by ArthurD • 2 replies • 1471 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

ArthurD (Virginia)
Posts: 5

Posted:

The residents of our HOA have just been notified that if we wanted a copy of the 2007 Budget, before a meeting on the budget, we would be required to pay 10 cents per page [60 cents]for a copy. Is this legal and proper?

GlenL (Ohio)
Posts: 5,491

Posted:

It depends on what is required in your CC&R’s, our By-Laws state in part: Each year on or before December 1st the Board of Trustees shall estimate the total amount necessary to pay the cost of wages, materials, insurance, services and supplies which will be required during the
ensuing calendar year for the rendering of all services, together with a reasonable amount considered by the Board of Trustees to be necessary for a reserve for contingencies and replacements, and shall on or before December 15 notify each owner in writing as to the amount
of such estimate, with reasonable itemization thereof

If your CC&R’s don’t require them to give you a copy then they have a right in most states to charge a reasonable copying fee. Just remember one way or the other you are paying for the copy’s, either up front or through your dues.

Studies show that 5 out of 4 people have problems with fractions

BrianB (California)
Posts: 2,820

Posted:

in general, yes, they can charge you for copying and/or mailing. They can charge each person who wants a copy, or add an amount to the annual budget for distribution, and send them out. That, of course, also costs everyone a little as well, in the form of dues.

however, you can always view it for free. It is illegal to charge you or block you in any unreasonable way from viewing the association books.

🎯 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