Nolin Lake Estates INC

Clarkson, Kentucky
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Community Profile
Legal Compliance Dashboard — Live Preview Kentucky vs. Washington · 5 requirements tracked
3/5
CommunityPay tracks every numeric statutory requirement — fee caps, time limits, percentage caps, retention periods — across every state's community-association law. The full dashboard renders side-by-side comparisons across all 51 tracked jurisdictions and a live feed of statute amendments. Below, three rows for Kentucky alongside Washington.
Requirement KY WA
RC delivery deadline 10 bus. days 10 calendar days
Assessment lien SOL 5 years 6 years
Judicial foreclosure required Yes No
Open the full dashboard for Kentucky → all states, every threshold, statute changes tracked daily
Estoppel Disclosure Workflow 13 standard items
KY
Community type unverified. Public records do not classify this entity as a specific community-association type. The Kentucky estoppel-disclosure workflow below is shown for reference. Confirm the governing documents and association classification before relying on association-specific output.
CommunityPay has not verified a state-specific statutory resale certificate regime in Kentucky. Disclosure follows a non-statutory estoppel workflow. The 13 items below reflect standard title company and lender expectations, not legal requirements specific to any particular association.
  • Current periodic assessment amount and any unpaid or delinquent assessments
  • Pending or approved special assessments
  • Reserve fund balance and designated projects
  • Most recent balance sheet and income/expense statement
  • Current operating budget
  • Insurance coverage provided for the benefit of owners
  • Pending lawsuits, unsatisfied judgments, or threatened litigation
  • Board composition, meeting frequency, and governance status
  • Declaration, bylaws, and rules and regulations
  • Capital expenditures approved or anticipated for current and next two fiscal years
  • Transfer fees, move-in/move-out fees, or other charges upon sale
  • Known violations of the governing documents or applicable codes
  • Right of first refusal or other restraints on transfer
Kentucky does not cap RC preparation fees by statute. In CommunityPay, an association's manager, accounting firm, or staff generates the certificate from its books, with no per-certificate charge from CommunityPay.
None of these items are confirmed for Nolin Lake Estates INC. Keep this association's books on CommunityPay to track compliance and generate resale certificates from live ledger data.
Institutional Reference

Reserve study standards in Kentucky

Statutory requirements, board preparation checklist, the components a professional study covers, and the useful-life ranges that drive thirty-year funding plans. Generic reference. Not a substitute for a study calibrated to a specific association.

Kentucky does not currently encode a fixed reserve-study cadence in statute. The discipline still applies. Industry standard across the United States is below.

  • Update the component register annually as assets are added, replaced, or retired.
  • Commission a professional reserve study every three to five years. Update it when the component register changes materially.
  • Maintain a thirty-year capital plan with explicit annual funding contributions tied to the study.
  • Keep reserve funds segregated from operating cash. Disclose funding status in the annual budget.
  • Document the board-approved funding policy — percent-funded, threshold, or baseline — in board minutes.

CommunityPay maintains a Reserve Funding Status Report (RSR) generator tied to the live ledger. It is a status report, not a substitute for a professional study with on-site inspection.

What a board should have organized before commissioning a reserve study, and what a study delivers back. Use this list to evaluate whether the association is ready, regardless of state.

  1. Component register Every asset the association is responsible for maintaining — roofs, asphalt, mechanical systems, plumbing risers, elevators, amenities. Freeze a current version before the study.
  2. Condition assessments Last inspection reports, photographs, observed wear, recent repairs. The analyst calibrates useful-life estimates against this evidence.
  3. Useful-life and replacement-cost estimates Per component, calibrated to local climate, construction, and use intensity. A study produces these; the board verifies them.
  4. Thirty-year capital plan When each component reaches end-of-life and what replacement will cost in nominal dollars at that year.
  5. Funding plan Percent-funded, threshold, or baseline approach with an explicit annual contribution. The board approves; the study models outcomes.
  6. Current reserve fund balance Separated from operating cash. Ideally in interest-bearing accounts with FDIC coverage on the full balance.
  7. Annual budget tied to the funding plan Reserve contribution as an explicit budget line, traceable to the study and the funding policy.
  8. Most recent reserve study Full study, update, or interim review. Author credentials and date of the most recent on-site inspection.
  9. Insurance schedule Replacement-cost coverage on insured components. Deductibles that may draw against reserves in a loss.
  10. Board minutes referencing reserve decisions Special assessments, deferred maintenance, funding-policy changes, scope deviations from the study.

