Financial Information
Homeowner Dues
Each homeowner is responsible for payment of dues for building expenses. This includes but is not limited to electricity, maintenance & repair, property management fees, reserve funding, common area cleaning, internet and fire safety. Dues are calculated based off the percentage of ownership (e.g. square footage) as outlined in the condominium documents. For more information and your dues required, contact the Property Manager.
Homeowners that fail to pay their dues will be charged late fees and interest as allowed by Georgia law. The State of Georgia allows an automatic lien on properties with outstanding balances. Refer to the Account Delinquencies page for further information.
Dues are calculated based on your percent of ownership in the building. The percent is defined in the Condominium Documents. See the appendix for your percent of ownership.
Annually the Board of Directors sets a budget for the following year. The budget is based on several factors including but not limited to: Current year expenses, forecasted expenses, planned projects, inflation and reserve funding needed. Homeowners can reach out to the Property Manager for a copy of the budget.
Special Assessments
From time to time, the Board of Directors may authorize a Special Assessment as outlined in the Condominium documents. Special Assessments may include emergency needs, funding for urgent maintenance or other projects. Most major projects are funded through the reserve fund (savings account).
Reserve Fund
The reserve fund is our “savings account” for future capital expenses. The reserve fund balance helps us pay for items up front vs. having to raise dues, special assess or obtain a line of credit.
A healthy reserve fund also keeps all owners on the same playing field for expenses over time. Whether an owner for 2 years or 20, the reserve fund must be maintained equally by all. Reserve fund expenses could include elevator refurbishment, roof replacement or parking lot resurfacing among many other things. Reserve funds should not be used for operating expenses (e.g. utility bills, normal maintenance, management fees, etc.)
Reserve Study
The Reserve Study identifies potential and required maintenance, repair and replace opportunities for the building, infrastructure and mechanicals. Periodically the Board of Directors may commission an update to our Reserve Study. The Reserve Study is completed by a third party. The study identifies items for maintenance and replacement based on age and condition. The reserve study helps the Board identify appropriate funding needs to the reserve account. A copy of the reserve study can be found on the management company’s website.
Historical Financial Reports
Homeowner versions of HOA financial documents that include income and expense summaries, profit loss statements, balance statement etc. can be found on the Property Management Company's website.
Current Year Budget
The current year budget is posted on the Property Management Company's website. A budget is created annually for income and expenses. The budget may draw on the reserve fund for large expenses. As a best practice, we allocate a portion of all income to the reserve fund. This is done to avoid special assessments. Contact the Property Manager for more information.