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Glennwoods
Homeowners Association, Inc
2005 Approved Budget www.glennwoods.org The budget sheet below are the Budgeted Cost for 2005. We have put together the budget for 2005, snow removal has been put back into the budget. Flowers we be planted this year as well. Total Expense for the Year 2005 $35,212.00 Total Year Income $38,550 An annual budget is established for costs associated with operating the Homeowners Association and maintaining all common areas within a community (mowing, lake treatments, etc.). Billings are sent to homeowners twice a year to collect dues for each year. Please be prepared to receive dues notices within the months of February & August. The fiscal year for HOA Operations is from January 1st to December 31st of each year. If you have closed on your home, please review your closing statement. The statement will reflect that the HOA dues were paid on a pro-rated basis. All closings that occur within a fiscal year, after the annual notices are completed, will have pro-rated dues collected at that time. Pro-rated dues are calculated from the date of closing thru December 31st of a given year. The pro-rated amount only covers what is due within the year that the closing occurs. The Budget is set in place based on a 100% of collection/payment of the H.O.A Dues. If 100% is not collected then the budget is re-evaluated and adjustments are made accordingly. If due are not pay on time or payment arrangements are not made a late fee of $25.00 will be applied. Please keep in mind budgets are cast annually and billings are sent to each homeowner twice a year. You may contact at 317-885-7462 with any questions regarding the above information.
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