Categories most reserve studies cover. The specific components depend on the association. High-rise condos track far more than single-family HOAs. Gated communities track infrastructure that condos never see.

Roofing & Exterior

Asphalt shingle, metal, tile, or flat membrane roofs. Siding (wood, fiber cement, stucco, vinyl). Exterior paint. Soffits and fascia. Gutters and downspouts. Decks and balconies. Railings. Window and door frames in common areas.

Mechanical

HVAC chillers and cooling towers. Boilers and water heaters. Ventilation. Pumps. Fire suppression and sprinkler systems. Emergency generators. Elevators — cabs, controllers, jacks, and modernizations.

Site Work

Parking lots: seal coat, overlay, full reconstruction. Concrete sidewalks and curbs. Site lighting. Storm drainage. Retaining walls. Fencing. Entry gates and signage.

Plumbing & Electrical

Main water lines and risers. Sanitary and storm sewer lines. Backflow preventers. Common-area electrical panels and switchgear. Transformer pads. Distribution.

Amenities

Pools, spas, and pool equipment. Clubhouse interiors. Fitness rooms. Playgrounds. Tennis and pickleball courts. Mailbox kiosks. Trash enclosures and dumpster pads.

Safety & Code

Fire alarm panels. Emergency lighting. Smoke detectors in common areas. Fire-rated doors. Structural fireproofing. Sprinkler heads and inspection-required components.

A mid-size HOA typically tracks thirty to eighty components. A high-rise condo tracks two hundred or more. The categories above are illustrative. A professional reserve study identifies the components a specific association is responsible for.

Typical useful-life ranges for components common in reserve studies. Industry averages, not specific to any state, climate, or association. A professional study calibrates these to local conditions, construction quality, maintenance practice, and use intensity.

Component Typical useful life
Asphalt shingle roof20–25 years
Metal roof40–50 years
Tile or slate roof50+ years
Flat membrane roof (TPO/EPDM)15–25 years
Wood siding20–30 years
Fiber cement siding30–50 years
Stucco50+ years
Exterior paint cycle7–10 years
Gutters and downspouts20–30 years
Wood deck, pressure-treated15–20 years
Composite deck25–30 years
Asphalt parking — seal coat3–5 years
Asphalt parking — overlay12–15 years
Asphalt parking — reconstruction25–30 years
Concrete sidewalks and curbs30–50 years
Site lighting (poles, fixtures)20–30 years
Wood fencing15–25 years
Pool plaster10–15 years
Pool pump and filter7–10 years
HVAC rooftop unit15–20 years
Boiler25–30 years
Commercial water heater10–15 years
Fire alarm panel20–25 years
Elevator cab finishes15–20 years
Elevator modernization25–30 years
Carpet, clubhouse7–10 years
Playground equipment10–15 years

Ranges synthesized from common professional reserve-study references and U.S. building-component literature. Verify against a study performed by a credentialed reserve specialist (RS, PRA, or equivalent) before relying on any figure for funding decisions.

Related tools
  • Reserve Health Check → Free. Inputs reserve balance, annual contribution, building age, and components; returns a grade with the math shown. No signup required to view results.
Institutional Reference

Meeting requirements in Kentucky

Statutory floors for owner and board meetings — notice periods, delivery rules, quorum, voting, written consent, and record retention. Generic reference. Specific bylaws or declarations may impose tighter requirements; statutes set the minimum.

