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Budget

How are my assessments calculated?

Owners pay assessments based on the square footage of their units (See the Fee Schedule here) and whether they have garages. The total annual budget is divided up among the units based on that formula, and then each unit's annual assessment is divided into 12 monthly payments.

How can I see the details of the budgets?

For a more detailed view of the WOC OA's revenue and expenses (Adobe Acrobat Reader is required):

The fiscal year runs from January 1 to December 31.

What are the Reserves for?

The Board is required by Oregon state law to establish and fund a Reserve account. This "banks" money for the eventual replacement of Association property that is likely to wear out or require refurbishment: things like exterior paint, roofs, parking lot paving, sidewalks, etc. The original developers of the West Oaks Condos hired a consultant to create a Reserve Study document, determining which items should be included, what their projected lifespan is, and how much it will cost to replace/repair them. The amount required to be put into the Reserves every year is determined by dividing each items' replacement costs by their lifetimes. Read the Reserve Study document.