Monthly association dues are set annually by each individual sub-association Board. Dues may be uniform for all units in the association, as with the Townhomes and Condos, or they may be based on square footage, as with units in The Manor. Either way, the sub-association dues also include a uniform contribution from each residential unit to cover its share of the Master Olde Ivy Association’s common expenses such as the roads, pool and clubhouse.
So, to recap, association dues are composed of:
- The annual amount set by the sub-association Board
- The annual amount set by the Neighborhood Board
For the Condos and The Manor, dues are proportional to the size of the unit in square feet. For Townhomes, dues are the same for all units.
Dues are intended to cover expenses such as maintenance, management, capital expenditures, and reserve funding. In addition, the Neighborhood and the sub-association Boards of Directors may levy special assessments, as set out in the governing documents.