Annual / owner meeting
30 days advance notice
KRS §381.792(3)
Board meeting
10 days advance notice
KRS §381.792(3)

Most state regimes also require:

  • Open meetings — board meetings open to all members in good standing; closed executive sessions only for narrow purposes (litigation, personnel, contracts).
  • Agenda discipline — the board cannot vote on substantive matters not included in the noticed agenda except in narrow emergency circumstances.
  • Annual meeting — at least one owner meeting per year, with notice mailed to the address on record for each owner.
  • Quorum thresholds — defined in the declaration or bylaws; statutory default applies when governing documents are silent.

CommunityPay maintains a Board Meeting Packet generator that produces a state-aware agenda, draft minutes template, and compliance checklist for the board pack.

How meeting notice must be delivered, what it must contain, and what defects invalidate the notice. Statutes vary in mechanics; the principles are consistent.

  1. Delivery method First-class mail or hand-delivery to the address on file with the association is the universal default. Most states permit electronic delivery only with the owner's written consent. A posted notice on a community bulletin board is not, by itself, sufficient.
  2. Address on file The association is entitled to rely on the address each owner has provided. The owner bears the burden of keeping it current. The board must maintain a registered address list.
  3. Required content Date, time, location (or remote-access link), and an agenda. Material to be voted on — budget, special assessments, rule changes — must be identified specifically. "Other business" is not a substitute for an item.
  4. Notice period start The notice period typically runs from the date of mailing or hand-delivery, not the date of receipt. Some states count both the notice date and the meeting date; others exclude one or both. Confirm the rule.
  5. Remote participation When the association offers remote attendance, the notice must include the access information and any limitations (e.g., audio-only, no chat). Recording rules vary by state.
  6. Defective notice consequences Material defects invalidate actions taken at the meeting. Minor defects (typo in location, slightly late mailing) may be cured by attendance and waiver. Document the cure in the minutes.
  7. Emergency notice Statutes typically permit shortened notice for genuine emergencies (imminent physical harm, immediate financial loss). The board must document the emergency basis in the minutes.

Quorum sets the floor for a valid meeting. Voting mechanics — proxies, ballots, written consent — determine how votes are counted once the quorum is established.

Quorum

Defined in the declaration or bylaws. When silent, statutory defaults apply — typically 20–25% of allocated interests for owner meetings. Quorum is measured at the start; once established it persists even if attendance drops below the threshold.

Proxies

Most states permit proxies for owner meetings. The proxy must be written, dated, and signed; many states require revocation rights and an explicit scope (general or limited). Proxies do not extend to board meetings — directors must vote in person or by permitted remote means.

Written consent

Action without a meeting requires unanimous written consent in most jurisdictions, though some states permit a lower threshold for narrow categories (uncontested matters, ratification). Document the consent in the corporate records, indexed to the action taken.

Ballots

Secret-ballot procedures, double-envelope requirements, and inspector-of-elections rules apply in states with comprehensive election statutes. Director elections, recall votes, and assessment increases above a statutory threshold typically require secret-ballot procedure.

Cumulative voting

Available only when explicitly authorized by the declaration or bylaws. Otherwise straight voting applies — each membership casts one vote per open seat per candidate, with no concentration permitted.

Member in good standing

Voting rights may be suspended for delinquent accounts in some jurisdictions. Suspension typically requires due-process notice and an opportunity to cure. Statutes vary; the bylaws must align.

Minutes are the corporate record of the meeting. Statutes in every state require associations to maintain meeting minutes and make them available to owners on request. Retention periods and access rules vary.

