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Pay Here
Savings Plan
The Association has conducted two reserve studies (i.e.,2010, 2018) that established the savings plan for roadway, water main, and other major repairs. The savings plan which meets the Fannie Mae audit requirements has been approved by multiple votes of the owners as:
| 2021 | $14,300.00 | ||
| 2022 | $15,000.00 | ||
| 2023 | $16,000.00 | ||
| 2024 | $17,000.00 | ||
| 2025 | $18,000.00 | ||
| 2026 | $19,100.00 | ||
| 2027 | $20,300.00 | ||
| 2028 | $21,500.00 |
The Association's Capital Reserve is held in a Fidelity Brokerage account that is managed by the Wealth Advisory Service of NorthCoast Asset Management Company (One Greenwich Office Park, Greenwich, CT 06831).
How much are dues? $1,416.00 for calendar year 2021.
SPECIAL CONSIDERATIONS FOR 2021
- Is there late fee relief related to the 2021 accounting transition? Yes. If an owner had (1) zero or credit balance on December 31, 2020 AND (2) made at least a quarterly payment before February 28th, any late fees incurred from January through September will be waived. Interest will not be waived.
- Who qualifies for the 2021 $100 full payment credit? Any owner with a zero or credit balance on their account on December 31, 2021 will receive a $100.00 payment credit. The "crisis board" conducted a budget reconciliation, looking at the additional transition expenses and cancelation of some projects (e.g., gate project) and is using the balance to fund this one time "full payment credit". This payment credit is in addition to the $65.00 early payment credit given to owners who paid their dues in full for the year by February 1, 2021.
- What happens to $35,000 that was collected to paint homes in 2021? The $35,000 his being put in a special savings account so that the money will be available in 2022 to paint the 2021 homes. The homes scheduled to be painted in 2022 will also be painted next year. Painting was canceled this year (2021) because the special siding used at Beverly Oaks was not available for purchase.
- Was the Association able to set aside capital reserve funds? Yes. The Association added $14,100.00 to the emergency reserve as per the 40 year plan. The community is in good financial health. The community currently has $100,000.00 in the capital reserve and $17,000.00 in the emergency reserve. And the community has the lowest HOA Assessment rate in Irving.
When do I pay my dues? Dues can be paid annually or quarterly by the 10th of the month. There is a $65.00 discount for annual payments made before February 1st when the account is paid in full. Late fees and interest are charged to payments received after the 10th.
What are dues used for? Landscaping (green segment), painting (orange segment), and commons repair savings (black segment) make up 94% of the typical annual budget. Click on photo below to enlarge.
Am I obligated to pay dues? As owner's our obligation to fund the Association is legally binding and contained in the Property Deed and the Deed Restrictions (CC&R).
How is the amount of the dues determined? Dues are calculated by adding up the following.
- the cost of the 16 mandatory services the association must provide as per the Deed Restrictions (CC&R),
- the mandatory annual savings required as per the Reserve Study, Deed Restrictions (CC&R) and Fannie Mae/mortgage holders,
- the cost of any additional projects approved by a vote of the owners.
How do our dues rates compare to other HOAs in Irving?
| Community | Dues/Sq.ft |
| /month | |
| Regency Park (C) | $0.52 |
| Coventry Village(C) | $0.50 |
| Riverwalk (C) | $0.38 |
| Del Paseo (C) | $0.26 |
| Turtle Lakes (C) | $0.25 - $0.30 |
| Terrace Heights (C) | $0.23 |
| Hidden Oaks (T) | $0.14 - $0.22 |
| Bordeaux Villa (T) | $0.14 - $0.22 |
| Las Brisas (T) | $0.10 |
| Campana Village (T) | $0.09 |
| Beverly Oaks (T) | $0.08 - $0.09 |
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Data from 2020
T=Townhouse
C= Condominium
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Can the association significantly cut costs without sacrificing quality?
There is a direct relationship between project costs, project quality, and volunteerism.
- Every owner wants well managed projects and respectable workmanship, but...
- the majority have never volunteered to supervise community projects,
- most prefer that the Association not spend money on a management company to supervise projects (it's expensive), and
- some would like to hire the cheapest contractors (who, require a lot of supervisory time and contrary to #1, generally use inferior materials/do lower quality work and contrary to #2, and #3).
When the Board has had active volunteers who were building relationships with reasonably priced/stable contractors, Beverly Oaks delivered good quality for a reasonable price. This has not been the case when when the association focused on cost cutting, volunteerism/supervision was low, and/or contractor turnover was high (contractors flaking out, conflicts with board or owners, and/or the work quality was too poor to rehire).
Do I have access to the actual budget, expenditures, and receipts?
Yes. The budgets and backup contracts, the reserve study, and the vote records are available via the "Budgets and Financial Reports" tab on this page.