|
Finance
How much are annual dues?
Annual dues are $90 per homeowner for calendar 2004.
When are annual dues billed and when are they due?
Invoices are mailed to each homeowner in January each year. The dues are payable, according to the bylaws, within 30 days. The billing usually has a due date specified.
How is the amount determined?
Prior to the end of the calendar year, the Board of Directors reviews the current year's expenditures, the coming year's anticipated expenses, and adjusts accordingly. Dues are determined solely on the coming year's maintenance requirements, planned projects & activities. Carryover project money is not included in determining the coming year's dues amount because it has already been collected and earmarked for specific projects which may not have been completed in the current fiscal year.
Where does my dues money go?
The dues money, as it is received, is deposited in the Association's checking account for disbursement throughout the fiscal year.
The money is used, in accordance with the bylaws, for maintenance and improvement for the Association's property (Commons Areas). These items include recurring costs such as grass cutting, fertilizer, annual landscaping, utilities (water & electricity), insurance, photocopying, and postage. It may also include non-recurring expenses such as surveys and legal fees (if any is anticipated). A small portion of the annual budget is designated for activities, such as the Annual Picnic, to promote our social well-being and family atmosphere widely desired by many residents and prospective home buyers.
How do I know what is spent where?
As a Wexford Mews homeowner and an Association Member, you are entitled to review the current expenses & budget report. These are available at every Board Meeting, with a summary of the previous year available at our Annual Meeting.
What happens if I move this year?
Your annual dues are still required at the beginning of the year. Your title company should contact the Association Treasurer for a certificate letter provided to the title company if your annual dues are currently paid. Any pro-rating is between you and your title company; not the Association.
What happens if I don't pay my dues each year?
A lien will be placed on your home until dues are paid to date.
|
|