  1. What minutes must contain Date, time, location. Directors and officers present. Quorum determination. Motions made, seconded, and the vote count. Substantive board actions and adopted resolutions. Executive-session minutes kept separately; the open-session minutes record only that a closed session occurred.
  2. Retention period Statutes vary; common floors are seven years for financial records and the life of the association for governance records. Permanent retention is the safer practice. Reserve studies, declarations, amendments, and assessments — permanent.
  3. Owner inspection rights Owners have a statutory right to inspect minutes and association records on written request. The association may charge reasonable copy fees and require inspection during normal business hours at a designated location.
  4. Approval process Draft minutes are circulated to the board, corrected, and approved at the next regular meeting. Approved minutes become the official record. Corrections after approval require a noted amendment, not silent edits.
  5. Permanent records Declaration, bylaws, articles of incorporation, rule books, amendments, and the minute book are permanent records. The association cannot dispose of them on any retention schedule.
  6. Resale disclosure Recent board and owner meeting minutes are typically required attachments to a resale certificate. The standard window is the last 12 months; some statutes extend to 24 months for amendments.
  7. Executive session Closed-session minutes record matters discussed but typically remain confidential from the general membership. Specific votes taken in closed session may need to be reported in the open-session minutes.
Related tools
Institutional Reference

Insurance & risk requirements in Kentucky

Statutory floors plus the Fannie Mae 1076 and Freddie Mac 476 condo questionnaire fields lenders verify before closing. Generic reference. Specific declarations or bylaws may impose tighter requirements; statutes set the minimum.

Fannie Mae lender requirement
Hazard / property coverage
100% of replacement cost value, project improvements + common elements + residential structures
Fannie Mae B7-3-03
Comprehensive general liability
$1000000 minimum per single occurrence, bodily injury and property damage on common elements
Fannie Mae B7-4-01
  • Replacement cost basis — policy must pay to rebuild without depreciation deduction.
  • Agreed-amount endorsement — waives the coinsurance penalty when coverage is set to a stated replacement cost.
  • Inflation guard endorsement — annual escalation to keep coverage at current rebuild cost.
  • Building ordinance or law endorsement — covers the cost gap when current building codes require upgrades during a rebuild.
Fannie Mae lender requirement
Fidelity / crime bond minimum
3 months of aggregate assessments on all units
Fannie Mae B7-4-02

The fidelity / crime policy protects association funds from dishonest or fraudulent acts by anyone handling or responsible for those funds — directors, officers, employees, and the management agent. The HOA or co-op corporation must be the named insured, with premiums paid as a common expense.

  • Named covered parties — board, officers, employees, and the management company (when one is engaged).
  • Computation basis — months of assessments plus reserve balance, or a percentage of the operating budget, depending on the governing statute.
  • Annual renewal — coverage lapses are a common audit finding and trigger lender disqualification.
Fannie Mae lender requirement
Deductible cap
5% maximum of master policy coverage amount, aggregated across per-peril deductibles
Fannie Mae B7-3-03

Higher deductibles disqualify the project from conforming mortgage originations on every unit. State statutes sometimes codify a tighter cap or require board approval before deductible changes.

Flood insurance is required when any portion of the project sits inside a FEMA-designated Special Flood Hazard Area (SFHA). Coverage must equal the lesser of the building replacement cost or the National Flood Insurance Program (NFIP) maximum, with the balance covered by an excess flood policy.

Beyond the master property policy, lenders require several distinct coverages and endorsements. Each addresses a specific risk category the master policy alone does not handle.

