Originally Posted by
TBS
HOAs are the norm for subdivisions in my little slice of Paradise.
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And they haven't done a reserve study - ever. Only one ever done was 10 years ago, when the developers sold the first homes. A bunch of changes have occurred since then.
Further, they haven't prepared audited financial statements, despite it being required under the HOA bylaws
And now they want to do a bunch of common area landscape improvements. They say the (as yet undisclosed) costs for said improvements will come from the "well funded reserves". I'm a little skeptical given the lack of a recent reserve study, the lack of financial statements (their monthly compilations are worthless) and the fact that the reserves declined by 33% this year due to some unanticipated repairs.
The Board was not pleased when I brought these issues up. Annual meeting is Dec 9, will see what happens then.