When you purchase a property in an association, you become part of a common interest development. All homeowners are required to share in the common expenses of the maintaining and operating your community’s common areas, equipment, and shared amenities.
Each year the Board of Directors for your community meets to discuss expenditures from the past years, funding the reserve or savings account, and takes in to consideration any planned projects for the coming year. Assessments are set by the Board of Directors and cover the business and finances for the Association. Each owner’s share is based on the projected annual expenses in the community. Board members are homeowners too and as such are obligated to pay assessments just like any owner. Board members are volunteers and do not profit from the business of the community.