Annual Assessment amount

Pursuant to Article VII, Section 7.04 – Annual Assessment, of the Declaration of Covenants, Conditions, and Restrictions for Fairway Springs, it shall be policy of this Homeowners Association that the Annual Assessment Amount shall be established by the Board of Directors in an amount which will cover anticipated expenditures for the year, and that the due date for Annual Assessments shall be determined by the Board of Directors. Written notice of any changes to the Annual Assessment Amount and Annual Assessment Due Dates shall be provided to qualified Lot Owners.
The Annual Assessment may be paid on a calendar period convenient to the individual members (annually, quarterly, monthly, or other). The developer provided monthly coupon books for each Association Member.

07/15/85 – The initial assessment is determined to be $12.00 per month.
02/11/88 – The Directors voted to discontinue the monthly coupon books, effective May 1, 1988.
06/22/89 – It being recognized that the Bylaws of Fairway Springs Homeowners Association, Inc (Article VI) restrict the Board of Directors to increase the Annual Assessment by not more than 15% of last year’s assessment, the Annual Assessment Amount, beginning July 1, 1989, and for the balance of the fiscal year ending April 30, 1990, shall increase to $13.80 per month or $162.00 for that fiscal year.
04/12/90 – The Annual Assessment Amount, beginning May 1, 1990, shall be $15.00 per month or $180.00 per year.
09/28/04 – The Annual Assessment Amount, beginning January 1, 2005 shall be $200.00 per annum or $50.00 per quarter.
07/25/06 – Effective October 1, 2006, the Annual Assessment Amount shall be due and payable semi-annually on October 1 and on April 1.
09/26/06 – It shall be the policy of this Homeowner’s Association that Statements will be prepared and mailed to each member semi-annually. Statement dates will coordinate with Dues Payment Due Dates, October and April, and will be provided at least one week prior to the scheduled due dates. These statements will reflect dues paid or outstanding, Late Fees, and any other assessments due and owing by the member, and account balances. The Annual Assessment Amount, beginning October 1, 2006 shall be $230.00 per annum or $115.00 semi-annually.
07/31/07 – The Annual Assesment Amount, beginning October 1, 2007 shall be $264.00 per annum or $132.00 semi-annually.
09/30/08 – In accordance with the By-Laws of Fairway Springs Homeowners Association, Inc. (Article VI), the ability of the Board of Directors to increase the Annual Assessment Amount is limited to 115% of such assessments for the previous year. In determining whether assessment increases exceed 115% of similar prior year assessments, provisions for reserves are to be excluded.
The Annual Assessment amount is to be determined as part of the Annual Budget Review and must provide for expected estimated short-term obligations (operating costs), and estimated long-term maintenance, repair, and replacement costs (Reserves). ANY RAISING OR LOWERING OF DUES MUST BE SUBSTANTIATED AND APPROVED THROUGH THE ANNUAL BUDGET PROCESS.
The Annual Assessment amount, effective October 1, 2008 shall be $149.00 semi-annually, or $298.00 per year.
A one-time Special Assessment of $134 per member is required to fully fund maintenance, repair, and replacement reserves for the period October 1, 2008 through September 30, 2009. This will be billed semi-annually on October 1, 2008 and April 1, 2009, $67 each. Payment terms for the Special Assessment shall be extended as follows. October 1, 2008 Special Assessment of $67 is due on February 28, 2009, and April 1, 2009 Special Assessment $67.00 is due on August 30, 2009. The membership was provided with a Partially Funded Budget disclosure and duly elected NOT to waive the Special Assessment.
06/11/09 – The Board of Directors voted to change the dues annual billing period from semi-annual to annual, effective October 1, 2009. The benefits of this change include:

Member Benefit: This creates a favorable impact on cash flow and interest income, and therefore, on the reserve portion of the dues assessments.
Treasury Administration Benefit: Mass statement mailings will only need to be made once annually, saving postage and work on Treasurer, reducing letters of delinquent payment, and reducing lien notification process to once annually. This will expedite resolution of delinquents and improve cash flow.
Timing Benefit: With rising costs and the current economic climate, this change will help make a dues increase in 2009 unnecessary.

09/22/09 – Following a review and approval of the budget for fiscal year 2009-2010, the Board of Directors voted to lower the annual assessment dues to $275.00.
09/21/10 – Following a review and vote of approval of the proposed 2010-2011 budget on this date, the annual assessment dues will remain at $275.00.
10/21/10 – To allow earlier approval of the proposed budget, and to assure the notice to residents of annual assessment amount changes and date due be posted prior to due date in the newsletter, the Board of Directors voted to move the date of the Annual Budget Meeting to either the 3rd or 4th week of August.