Cost of Ownership: 

"Special Assessments"

The amenities burden and questionable discretionary spending by the board starve the budget of surplus funds for larger maintenance projects, meaning that there is an “unadvertised” cost of ownership at Beaver Ridge in the form of assessments that raise collective expenses by tens of thousands of dollars. 

How bad is the true cost of ownership? 

Some owners are thought to have spent more in accrued annual costs than they originally paid for their units.

Requests for financial records are met with hostile suspicion.  Any member who dares ask is immediately interrogated as to what they are looking for and why, as if they have no right to know where their money goes.  This reduces confidence in what little is received from the board.  Neither does it help that calls for an audit are resisted despite a standing offer by a CPA to perform the work for free.

Next Issue: Late Fees and Interest