Union County Homeowners Rally for Access to HOA Bank Records
Residents of Weddington Pointe in Union County are fighting for access to their Homeowners Association (HOA) financial records as the cost of annual dues have increased by $500 annually since 2021. The locally-formed homeowners association, which is still under developer control, has allegedly limited the ability for residents to question the increment.
Residents Seek Financial Transparency
Discontented residents started delving into the HOA’s finances given the delayed completion of a pool that was planned years ago. Significant increases were also noticed across several budget line items from last year. The total HOA budget for 2024 was amassed to be $60,000 more than the approved budget last year. Natalie Brides, a homeowner expressed her concerns, “Since it was still under the developer’s control, we weren’t able to ask questions.”
Under the ‘declarant control’, developers are tasked with the management of a non-profit HOA in a community they are developing. However, this often leads to conflicts and consequences for homeowners. An issue that’s been adopted by some of Charlotte region’s biggest residential builders is the hiring of Cusick Community Management to manage the HOA’s.
Battle for Access to Financial Records
Homeowners are questioning their financial contributions ranging from $12,000 for irrigation repairs to the sudden surge in budget for water and sewer from $3,000 in 2023 to nearly $22,000 in 2024. Despite forming a small committee and formally requesting copies of the HOA bank records, no determination has been provided five months after the request was submitted.
As a result, Weddington Pointe homeowners have grown frustrated with the lack of access to financial records and unanswered queries on issues such as increased landscaping costs, which rose from $133,560 in 2023 to more than $162,000 in 2024. “Are we taking on a debt that they put together and blaming the community for?” questioned Liz Skrypek, a concerned neighbor.
HOA’s In Need of Regulation
Looking at similar rising discontentment in other communities, there seems to be a pattern of insufficient financial transparency from HOA’s under developer control. As a response to the increased conflicts and lack of protection for homeowners, regulation is considered crucial. In the meantime, homeowners are using potential legal means to access the requested financial records.
The situation in Weddington Pointe brings light to broader concerns surrounding developer-controlled HOAs, highlighting the critical need for more transparency and accountability. Until state legislators pass concrete reforms, homeowners in such situations are left to navigate the complex networks of HOA financial management on their own.
