HOA and Financials
Homeowners Association (HOA)When driving through a neighborhood which is well maintained by an HOA, one can almost feel a shared sense of pride. Streets are clean, the common areas carefully groomed and the grounds seem to be an extension of your own backyard. The Highlands at Dove Mountain generates that kind of good feeling due in large part to the works of the HOA.
The community is governed by an elected Board of Directors, whose members serve 3-year staggered terms. They are trustees representing the entire community. The powers and duties of the Board of Directors are specifically described in the Covenants, Conditions and Restrictions (CCRs) and the Bylaws. Standing committees serve in a policy advisory role to the Board of Directors.
Day to day operations are managed by an employee team under the direction of our professional Community Manager, Mark Oswald. The staff receives support from resident volunteers, who assist in operational capacities throughout the organization. There are many opportunities to serve the community as a volunteer.
The Highlands at Dove Mountain is a self-managed, active adult gated community of 1297 homes located in Marana, Arizona. While our community was built and managed by US Home/Lennar, it now is fully controlled by the homeowners.
Our community HOA prides itself on strong, stable, and consistent financial performance while remaining competitive as an Arizona premier Active Adult community.
|•||The HOA operates a current budget of approximately $5.3 million per year with a staff of 69 full time equivalent positions.|
|•||Average annual increase of homeowner's dues has been 2.3% over nine years. The monthly HOA fee in 2017 is $193.|
|•||Total operating expenses over seven years have increased only 0.3% per year.|
|•||Total cash on hand is $5.0 million, an increase of $2.4 million over seven years.|
|•||Of the cash on hand, $3.87 million is in the 30-year Reserve Fund for maintenance and replacement of community assets.|
|•||The Association also maintains an Association Improvement Fund for development of new amenities such as our Golf Short Game Practice Area and pickleball courts.|
|•||Golf revenues have decreased a modest 4% over seven years, while golf expenses, including water, have remained constant. In recent years, The Highlands has experienced increases in resident golf memberships during a time when most area golf courses are facing financial difficulties.|
|•||Restaurant Food & Beverage revenue has increased an average of 9% a year for the past seven years, with total annual revenue currently at $1 million. During this same period, Food & Beverage expenses have been reduced by 4%.|
HOA financial strength, annual budget performance, and future stability ensures protection and growth of your primary asset - your house!