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Thornridge Subdivision

Welcome to the initial meeting of the Thornridge Subdivision Homeowner’s Association held on September 24, 2009. We discussed the origin of the HOA, the involvement of community members, and the accomplishments to date, including neighborhood events. The purpose and benefits of forming an HOA were highlighted, including improved property values and community engagement. Future goals include establishing an online presence and enhancing local amenities. We emphasized the organizational steps required to strengthen the HOA and assigned officer roles for effective leadership.

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Thornridge Subdivision

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Presentation Transcript

  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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