Month: November 2012

“Can we afford to do that?” — Budgets for Homeowners Associations

HOA Finances begin with the annual budget since it is the basis for determining the amount of regular assessments and the possible need for special assessments. Under the statutes, the board of directors develops a proposed budget and then submits it to the membership for ratification, usually at the annual meeting. If it is rejected, […]

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“Are you SURE they can do that?” — The Powers of a Homeowners Association

The standard powers of a HOA under N.C.G.S. Chapter 47C and 47F are fairly broad and usually consist of the enumerated powers contained in those statutues, including: Adopt and amend bylaws and rules and regulations; Adopt and amend budgets for revenues, expenditures, and reserves and collect assessments for common expenses from lot owners; Hire and […]

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“Can they do that?” — The Authority of a Homeowners Association.

In North Carolina, a HOA is usually initially formed by the developer of the planned community. A developer of a planned community will go though the permitting process with the county which usually includes preparing a plat or map of the development. That plat is filed with the county register of deeds and can be […]

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