Hello neighbors!

The annual dues will be increased to $100. 

Just like you, our costs are going up. 2023 Fiscal year ended with a $2 deficit. Leaving Our checking with $2,069 and $16,941 in savings. $14,000 of our savings is for street repairs this year through the Indianapolis neighborhood infrastructure partnership (INIP).

Last September, Neighbors at our annual neighborhood meeting voted to raise the dues to $100. However, this will not be all at once. Article VI section 6.03 of the bylaws only allow us to raise it up to 10% per year.

Here is the increase schedule:

2024: $66

2025: $72

2026: $79

2027: $86

2028: $94

2029: $100

A vote was made to amend the bylaws to allow us to increase it faster but it failed. That’s okay. Raising it to $66 will help us keep within our budget but things are going to be tight for a few years. Especially if we get heavy snow more than once within the next few years. 

Last year we sent out dues invoices by email and asked neighbors if they wanted to pay early so we could save money on mailing.  This worked out great. It cut our cost 46%. So we are doing this again.

We will be emailing out the 2024-25 dues invoices within this week. There will be a secure link to WaveApp to pay by credit card. If you plan to pay early, please do so by May 15th. This will give us time to refine the mailing list.

We had an 86% payment rate last year. That was fantastic. Thank you to those that paid. 

We still have around 17 Neighbors that owe back dues of $5800. We would like to add much needed street lights and paying that back dues will make it quicker. If you owe we can easily work out a payment plan.

If you have any questions or comments, feel free to contact us.

Best wishes,

Ryan Kruse

President

Hearthstone HOA