re: Three upper class Madison/Reservoir subdivision HOAs may have been taken for 7 figures

shite... our HOA is managed by the same group...

Ew mixing exempt and non-exempt funds is always poo.

I stupidly volunteered to be HOA prez a few years ago in my previous subdivision of 77 homes

Our landscape costs were $5K/year. It was approx 1 acre of grass.

Legal fees used to go after delinquent owners: $500

Streetlights were paid on individual bills spread amongst all residents of the neighborhood

Insurance and state filing fees were around $1K

No idea why those HOAs sat on $500K

I would also say that residents are reluctant to volunteer to be board members or officers. That's why many are now managed by 3rd party groups. It would be quite easy to lose track of all spending if your board members are not actually active in the managing of the HOA (most are not)

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No idea why those HOAs sat on $500K

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I explained that on the first page. It depends on what community assets the HOA is responsible for. Both are HOAs are gated so they are responsible for the roads. One has over 4 miles of roads, pools, park, and miles of asphalt walking/riding trails with multiple bridges. Just the ~4.5 miles of roads are a million dollars expense to resurface roughly every 10 years. You can either hit the homeowners with huge assessments every few years or build the money up over time. The bigger the neighborhood and the more amenities they have the bigger the budget and the more amenities that need major investments on a regular basis (but spread out much more than yearly) require building up funds or making large assessments from time to time, most people seem to prefer paying a level amount each month/year.

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I would also say that residents are reluctant to volunteer to be board members or officers. That's why many are now managed by 3rd party groups.

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We see this every year. I have been an officer or board member on both for over 10 years simply because it is so hard to get people to run. The ones that bitch the loudest are the ones whose hands seem dipped in lead when it comes time to volunteer.

Our most recent 2 GLs are available for review on our management website, as are what projects are currently in process and consideration. I would be pissed.

Me thinks someone should have addendum the contract before signing.