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re: Three upper class Madison/Reservoir subdivision HOAs may have been taken for 7 figures
Posted on 11/10/19 at 5:54 pm to Jim Rockford
Posted on 11/10/19 at 5:54 pm to Jim Rockford
That is a lot of money for a HOA to keep in the bank.
Someone must have been related to JBE and thinks the surplus is a good idea.
Someone must have been related to JBE and thinks the surplus is a good idea.
This post was edited on 11/10/19 at 5:55 pm
3
Posted on 11/10/19 at 5:59 pm to Janky
Homeowners are pissed in Palisades. There was an incident at the last HOA meeting where a group of residents wanted to see the GL and they were told to get bent. It got ugly. There is a commenter on the JJ blog that said a fight nearly broke out - I don't think it was that bad, but there was some yelling between people that are "respected professionals."
Now this.
The entire board should resign in shame.
Now this.
The entire board should resign in shame.
Posted on 11/10/19 at 6:19 pm to Janky
quote:
That is a lot of money for a HOA to keep in the bank.
It depends on what neighborhood assets the HOA is responsible for. Gated HOAs, for example, have to maintain the roads and with most HOAs you have to build up the funds for larger capital investments. One of our HOAs had to resurface 1/4 of the roads (from the first filing) earlier this year which amounted to about 5000ft of road and cost a little over $250k. The next 1/4 will need to be done in 2-3 years. Without building up a surplus over time we would have had to make a fairly large assessment to cover the roads.
Posted on 11/13/19 at 11:04 pm to Janky
quote:
That is a lot of money for a HOA to keep in the bank.
this, a HOA should never be sitting on that pile of cash
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