Payment of maintenance fees, insurance and special assessments are due by the first (1st) of each month and are considered overdue on the 16th of the month. Owners that have overdue payments will be assessed a late fee of $25. Failure to submit any payment by the overdue date will result in a "past due" statement mailed by the treasurer as a reminder.
PLEASE NOTE: A $25 late fee will be assessed for each late payment.
After failure to pay by the due date of the third month, a statement of "Notice of Intent To Lien" will be sent to the owner.
The treasurer pays all re-occurring expenses for services automatically.
All minor expense amounts (less than $200) are paid without approval of the president.
All non-recurring expenses over $200, including all projects and repairs, are reviewed and approved by the president. This usually is accomplished via fax or e-mail approval for payment, or by signing the invoice.
Each invoice and check is recorded in the Association books of account and supporting documents retained.
An annual audit is performed of all revenues received, assets, and expenses. After completion of the audit, a report is prepared and reported to the membership.
Monthly financial statements are prepared, including a forecast of the annual budget. Projects are reviewed with estimated costs and approved by the Board, prior to authorization.
In accordance with the Motion Approved at the annual meeting on January 8, 2005 and subsequently ratified by vote of the members, each unit owners shall provide the Association with a copy of their "Homeowner Insurance of Liability Coverage" for their unit.
This insurance requirement is in addition to the master policy held by the Association.
Contact your agent and request that a copy of the Declaration of Insurance be provided to Sundance HOA, attention Ron Haworth, Treasurer, naming the Association as an additional insured.
This requirement is affective immediately and a fine of $250 will be assessed to the unit owner, starting July 1, 2005, for failure to provide the association with a declaration of coverage, or for failure to maintain the coverage current.
This policy is being implemented to insure that the Association master insurance policy is not assessed with a number of claims which should have been handled by the unit owners. Claims against the Association master policy could result in the provider dropping coverage. This would result in a large increase in cost to insure the building.
Election to the Board of Directors, Sundance Homeowners Association, is a commitment of voluntary service to conduct the business of the corporation in accordance with state laws and the declarations and by-laws of the Association.
Eligibility to serve as a board member requires that the member be in good standing with the Association for one year (12 months) prior to the nomination. Good standing is defined as (1) all financial obligations must have been met for the previous twelve months and (2) have no legal action outstanding with the Association.
The Association Secretary and Treasurer shall determine a member's eligibility for election to the board.
Board service is non-compensated except for (1) the position of Treasurer, and (2) approved expenses for expenses for supplies and services for the Association.
If an elected board member falls in arrears financially, or becomes involved in a legal dispute with the Association, he/she shall become ineligible to continue serving as a board member, and a replacement shall be appointed by the remaining members of the board.
Adopted by the Board of Directors at the meeting on June 22, 2007
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