EditWhat is a home owners' association?
A home owners' association is a not for profit legal entity which is incorporated, comprised of a group of homeowners, and functions like most other corporations. For example: accounting records and financial statements are maintained and prepared in addition to filing an annual tax return. A volunteer governing board is required (board of directors), and the board must be members of the home owners' association.
EditWhy does Tatum Village have a home owners' association?
Anytime a community has common areas that require community maintenance, an association must be formed for the purpose of maintaining those common areas. A home owners' association provides the means to keep property values high or higher than the surrounding communities because the board establishes and enforces rules and regulations regarding the consistency of property appearances through their volunteer efforts.
EditWho are the members of the home owners' association?
All Tatum Village property owners are members of the Tatum Village Home Owners' Association. The members of the association elect the board of directors who volunteer their time to serve in a decision making capacity.
EditWho are the board of directors and what do they do?
The current Tatum Village Board consists of 3 members -- the president, vice-president, secretary and treasurer. The board members generally serve 3-year terms during which they conduct the decision-making aspect of the association. All of our Board positions will be up for re-election in August of 2008 based on the structure for which it was originally prepared. Board members meet every month with the community association manager to discuss matters such as collection issues, status of homeowner violations, and architectural requests.
Please be respectful of the fact that board members are volunteers who have full-time jobs, families, and other obligations just like the rest of the homeowners do. They are donating their time and energy with the intent on maintaining and improving the community.
EditWhat is the home owners' association's source of revenue?
The HOA's source of revenue is monthly association dues.
EditWhat do the association dues get used for?
Every year in December an annual budget is prepared for the purpose of evaluating the needs of Tatum Village in conjunction with expected annual revenues. The board is required to approve a budget each year.