As of January 1, 2018, the monthly condominium association dues are $131.00 per unit.
If you have previously set up an automatic withdrawal via "e-check" on the Victory Management site, you must change the amount to $131.00 after your December payment has been debited but before the January automatic withdrawal date. This will NOT be done automatically by Victory or by the e-check system.
Dues can be paid by electronic debit (e-check) from your bank account via the Victory Management website (see below), online banking from your bank account to the condominium association's bank, or by check with a coupon mailed to the association's bank. Dues are an annual fee broken down for your convenience into monthly assessments, but they can be paid in advance for more than one month or the entire year.
To set up an automatic withdrawal electronic debit (e-check) (highly recommended!) or make one-time credit card payments, visit the Victory Management website. Click here for instruction sheet on setting up your account and automatic debits.
If you pay via online banking from your bank account, set the payee and account information as follows:
River Oaks Condo Association
c/o Victory Management
P.O. Box 1610
Commerce GA 30529
Account number: your address followed by the appropriate abbreviation for your street, i.e., TW (Tilden Way), BX (Braxton Way), MILL (Millhaven Court), MD (Millhaven Drive). For example, 215TW, 255BX, 8MILL, 2117MD.
Questions regarding dues assessments can be directed to Mirga Dulys at firstname.lastname@example.org
Prior to 2008, with the exception of 2011, Treasurer Reports were not documented separately or in monthly Meeting Minutes but were reported on and maintained by the prior management company. From 2008 to 2012, monthly Treasurer Reports are found in the monthly Meeting Minutes. From 2012 forward, monthly Treasurer Reports are contained within the monthly Meeting Minutes which can be found on River Oaks Condominium Association page of the Victory Management website. You can view them after logging in. If you have questions, comments, or concerns regarding River Oaks financial reports, please email Mirga Dulys.
Below are the most current audit, budget and reserve study. Audits, budgets and reserve studies from prior years can be found on the River Oaks Condominium page of the Victory Management website.
The Reserve Account is a savings account to pay for the eventual repair and replacement of streets, sidewalks, curbs and gutters, and retaining walls. If reserves are not in place, a special assessment may be required for repair or replacement.
From 2001-2007, Reserve Account funds were held in the River Oaks checking account and spent on general operating expenses. By the end of 2007, we should have collected $20,000 per year for 6 years and had a Reserve Account balance of $120,000. We only had $10,000. The erosion of the account was primarily due to repair and maintenance costs that exceeded the budget. At the 2008 Annual Meeting, the outgoing Board approved an increase in member dues that enabled the 2008 Board to operate within the approved budget.
In 2008, the Board of Directors significantly improved the financial status of the community. By working with COMANCO, State Farm, our attorneys, landscaper, and individual unit owners, we were able to maintain our operating budget and make significant contributions to our Reserve Account. We were able to set aside the budgeted $20,000 for the Reserve Account, along with another $20,000 in money that was not spent elsewhere. We need to continue reserving $40,000 per year until we get our reserves in balance with the established plan. The Board is committed to fiscal responsibility and will strive to operate within the approved budget, including fully funding the Reserve Account.
In 2009, the BOD should have increased the dues assessment by $10.00 per month per unit to cover increased expenses and to aggressively fund the Reserves until they were back to where they should be for the age of the community. However, the BOD increased the dues assessment by only $5.00 per unit per month due to the economic downturn. The BOD felt that if we stayed within our budget, we would be able to put more money toward the Reserve Fund. Unfortunately, we were not able to fund the Reserves as planned because various factors.of increased Master Insurance Policy (MIP) insurance premiums, overlapping management company fees, and approximately $10,000 in unpaid dues assessments.
By the end of 2009, our Reserves were supposed to be $143,106.15, and despite all the setbacks encountered in 2009, we added the full mandated annual contribution of $20,228.33 to the Reserves and were able to add a small extra amount, bringing the total Reserve Fund to roughly $80,000.00. That left a $63,000.00 deficit. We were able to set aside nearly $30,000 of the shortfall or what accountants call “undesignated equity." The BOD agreed that the Reserves should be returned to full projection for by the end of 2011. We needed those reserves to address issues for which they were intended. Therefore, in order to replace the remaining $60,000.00 shortfall in reserves, a figure of $30,000 per year for the next two (2) years was required. This equated to $10.97 per month per unit of the $93.00 dues assessment for 2010.