DEERFIELD NEWS CONNECTION
September 2, 2023
Developer’s Role in HOA
In a new residential community, a developer is the one who decides to start a homeowners association (HOA) to maintain common areas and community amenities. While construction is on-going and a large part of the community has not been sold, the HOA community remains under the control of the developer. The developer creates the first set of governing documents, including bylaws, Covenants, Conditions, and Restrictions (CCRs), and other founding and operational documents. The developer will also create an operating budget with reserve funds, prepare and submit tax filings, and may appoint a third-party management company to assist in the community’s day-to-day maintenance and operation. When a significant number of lots have been sold, the oversight and management of an HOA shifts to owners. Typically, the transition to owner control is outlined in the founding documents of the association and may also be outlined in state law.
Overview of Prior Boards
For thirty-seven (37) years, since its formation in 1986, the HOA has been directed by the developer of Deerfield Resort. This means that the board of directors for the Deerfield Resort Homeowners Association, Inc. has been made up of those appointed by the developer. Whether under developer control or owner control, the board of directors is bound to act as fiduciaries and in the best interest of the association.
After reviewing the annual reports filed by the developer with the Tennessee Secretary of State’s Office, a summary table was prepared that lists the board members/officers by year. Follow the links below to review a summary table of prior Deerfield Resort HOA boards of directors and the supporting copies of annual reports provided by the Tennessee Secretary of State.