The SCOV HOA Board is asking owners for authority to spend $3 million on the Copper Center. So it’s fair to ask: where is the money going to come from, and what else can the Board do to raise it?

The Board has said the rest of the Community Spaces Initiative, the Artisan Center, Welcome Center, and Cart Barn remodels, will come from the asset reserve fund.

The asset reserve fund held about $5.1 million in August 2026. But this year’s reserve schedule already calls for about $2.1 million in repairs and replacements, and the reserve study lists $50.7 million in future replacement costs across the whole community. Every dollar spent on remodels is a dollar not available for pools, HVAC, the golf course, and everything else that wears out.

Should reserves pay for remodels at all? SCOV’s Master Declaration defines the asset reserve fund as money for “major repair or replacement costs for existing capital assets.” It defines the capital fund as money for “purchase, construction or major reconstruction.” Moving walls to give existing groups more space is an improvement, not a repair.

What the Board can do without a vote

The Declaration gives the Board several ways to raise money without asking owners.

Dues. Section 3.1 allows the Board to raise the annual fee by up to 15% a year. Dues rose about 5% for 2025-26 and 9% for 2026-27, from $2,630 to $2,865.

A special assessment. The Board says none is planned. But Section 3.2 allows one without a vote, as long as it stays under 5% of the prior year’s gross revenue. That’s about $272 per home this year, and the limit grows as revenue grows.

Put those together, and here’s the most the Board could charge each home per year without a vote:

• 2026-27: $3,137 ($2,865 dues + $272 assessment)
• 2027-28: $3,579 ($3,295 dues + $284 assessment)
• 2028-29: $4,095 ($3,789 dues + $306 assessment)
• 2029-30: $4,688 ($4,357 dues + $330 assessment)

That’s up to $1,823 more per home per year than today. Nobody is predicting the Board will go that far. But it could, without asking.

Under Section 3.5, the capital contribution fee is 1.5 times annual dues. So every dues increase also raises what buyers pay into the capital fund. In April 2025, owners were asked to raise that fee to twice annual dues, and it fell short of the two-thirds vote it needed. Raising dues gets part of the same result without a vote.

Borrowing. Section 2.5 allows the Board to borrow up to 3% of the association’s net assets without a vote. That’s about $700,000. SCOV hasn’t borrowed for amenities before, but the authority is there.

What would a loan cost? With Treasury yields at their highest since 2002, a loan today would likely run around 6.5% to 8.5% (estimates as of mid-October 2026). Over 5 years, $700,000 would cost $142,000 to $177,000 in interest. Over 10 years, $285,000 to $367,000. That interest buys nothing, and it’s paid out of dues. Meanwhile, the association’s savings earn about 4%. Loan payments would come out of dues, so they fall within the maximums above rather than adding to them.

There’s another cost to borrowing that’s easy to miss. Under Section 2.5, a loan is secured by pledging future assessment income, meaning future dues. A 10-year loan taken out today would still be paid off by whoever owns SCOV homes in 2036. At recent rates of roughly 100 to 160 home sales a year, a thousand or more homes could change hands over the life of that loan. Those owners will have had no chance to vote on it. They’ll inherit the payments, and every dollar going to a lender is a dollar not available for whatever the community needs then. And because the capital contribution fee rises with dues, those same buyers would pay more just to move in.

The costs after construction

Even after construction ends, four renovated buildings need utilities, insurance, maintenance, and possibly more staff. Those costs come out of dues every year.

Money is already being spent, too. The association’s own financial reports show about $59,000 paid to the architect for Copper Center design since September 2024, plus about $7,800 in January 2026 for Artisan and Welcome Center design. Owners haven’t approved either project.

What the Board’s own planners say

The 10-Year Development Plan says the community wants new amenities but is reluctant to fund them, so it “must be patient” until funding is available. The January 2026 benchmarking report found SCOV competitive and desirable, with no need for urgent action.

Questions

• Where will the $3 million for the Copper Center come from, and over what timeline?
• What will all four projects cost in total?
• How much will come from the asset reserve, why, and which scheduled repairs will be delayed as a result?
• Does the Board plan to use dues increases, a special assessment, or borrowing for any part of this?
• What will the finished buildings cost to operate each year?

The Board will hold finance forums on November 16 at 9 am and 6 pm, and December 1 at 1 pm. These are good questions to bring.

A new name. Same question.