  • Directors & officers (D&O) liability — defends board members against claims arising from governance decisions. Often required by lenders even when not codified by statute.
  • Umbrella / excess liability — extends primary liability limits, typically by $1M to $5M, to cover catastrophic claims.
  • Workers’ compensation — required when the association directly employs maintenance or management staff.
  • Earthquake / windstorm — peril-specific policies in seismic and coastal zones. Lender requirement depends on territory.
  • Environmental / pollution — applies when the association operates pools, fuel storage, or other regulated facilities.
Statutory Obligations — Kentucky 45 obligations across 6 categories
KY
CommunityPay has not verified this entity's community-association type. The jurisdiction-level obligations below are Kentucky statutory requirements that may apply depending on the association's governing documents, entity type, and statutory classification — confirm classification before relying on association-specific outputs. Each item is pinned to the underlying statute. Click any citation to read the source.
Governance 26
Board governance, meetings, voting, quorum.
  • May rely on opinions of persons reasonably assumed to have expertise
    May rely on opinions of persons reasonably assumed to have expertise.
     KRS §273.215
  • KRS 381.793(3) requires HOA board directors of unincorporated associations to also meet this standard
    KRS 381.793(3) requires HOA board directors of unincorporated associations to also meet this standard.
     KRS §273.215
  • Directors must act in a manner they honestly believe to be in the best interests of the corporation
    Directors must act in a manner they honestly believe to be in the best interests of the corporation.
     KRS §273.215
  • Applies to HOA boards organized as nonprofit corporations
    Applies to HOA boards organized as nonprofit corporations.
     KRS §273.215
  • Covers all planned communities with mandatory membership and assessment authority, excluding condominiums
    Covers all planned communities with mandatory membership and assessment authority, excluding condominiums.
     KRS §381.785
  • Does not retroactively invalidate pre-existing governing documents
    Does not retroactively invalidate pre-existing governing documents.
     KRS §381.785
  • Prior to 2023, Kentucky had no comprehensive HOA-specific legislation
    Prior to 2023, Kentucky had no comprehensive HOA-specific legislation.
     KRS §381.785
  • Defines the scope of the Kentucky Planned Community Act (SB 120, enacted 2023)
    Defines the scope of the Kentucky Planned Community Act (SB 120, enacted 2023).
     KRS §381.785
  • Annual meeting at least once per year
    Annual meeting at least once per year.
     KRS §381.792
  • Meeting notice 10-30 days in advance by mail, hand delivery, or electronic delivery
    Meeting notice 10-30 days in advance by mail, hand delivery, or electronic delivery.
     KRS §381.792
  • Special meetings called by president, majority of board, or 20% of owners
    Special meetings called by president, majority of board, or 20% of owners.
     KRS §381.792
  • Quorum is 10% of lot owners
    Quorum is 10% of lot owners.
     KRS §381.792
  • KY HOA Meeting Notice Period (Minimum): 10 days
    Not less than ten nor more than thirty days in advance
     KRS §381.792(3)
  • KY HOA Meeting Notice Period (Maximum): 30 days
    Not less than ten nor more than thirty days in advance
     KRS §381.792(3)
  • Pre-2011 condominiums also remain subject to the Horizontal Property Law (KRS 381.805)
    Pre-2011 condominiums also remain subject to the Horizontal Property Law (KRS 381.805).
     KRS §381.9101
  • Applies to all condominiums created after January 1, 2011
    Applies to all condominiums created after January 1, 2011.
     KRS §381.9101
  • Declarant control terminates at the earliest of: 60 days after 75% of units conveyed to non-declarant owners, 2 years after declarants cease selling, 2 years after last exercise of development right, or 7 years after first unit conveyed
    Declarant control terminates at the earliest of: 60 days after 75% of units conveyed to non-declarant owners, 2 years after declarants cease selling, 2 years after last exercise of development right, or 7 years after first unit conveyed.
     KRS §381.9169
  • Upon termination, unit owners elect the executive board (at least 3 members)
    Upon termination, unit owners elect the executive board (at least 3 members).
     KRS §381.9169
  • Board member actions shall not be the basis for monetary damages unless the breach constitutes willful misconduct or wanton or reckless disregard
    Board member actions shall not be the basis for monetary damages unless the breach constitutes willful misconduct or wanton or reckless disregard.
     KRS §381.9170
