Finances

 

The SLE Homeowner’s Association collects annual dues to pay for road maintenance and other expenses of the homeowner’s association. Invoices are sent to homeowners by the 15th of January and are due upon receipt. Interest will accrue on outstanding balances after January 31st.  If dues are not paid promptly, a lien can be placed against the property. Upon further delay, a judgment will be filed. The homeowner is responsible for paying the dues, penalty, and costs of the lien and judgment.

Collection of annual dues is in accordance with the Spirit Lake East CC&R’s, Article II, Section 4C…

C. Maximum Annual Assessment. Until January 1, 1980, the maximum annual assessment shall be $100.00. After that date, the maximum annual assessment shall be increased each year to not more than three (3) percent of the maximum assessment for the previous year unless a two-thirds (2/3) vote of the membership authorizes a greater assessment.”

In addition, many homeowners are paying a special assessment along with their dues. To understand what this assessment is, read the following document “What is SBA loan and list of expenditures

Financial reports are posted on the website after Board approval under Reports.  Common reports are Annual Budget, Financial Statements, Trended Road Maintenance Report, and Cash-on-hand Report.