Dear Country Place Property Owner,
As President of the Country Place Property Owner’s Association (POA), Inc., also known as Country Place Homeowners Association, I am writing to inform you of an increase in your annual assessment as a Class “A” member of the Country Place POA, Inc. from $86 per year to $103 per year. This $17 per year increase is required to offset new annual expenses that have been deemed reasonable and necessary by the Board of Directors for Country Place POA, Inc., as further described below.
It has been almost two years since the February 2, 2016 Country Place POA, Inc. Transition meeting occurred. Using terms from the Country Place POA, Inc. By-Laws, that was the meeting when the Class “B” Control Period ended and the Class “A” Control Period began. In other words, that was the meeting when the developers of Country Place turned over responsibilities of the Board of Directors to seven elected property owners of Country Place.
In the first year of Class “A” control, the newly elected Board accepted the administrative burden that was previously carried by Ideal Homes. Over time, it became apparent that the administrative burden was too time sensitive and critical to be managed on a part time basis by the Board members.
Starting at the beginning of the second year of Class “A” Control, Aria Real Estate Group was contracted to act as Registered Agent and to manage day-to-day activities of Country Place POA, Inc. member accounts. The cost of Aria’s contract is $5,500 per year.
Also at the beginning of the second year of Class “A” Control, a review of the Country Place POA, Inc. insurance policies was conducted. It was discovered that liability insurance was not included as required by the Declaration of Property Owners Association for Country Place, Article III Paragraph 1.iiii. Liability insurance has been obtained at a cost of $2,982 per year.
Finally, at the beginning of the second year of Class “A” Control, it was realized that there was no liability insurance for Directors and Officers of the Board. The Board thereby determined to obtain Director’s and Officer’s liability insurance at a cost of $1,922 per year.
Added together, the additional cost of Aria’s services, General Liability insurance and Director’s and Officer’s insurance coverage totals $10,404 per year in expenses for Country Place POA, Inc.
In accordance with the Declaration of Property Owners Association for Country Place Addition, Article VI, Section 3, the increase of $17 per year, which is not more than 20% of the $86 per year assessment for the previous year, does not require a vote of the membership. The assessment of $103 for the year 2018 will be due on and after January 5th, 2018.
The Country Place POA, Inc. Board of Directors will be available to answer questions concerning the dues increase at the bi-monthly Board meeting scheduled for December 4th, 2017. In addition we will discuss the budget for 2018 which can be viewed here.
President, Country Place POA, Inc.