  • Plaintiff bears burden of proof by clear and convincing evidence
    Plaintiff bears burden of proof by clear and convincing evidence.
     KRS §381.9170
  • This provides a high liability protection standard for condominium board members
    This provides a high liability protection standard for condominium board members.
     KRS §381.9170
  • Annual meeting required for condominiums
    Annual meeting required for condominiums.
     KRS §381.9177
  • Default quorum is 10% of members eligible to vote (KRS 381.9179)
    Default quorum is 10% of members eligible to vote (KRS 381.9179).
     KRS §381.9177
  • Notice 10-60 days in advance
    Notice 10-60 days in advance.
     KRS §381.9177
  • Special meetings may be called by 20% of unit owners
    Special meetings may be called by 20% of unit owners.
     KRS §381.9177
  • Recording the declaration constitutes notice — no separate lien filing required
    Recording the declaration constitutes notice — no separate lien filing required.
     KRS §381.9193
Financial 5
Financial statements, audits, banking, fund segregation.
  • $300,000-$1,000,000: CPA review
    $300,000-$1,000,000: CPA review.
     KRS §381.794
  • $125,000-$300,000: compilation by accounting professional
    $125,000-$300,000: compilation by accounting professional.
     KRS §381.794
  • Under $125,000 annual revenue: statement of cash receipts and disbursements
    Under $125,000 annual revenue: statement of cash receipts and disbursements.
     KRS §381.794
  • Note: the Planned Community Act (KRS 381.788) requires a declarant control period but does not cap its duration
    Note: the Planned Community Act (KRS 381.788) requires a declarant control period but does not cap its duration.
     KRS §381.9169
  • Required contents include: assessments, unpaid amounts, capital expenditure plans for current and next 2 fiscal years, reserves, current budget and financial statements, insurance coverage, pending litigation over $10,000, and pet/rental restrictions
    Required contents include: assessments, unpaid amounts, capital expenditure plans for current and next 2 fiscal years, reserves, current budget and financial statements, insurance coverage, pending litigation over $10,000, and pet/rental restrictions.
     KRS §381.9203
Assessment 5
Assessment levy, billing, collection, late fees.
  • Association has a continuing lien on any lot for nonpayment of assessments, special assessments, or charges that remain unpaid 30 days after becoming due
    Association has a continuing lien on any lot for nonpayment of assessments, special assessments, or charges that remain unpaid 30 days after becoming due.
     KRS §381.799
  • This is a recording-based priority — no super-priority over first mortgages
    This is a recording-based priority — no super-priority over first mortgages.
     KRS §381.799
  • Condo association has a lien on each unit from the time assessments or fines become due
    Condo association has a lien on each unit from the time assessments or fines become due.
     KRS §381.9193
  • KY Judicial Foreclosure Required
    Foreclosed in like manner as a mortgage on real estate
     KRS §381.9193(1)
  • KY Condo Assessment Lien Statute of Limitations: 5 years
    Within five years after the full amount of the assessments becomes due
     KRS §381.9193(5)
Disclosure 5
Owner disclosures, resale certificates, public records.
  • Key provisions on assessment powers, board requirements, resale certificates, and financial records apply retroactively to all condominiums regardless of creation date
    Key provisions on assessment powers, board requirements, resale certificates, and financial records apply retroactively to all condominiums regardless of creation date.
     KRS §381.9101
  • Requires seller to provide a certificate to buyer for condominium unit resales
    Requires seller to provide a certificate to buyer for condominium unit resales.
     KRS §381.9203
  • Applies to all condominiums regardless of creation date
    Applies to all condominiums regardless of creation date.
     KRS §381.9203
  • KY Condo Resale Certificate Delivery Deadline: 10 business_days
    Within ten business days of written request
     KRS §381.9203
  • Association must furnish within 10 business days of written request
    Association must furnish within 10 business days of written request.
     KRS §381.9203
Records 1
Records retention, owner access, official documents.
  • Revenue-tiered financial reporting requirements for HOAs
    Revenue-tiered financial reporting requirements for HOAs.
     KRS §381.794
Enforcement 3
Rule enforcement, fines, hearings, due process.
  • Lien when recorded is prior to all other liens except government tax liens and any mortgage, lien, or encumbrance recorded prior to the lien recordation
