As an owner of a residence in the Ogden Falls subdivision you may be a member of one or two of the three Homeowners Associations within the subdivision. If you own a single family home you are a member of only the Master Homeowners Association that is responsible for all common areas (common areas are the green belt park areas, the three ponds and gazebo within the subdivision) and the mowing of single family homes lawns and snow plowing of the two alleys. If you live in a townhome you are a member of the Townhome Association which maintains the exterior of your building including the roof, weeding of flower beds, upkeep of driveways and takes care of snow plowing/shoveling of your driveways/parking areas as well as walkways. If you are an owner of a condominium you are a member of the condominium association which must be separate due to the common occupancy of the property from the other associations by state law but receives the same services as the townhomes in respect to services and maintenance of the property. As a member of any of these three associations you contribute to the Master Association for the maintenance of the common areas and have the right of usage of common areas of the subdivision and are thus a member of the Master Homeowners Association.
All three of these associations’ members pay an assessment to the contracted management company that collects the money then distributes back what they collect to the appropriate Homeowners Association. The amount of assessment is determined by the individual Board of each of the association by how much money is required to satisfy the needs of their yearly budgets. Assessment amounts for each association are different amounts due to the different needs and services provided to the owner based on the type of occupancy commonly at the end of the year as part of the yearly budgeting process that produces the coming year budget. Usually the amount of monthly assessment payment is the same each for the entire year but different in the amount as stated earlier. Exceptions to this amount of monthly assessment payment can occur do to some emergency that requires additional funds or some significant unforeseen saving that occurs during the budgeted year but as a rule the monthly assessment amount is a firm number for the entire year.
The Budget process becomes the key component and backbone of a successful Homeowners association. It is the game plan for maintaining the subdivisions assets, maintenance expense of common areas, establishing reserves to satisfy long term major maintenance projects as well as daily operations and services provided for the subdivision. In addition, as mentioned earlier the monetary needs of the budget is what determines the amount of the association owner’s assessment. If a yearly budget does not reflect the real short term and long term needs of the association it can be to lean establishing a very low assessment payment that may work for awhile but in the long run results in the need for emergency loans to provide the basics like roofs, crumbling assets like unmaintained streets, and a overall denigration and devaluation of your property investment. Conversely if the budget is to fat your monthly assessment is too high and it wrongly attempts to build unnecessary reserves and if not adjusted eventually so many owners are not able to pay that the unsatisfactory inflow of money starves and bankrupts the association again devaluing your property investment. The key to a functioning supportive budget is good judgment and the knowledge of your Board dutifully carrying out their fiduciary function, the professional support and guidance provided by the Management Company as well as participation and relevant input of the members of the association. It is important to understand the management company in addition to collection and distribution of assessments also provides accounts payable, accounts receivable, administrative support, contracts the legal services of the association, assists respective Boards with budgeting, bidding and administration of contracts, support in administration and enforcement of rules and regulations as well as other Homeowner association related support. It is imperative that the respective Boards, Management Company, and members of the association are communicating with each other and work diligently together to maintain the entire subdivision as well as work to improve the community to make Ogden Falls a great place to live as well as a good investment.
Hopefully this helps clarify what you are a part of as a member of the Ogden Falls Homeowners Associations.