Each community is managed by a set of governing documents referred to as articles of incorporation, bylaws, covenants, conditions and restrictions (CC&Rs), rules and regulations. Since each community has specific governing documents, the budget and finances are regulated in these documents. Assessments are due annually, semi-annually, quarterly, or monthly depending on community’s documents. Dues are always due on the first day of the billing cycle.
Most community’s assessments cover some or all the following expenses with the homeowner’s dues: ongoing maintenance, insurance policies, utility payments, reserve funds, personnel, professional management fees.