Deerfield News Connection 

March 4, 2024

 

As part of our journey through the legal process in the lawsuit involving transition of the HOA from developer-directed to homeowner-directed, we have learned a great deal.  That information is important to all Deerfield Resort property owners.

 

Under Tennessee law, the developer involved with a HOA is required to provide annual financial reports to homeowners, including an annual budget report with information on the association's income, expenses, assets, and liabilities for the past fiscal year. There is also a fiduciary duty to build reserves to ensure the association has funds available for future repairs and replacements of common areas and facilities.

 

Some information about the financial status of the HOA can be accessed through this video link.

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