A significant portion of the budget is allocated for roads improvements, repairs, and maintenance as well as shoulder and ditch line work. The remainder of the budget is basically fixed expenses the Association incurs. The annual budget is planned on the expectation of collecting homeowners’ dues from all property owners in a timely manner. Late payments cost the Association additional expenses and can cause delays in scheduled work in the community.
The budget for 2020-21, approved by the Board at the Board Meeting on February 17th, will be presented to the membership at the FFHA Annual Meeting on April 4th. Property owners will be asked to approve the budget for the new fiscal year that runs from June 1 through May 31. Invoice reminders for this years HOA assessment will be mailed by May 1st. The proposed annual assessment — $1,226.50 — will be due June 1st, 2020.
The Board is sensitive to hikes in the assessment but costs continue to go up on road-related materials and labor, which make up the approximately 82% of FFHA costs.
• Restrictive Covenants – Article 10: Assessments
• Regulations – Setting Annual Assessment Amount
Still have questions regarding assessments? Send an email to us via our Contact page.
The remittance should be send to:
Fairview Forest Homeowners Association
c/o John P. Wood, CPA
138 Mt Carmel Road
Asheville, NC 28806
Assessments Questions & Answers
Most frequent questions and answers about Assessments
The late fee (5%) helps to cover the additional cost for the accountant to pursue payment of late assessments.
The Association will not put a lien on your property for the late fee; however, the late fee will remain on your account until paid. If a query is made to see if your account is clear, the answer will be “No”.
The collection suit is the Association’s final option to collect delinquent assessments.
A property lien protects the Association; a lien gives public notice to potential buyers and other interested parties that there is a debt owed on the property.
The Covenants allow for such a situation. See Restrictive Covenants, Article 10.
Assessments Policy Collection Steps
• Assessments are due by June 1st each year.
• As of July 1st, there is an extra 5% late fee.
• As of August 1st, the Association’s attorney places a lien on the property on which the annual assessment has not been paid. The attorney’s fee for this action is added to the amount owed. Also, the Association will add on two months interest.
• As of September 1st, the Association is required to turn the account over to the Association attorney for collection. He will initiate legal action to collect the unpaid amount, which will now include the cost of collection and additional interest. The property owner gets another 30 days to pay.
• After the 30 days, the attorney will file suit for collection. Following a loss in court, the North Carolina Planned Community Act requires the property owner pay everything, the original assessments, interest, reasonable attorney’s fees, late fee and all costs of collection. While the expense can vary widely at this stage, the total debt at this point can be several times the original assessment.