Association Structure

Last Updated on Friday, 26 March 2010 02:21 Written by Board Member Thursday, 25 March 2010 00:00

This brochure provides an overview of the Minotaur Village Homeowners Association and how it is managed. Detailed information is located in the referenced material. For the convenience of the Owners in Minotaur Village Condominiums, a nonprofit corporation known as Minotaur Village Homeowners Association (HOA) was organized to own, operate, and manage the Common Elements and improvements of Minotaur Village Condominiums.

Purpose

The HOA's purpose is to manage the daily activities, protect and enhance the property values of the each home in the community, enforce the regulations stated in the governing documents, and collect payment for services provided by the Association.

Property

The community consists of 114 individual units in 19 buildings (6 units per building). The Common Area and improvements is approximately 3.5 acres of land with paths, trees, lawn, and landscaping. All of the Common Elements with landscaping, green belts, and other improvements are conveyed to the Minotaur Village Homeowners Association.

Board of Directors

The Board of Directors consists of volunteer Owners. The Board manages the day-to-day business activities of the Association and applies the provisions of the Association documents to ensure harmony in the improvements and landscaping within the community.

Services

The Association is responsible for maintenance of the exterior of all homes (this does not include garage doors, entrance doors, windows, or window washing), the upkeep of the common facilities, lawn care, tree trimming, snow removal, bookkeeping, account functions, trash collection, water utilities, sewer service, assessment fees collection, annual budget preparation, annual audit preparation, Common Area insurance, and related duties.

The Association has the right to charge reasonable fees for these services and use of the Common Area and to establish and enforce reasonable rules governing the use thereof.

HOA Assessment

Each owner is assessed an annual fee which is established each year by the Board of Directors. The amount of any annual increase by the Board of Directors in the annual assessment fee is limited to 1½ times the increase of the Cost of Living Index (CPI) for the Denver Metro area issued by the United States Department of Labor Statistics multiplied by that portion of the assessment which is not attributable to taxes, insurance and utilities.

The maximum annual assessment for each unit may increase by more than the permitted increase by a vote of the Owners voting at a meeting duly called for this purpose. The Board of Directors may fix the annual assessment at an amount less than the maximum. Presently, the normal assessment is $2220.00 per unit per year. The assessment is collected on a monthly basis ($185.00 per month) accordingly as provided in the Bylaws.

In addition to the annual assessments, the Association may levy, in any assessment year, a Special Assessment on the Common Area. Any such Special Assessment requires the assent of 2/3 of members voting in person or by proxy at the meeting, duly called for considering such Special Assessment.

Protection of Property

To protect property values, aesthetics to provide assurance that future development, additions, and changes will conform and be harmonious with the external design and location of existing structures, the Board of Directors acts as the Committee for Architectural Control. The approval of the committee will be required before the additions or changes can be made to any buildings, fences, hedges, walls, or other structures.

Association Meetings

The Association annual meeting is help in April of each year. At this meeting, directors to the seven-member Board of Directors are elected to fill vacancies resulting from expiration of terms of the office or directors who have resigned.

Four officers and three members comprise the Board of Directors. The officers of the Association (president, vice president, treasurer, and secretary) will present a financial report and other business activities as outlined in the agenda for the annual meeting.

Special meetings may be called at any time by the president, the Board of Directors, or upon written request of the members entitled to vote 1/4 of the votes of the Class A membership. The individual Owners are Class A members and are entitled to one vote for each unit they own.

NOTE: Class B ownership is now obsolete. Class B was initially setup for new Owners of Minotaur Village while the developer held the Class A membership.

Association Documents

The governing documents consist of the Declaration of Covenants, Conditions, and Restrictions, Articles of Incorporation, Bylaws, and Policies, Rules, and Regulations.

Another set of documents, known as SB-100 documents, provide more detail to the policies of Minotaur Village HOA. These and other documents are located on the Minotaur Village Web site located at www.minotaurvillage.org.

Assessment Collection

Since it is important for each owner to pay their assessment when due, procedures for the enforcement and collection of assessments have been established in the SB-100 Documents. Each assessment shall be the personal obligation of the owner concerned and also a lien will be created against an owner’s unit for the amount or and any delinquent assessment.

Community Website

The community website is for the community and provides access to the associations documents, forms, and other related material. All available information is updated and posted on a regular basis. The Minotaur Village Website provides the following information:

• operating budget for the current fiscal year and annual financial statements
• results of financial audits or reviews for the fiscal year preceding the current annual disclosure
• association insurance policies
• association's governing and SB-100 documents
• minutes of the executive board and member meetings for the fiscal year immediately preceding the current annual disclosure
• monthly newsletter
• general community information

If you would like more information on Minotaur Village, please visit our Web site at www.minotaurvillage.org. There you will find many community resources.

The article is provided by the Minotaur Village Homeowner Association.