DECLARATION
COMMUNITY BUDGET OVERVIEW
The budget for a Homeowners Association (HOA) serves as a crucial financial tool that ensures the community's financial health, supports operational needs, and aligns with the association's long-term goals. The key purposes of an HOA budget include: Financial Planning, Operational Management, Reserve Fund Allocation, Assessment Calculation, Transparency and Accountability, Compliance with Legal and Governing Documents, and Long-Term Sustainability. In summary, an HOA budget is essential for maintaining financial stability, fostering community trust, and ensuring the smooth operation of the association’s responsibilities.
RULES & REGULATIONS
Assessment of Fines for Late or Partial Payment of COA Dues
Homeowner non-payment of the full amount of COA dues (assessments), or late payment of dues, within the first thirty (30) days after the due date, will be assessed a fine of $50. An additional $50 will be assessed each subsequent month dues are not paid in full. Additional fees and charges may be assessed, as applicable, in accordance with Copper Leaf Declarations, Section 10.0. “Non-Sufficient Funds (NSF)” fees applied to any payments will be charged back to owners.
Fines and Grievance Process for Infractions or Non-Compliance with Resident Guidelines
Except for fines associated with homeowner non-compliance with proof of insurance, renter documentation requirements, and non-payment of COA dues (assessments), infractions and/or non- compliance with these Resident Guidelines will result in a warning letter to the owner/occupant. Thereafter, fines of $50, $75, $100 will be assessed against the unit owner for each additional infraction. If no resolution is achieved, violations thereafter will be handled by mediation and all costs involved will be assessed to the unit owner. Any violator in receipt of such notices or fines may express grievances in writing to the Board of Directors and may request a special Board meeting to voice such grievances.
DECLARATION
SECTION 8: AUTHORITY AND DUTIES OF BOARD OF DIRECTORS
8.15 | Notice and Opportunity to be Heard
Whenever this Declaration requires that an action of the Board of Directors be taken after "Notice and Opportunity to be Heard," the following procedure shall be observed: The Board of Directors shall give written notice of the proposed action to all Owners whose interest would be significantly affected by the proposed action. The notice shall include a general statement of the proposed action and the date, time and place of the hearing, which shall be not less than five (5) days from the date notice is delivered by the board. At the hearing, the affected person shall have the right, personally or by a representative, to give testimony orally, in writing or both (as specified in the notice), subject to reasonable rules or procedure established by the Board to assure a prompt and orderly resolution of the issues. Such evidence shall be considered in making the decision but shall not bind the Board. The affected person shall be notified of the decision in the same.
SECTION 9: COMMON EXPENSE ASSESSMENT ACCORDING TO BUDGET
9.5 | Monthly Assessments
The amounts required by the Association for Common Expenses and Special Allocations as reflected by the annual budget and any supplemental budgets shall be divided into installments to be paid each month over the period of time covered by the budget or supplemental budget. The monthly assessment for each Unit is the total of the Special Allocations for that Unit, and those Common Expenses which may not be specially allocated times the Allocated Interest for that Unit. Monthly assessments begin accruing for all Units upon the closing of the sale of the first Unit by the Declarant; provided that the Declarant may delay the commencement of assessments and pay all actual expenses of operating the Condominium with no allocations to reserves. During any period when Declarant has elected to pay the actual expenses rather than making assessments against all Units, Declarant may allocate utility costs paid by the Association only to those Units which have been conveyed or are occupied, and shall be entitled to offset those expenses by any income from the operation of the Common Elements (such as parking or any guest Unit).
SECTION 9: COMMON EXPENSE ASSESSMENT ACCORDING TO BUDGET
9.12 | Payment of Monthly Assessments
On or before the first day of each calendar month, each Owner shall pay or cause to be paid to the treasurer or designated agent of the Association all assessments against the Unit for that month. Any assessment not paid by the tenth day of the calendar month for which it is due shall be delinquent and subject to late charges, interest charges and collection procedures as provided in Article 10.
SECTION 9: COMMON EXPENSE ASSESSMENT ACCORDING TO BUDGET
9.13 | Reconciliation of Assessments to Actual Expenses
The Association shall establish and maintain its accounts and records in such a manner that will enable it credit the assessments for Common Expenses including Special Assessments, Special Allocations, and reserves, and other income to the Association to the account of the appropriate Units and make its expenditures from the appropriate accounts. The accounts of the Association shall be reconciled as necessary to ensure the Owners are correctly assessed for the actual expenses of the Association, and any surpluses (or deficits) in the accounts shall be credited to the benefit of or paid to (or charged to the account of or assessed against) the Owners who paid the surplus (or owe the deficit). Reconciliation shall not be necessary if the administrative cost of doing so will exceed the total adjustment likely to result from the reconciliation.
SECTION 9: COMMON EXPENSE ASSESSMENT ACCORDING TO BUDGET
9.14 | Proceeds Belong to Association
All assessments and other receipts received by the Association on behalf of the Condominium shall belong to the Association.
SECTION 10: COLLECTION OF ASSESSMENTS
10.2 | Collection of Delinquent Assessments
The Board of Directors shall enforce collection of any delinquent assessment in the following manner, or in any other manner permitted by law
SECTION 10: COLLECTION OF ASSESSMENTS
I0.2.2 | Acceleration of Assessments
If an Owner is delinquent in the payment of any assessment for more than sixty (60) days, and the Owner fails to cure the delinquency within fifteen (15) days after written notice from the Association stating the consequences of failing to cure the delinquency, then the Association may accelerate and demand immediate payment of all assessments coming due during the twelve (12) month period following the Association's notice. The Association may reasonably estimate any special allocations or special assessments in calculating the accelerated balance.
SECTION 10: COLLECTION OF ASSESSMENTS
10.3 | Attorneys' Fees, Costs and Interest
The Association shall be entitled to recover any costs and reasonable attorneys' fees incurred in connection with the collection of delinquent assessments, whether or not such collection activities result in suit being commenced or prosecuted to judgment. The Association shall be entitled to recover costs and reasonable attorneys' fees if it prevails on appeal and in the enforcement of a judgment. Until a different rate is set by the Association, delinquent assessments shall bear interest from the date of delinquency at the lesser of twelve percent (12%) per annum or the maximum rate permitted by law.
SECTION 10: COLLECTION OF ASSESSMENTS
10.6 | Late Charges
The Association may establish reasonable late charges and assess them against those Owners who are delinquent in paying assessments.