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Thornridge Subdivision

Thornridge Subdivision. Homeowner’s Association (HOA) Initial Meeting September 24, 2009. Welcome. Introduction How did the idea of a HOA begin? How did we become involved? What work has been done so far? What would we like to do in the future?. Agenda. Welcome and Introductions

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Thornridge Subdivision

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  1. Thornridge Subdivision Homeowner’s Association (HOA) Initial Meeting September 24, 2009

  2. Welcome • Introduction • How did the idea of a HOA begin? • How did we become involved? • What work has been done so far? • What would we like to do in the future?

  3. Agenda • Welcome and Introductions • HOA Steering Committee • Purpose and Benefits of Homeowners Association • Neighborhood Association is NOT a Homeowner Association • Steps to Organize an HOA • Elect Officers • By –Laws & Incorporation • Covenants & Restrictions • Memberships fees • Schedule for future meetings • Officer Roles & Responsibilities • Officer Nominations • Meeting Adjourned

  4. Introductions • HOA Steering Committee • Ty Riley, President • Ben Plue, Vice-President • Carol Sorrells, Treasurer • Kerrie Riley, Secretary • Thanks to Bill Calhoun for his leadership role in uniting the neighbors of Thornridge

  5. Purpose & Benefits of HOA • Improve area & property values • Control destiny of neighborhood • Powerful voice in obtaining city services • Avenue for leadership development • Increase safety • Feeling of community belonging • Personal growth

  6. Purpose & Benefits of HOA • Turnover of control from developer • Possible business contacts • Separate legal entity status • Broad range of powers • Separate liability for corporate debts • Maintain covenants & restrictions for Thornridge

  7. Thornridge Accomplishments • Neighborhood cookout in May • Subdivision-wide garage sale • End of summer party on the lake • Thornridge directory • Subdivision entrance lights • Bank account for volunteer funds • Entrance landscaping • Other charitable events

  8. Future Neighborhood Ideas • Establishing the location of Thornridge Subdivision on online maps (Mapquest) and GPS • Periodic newsletters & other communications • Researching the possibility of obtaining lake rights • Thornridge HOA web page

  9. NA & HOA are NOT the Same • Neighborhood Associations (NA) • Membership is voluntary • Informal organization but still governed by the city or state level • Do not maintain commonly owned property • Focus on general advocacy & community events • Generally formed in older, established neighborhoods • Have less authority, control & ability to establish & enforce rules • Homeowners Association (HOA) • Membership is required • Established at the time residential neighborhoods are built & sold • Governed by Covenants & Restrictions

  10. Steps to Organize HOA • Elect Officers/Trustees • Establish by-laws • Incorporate with Secretary of State • Cost of new filing is $181.25 • Common Stock issuance – 45 shares @ $1/house • Establish & collect membership fees • Approximately $50-$150 (max)/household/year • Schedule future meetings, quarterly to start Refer to Thornridge Subdivision Covenants, paragraphs 37, 38, 39, 40

  11. Steps to Organize HOA • Highlights of Covenants (37 – 40) • Owners of lots shall be a member, by virtue of ownership, of Thornridge HOA • Covenants shall “run with the land” & be binding for 25 years or longer • When 95% of the lots in subdivision are “conveyed” • All powers of the “Developer” shall pass to the Homeowners “Association” Refer to Thornridge Subdivision Covenants, paragraphs 37, 38, 39, 40

  12. Roles & Responsibilities • President • Presides over all meetings • Signs written contracts • Ensures by-laws and rules governing the HOA are enforced • Delivers established covenants & restrictions to new members of the subdivision

  13. Roles & Responsibilities • Vice-President (President-Elect) • Assists the President with all normal HOA functions • Presides over all meetings • Signs written contracts • Ensures by-laws and rules governing the HOA are enforced • Delivers established covenants & restrictions to new members of the subdivision

  14. Roles & Responsibilities • Treasurer • Maintains custody of the money for the HOA • Heads the budget and finance committee • Generates a timely report of the general financial condition of the HOA • Collects funds from HOA members • Distributes funds for HOA expenses

  15. Roles & Responsibilities • Secretary • Issues notices of all HOA meetings • Attends and keeps minutes of all meetings • Maintains HOA books, records, files & papers • Keeps written record of rules & regulations of various committees and distributes them to the members of the HOA

  16. Meeting Adjournment • Questions • Next meeting & location • Final comments • HOA needed for maintenance purposes • Keep the HOA positive-based and for constructive purposes • Immediate need vs. future need of a HOA

  17. Thank you for attending!!!

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