Solved by Expert Tutors
Figure I Island Homeowners Associution, Inc. 'f::,::ii;i1,";i]:r:lJ?
Solved by Expert Tutors

hello I have an assignment due on Wednesday.its for managerial accounting, could someone work on it pls?

Figure I Island Homeowners Associution, Inc. J!:,r;::7!,x';:;:;i[:;fl"";;,f 'f ::,::ii;i1,";i]:r:lJ?:':,':i;i:,, proper$'values" Article II, IlYluws of Figure I H omeowners Associution, I nc. Mike Powell, President of the Figure 8 Homeowners Association. left the homeowners meeting confused. The meeting was intended to be informative and detail the long-range plan adopted by the Horneowners Association to preserve the island. Instead, it turned into a war of words between properly owners. lt was common knowledge that Figure 8 Island desperately needed beach restoration (called renourishment) on the ocean side and canal dredging on the sound side. And. while the homeowners of the island wanted the restoration process to begin as soon as possible, little consensus could be reached as to who would bear the costs. Mike powell thought the Homeowners Board of Directors presented a fair and equitable cost- allocation scheme. The homeowners thought differently. THE ISLANI) Figure 8 lsland is a 4.5 mile long barrier island located approxirnately 9 miles northeast of Wilrnington, Nofth Carolina. The private, very exclusive resort island varies in width fiorn 550 to 1,250 feet and is bordered by the Atlantic Ocean on the sotrtheast side and the Middle Sound Channel on the northwest side. Chronic beach erosion has plagued the beachfront on the southern portion of the island. A map ol-the barrier island is provided in Exhibit l.
Background image of page 01
The south ocean beach has experienced enough beach erosion to deem the properties located there endangered. The south sound-side waters have experienced significant shoaling, which has made the Middle Sound Channel nearly impassable by small boats, except at high tide, affecting the boating and water-recreation use by property owners. As a result, many sound-side waterfront property owners have requested that the channel be dredged to remove the shoaling. Without beach renourishment and dredging channel maintenance, the island will likely suffer serious damage during future storms. Additionally, the increased threat of hurricanes to the Atlantic coastline reinforces the immediate need for action. Development on Figure 8 Island began in 1965. As of January 1994, the property tax listings noted 568 total properties on the island. Of this total, 271 properties were developed and 297 properties were undeveloped (Table l). All lots, both developed and undeveloped, are single family residential properties. The rnajority of lromes on the island are vacation residences belonging to affluent and often high-profile people. AII lot owners pay equal annual amounts for required membership in the Homeowners Association. The Homeowners Association does not charge dues based olr property developlnent status, property value, or lot size. Homeowner dues are fbr the purpose of covering the cost of operations. maintenance and capital irnprovements to the island. No percentage of homeowner dues are reserved to cover environmental contingencies like beach restoration or channel dredging. The Homeowners Association has a number of subcofflrllittees to assist the Board of Directors in maintaining the welfare of the island community. The Long Range Planning Committee contracted with environmental ensineers in October of 1993 to
Background image of page 02
Show entire document

Step-by-step answer

ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit ame

a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ul

Subscribe to view the full answer

Subject: Accounting, Business

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Let our 24/7 Accounting tutors help you get unstuck! Ask your first question.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes