Published: November 02, 2017
The Verandah Association was first established in 2007 and for more than ten (10) years has operated without raising assessments. The Association, in the past, has depended heavily upon deficit funding from the Declarant which to date has exceeded more than $321,000. This means the Association operates at an annual deficit of approximately $32,000 per year and the only way to offset this deficit and aid the Association in becoming financially solvent, including the ability to set aside funds for Reserves, is to increase the assessment amount collected annually. The Association must be able to operate as a self-sustaining entity prior to the end of Declarant control to ensure its financial health and future.
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