Q: We want to add an outside storage building to our property. What is the procedure that we need to follow for approval of this outside storage building.?
A:
For rules regarding modifications to your property, please refer
to the covenants to ensure you are in compliance with them. You
can view them
here.
The WVHOA does not have legal authority to enforce the covenants.
For this reason, the association can not grant approval for these
requests. It is up to you and your attorney to determine the legality of
your proposal. Discussing your plans with your neighbors prior to
beginning work will help minimize the possibility of a conflict.
Q: Does the WVHOA own property?
A:
No, the WVHOA does not own any property. The signs are placed, to the best
of our knowledge, upon easements on private or state property. The fourth
(and last) sign is planned for placement on the easement on the property
at 4201 Wood Valley Dr (at the corner of Wood Valley Dr and Macon Rd).
Q: Is there a formal contract between the WVHOA and the WVSRC?
A:
No contract exists today between the WVHOA and WVSRC outlining the terms
and conditions of the relationship. A formal contract is currently in
progress.
Q: Who paid for the brick sign at the WVSRC?
A:
The sign was contracted by the WVHOA and paid for by the WVSRC. This
agreement was not recorded in WVHOA minutes, but can be verified from
financial records.
Q: Who owns the common areas in the neighborhood?
A:
The common grounds in the neighborhood were purchased for the sum of
one dollar each from Leesville Development Corporation (LDC). The
property was titled to the WVSRC in 1998. This was done because, at
the time, it was the only community-based entity entitled to own
property. Although this property is ownen by the WVSRC, it is for
the benefit of the neighborhood. The WVSRC currently pays all taxes
and insurance associated with the property. The WVHOA currently pays
for maintenance of this property. At this time, none of the lots may
be developed due to restrictions imposed by Wake County and the Army
Corps of Engineers because it resides in the Falls Lake watershed.
Q: Where does the WVHOA manage its funds?
A:
The WVHOA maintains business checking and cash investment accounts at Wachovia.
Q: What are the service charges on these accounts?
A:
The bulk of the cash balance is in the cash investment account. The
investment account has no service charges and earns interest. The business
checking account has a $10 service charge. The board has not recently
researched alternatives.
Q: Why is not more of the cash balance earning more interest?
A:
Due to the cash flow characteristics of the WVHOA finances, most of the
expenses occur shortly after dues are collected. This is not sufficient
time for investments, such as CDs, which have a minimum 6-month duration.
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