Reprinted and abridged from MA report, February 2021
Did you know that 1/3 of our monthly HOA dues Goes to the Master Association of Hershey’s Mlil? Here are just a few of the services your dues help to fund.
VISION QUEST – In 2010, when expansion or renovations to the Community Center were being considered, a funding fee of $7.50 per home per month, was enacted by the Master Association (MA). The assessment was voted to remain in place as the Vision Quest fund after the completion of the 2012 renovation of the Community Center by the MA to help fund new projects and/or improvements to existing Community amenities. Since its inception, the Vision Quest fund generates approximately $154,800 per annum to Hershey’s Mill for the funding of community projects.
CAPITAL IMPROVEMENT FEE – In addition to Vision Quest, a Capital Improvement Fee (CIF) was enacted by the MA effective 7/1/2014. It is collected each time a home is sold in Hershey’s Mill. The Uniform Planned Community Act-Pennsylvania allows the collection of this fee to fund Capital Improvements. This fee can be up to twelve times the monthly Homeowner Association fee from the most recently completed fiscal year. CIF funds are kept in a separate account and can only be used for Capital Improvement projects. They cannot be used for maintenance e.g., the repair of heating and air conditioning units in one of our buildings. For planning purposes, a conservative budget was established at eighty (80) homes being sold each year. This fee is collected at settlement and is typically paid by the buyer.
CONTINGENT RESERVE FUNDING – The third funding source, which may be available each year, is the Contingent Reserve. Each year any monies not spent in a fiscal year remain in the Contingent Reserve until the subsequent year is completed. These monies are used to cover any shortfall in the current year budget if needed. If not needed, the MA may vote to transfer the Contingent Reserve funds to the Vison Quest Funding budget and/or the Hershey’s Mill Reserve Budget.