    Lien when recorded is prior to all other liens except government tax liens and any mortgage, lien, or encumbrance recorded prior to the lien recordation.
     KRS §381.799
  • Foreclosed in like manner as a mortgage (judicial)
    Foreclosed in like manner as a mortgage (judicial).
     KRS §381.9193
  • Priority over all liens except pre-declaration encumbrances, government tax liens, and mortgages recorded before delinquency
    Priority over all liens except pre-declaration encumbrances, government tax liens, and mortgages recorded before delinquency.
     KRS §381.9193
None of these obligations are confirmed for Nolin Lake Estates INC as a community that uses CommunityPay. Keep this association's books on CommunityPay to track obligation compliance from a live ledger with audit-grade enforcement.
Source: Kentucky legal corpus. Last verified April 15, 2026. CommunityPay maintains the corpus and re-verifies on a rolling cadence.
Risk Profile — CARI Score Preview 5 weighted components · Verified score requires consent
Preview
CARI — the Community Association Risk Index — is CommunityPay's deterministic risk score for community associations. Lenders, insurers, title companies, and buyers consume it through an authenticated API. The score is computed from five weighted components and is consent-gated: the association controls whether subscribers can see it.
Financial Health 30% weight
Reserve adequacy, delinquency rate, operating ratio, fund segregation. Measured against state statutory thresholds.
Governance 25% weight
Board attestation currency, meeting compliance, policy violations, governance risk coefficient.
Vendor Risk 15% weight
Vendor compliance signals — license, insurance, bond status, payment velocity, dispute rate.
Enforcement Integrity 15% weight
Block rate, override rate, SLA breaches in the enforcement decision ledger. The audit-trail layer.
Payment Behavior 15% weight
Prevented loss, dispute rate, collection efficiency, payment-method risk.
No verified CARI score is published for Kentucky community Nolin Lake Estates INC. Keep this association's books on CommunityPay to publish a verified CARI score that lenders, insurers, title companies, and buyers can consume through an authenticated API.
Compliance Calendar — Next 12 Months 1 deadline
Federal Form 1120-H or 1120 — annual return Apr 15, 2027 · 173 days
High IRC §528
Failure to file timely incurs IRS penalties and interest.
Source: Kentucky statute and federal tax law. Dates are conservative estimates based on common fiscal-year alignment; actual deadlines depend on the association's bylaws and fiscal year.
Records This Community Should Have — Kentucky 2 record categories required by statute
Under Kentucky community association law, the records below must be created and retained. Failure to produce these on owner request, audit, or litigation creates liability and erodes the board's defensibility. None are confirmed for this community as an association that uses CommunityPay.
Financial 2
  • Tax returns
    Federal and state association tax returns.
    Retention: 7 years
    IRC §6501 + state retention norms
  • Tax returns
    Federal association tax returns.
    Retention: 7 years
    IRC §6501
Keep this association's books on CommunityPay to create, store, and produce these records on demand from a live ledger.
Registration Details Unclassified Entity · Est. 2012 · Active
Type Unclassified Entity
Governing Statute KRS ch. 381 (Homeowners Association Act)
State Kentucky
City Clarkson
ZIP 42726
County Grayson
Registration IRS Exempt Organizations Business Master File · IRS-237425662
Formed Sept. 1, 2012
Status Active
Area HOA Fees Grayson County median $201/mo
Median Monthly Fee $201
Average Monthly Fee $198
Typical Range $146 – $230
Units Paying Fees 65
Source: U.S. Census Bureau, American Community Survey 2023 5-Year Estimates (PUMS). Grayson County, KY.
Natural Hazard Exposure Grayson County
Relatively Low
Hail Relatively Moderate
Ice Storm Relatively Moderate
Strong Wind Relatively Moderate
Tornado Relatively Moderate
Earthquake Relatively Low
Social Vulnerability Relatively High
Community Resilience Relatively Moderate
Expected Annual Loss $11,449,427
Source: FEMA National Risk Index v1.20, Grayson County, KY
Applicable Laws 11 Kentucky statutes
Nonprofit Corporation — General Standards for Directors Directors must act in a manner they honestly believe to be in the best interests of the corporation. May rely on opinions of persons reasonably assumed to have expertise. Applies to HOA boards organized as nonprofit corporations. KRS 381.793(3) requires HOA board directors of unincorporated associations to also meet this standard.
Planned Community Act — Definitions Defines the scope of the Kentucky Planned Community Act (SB 120, enacted 2023). Covers all planned communities with mandatory membership and assessment authority, excluding condominiums. Prior to 2023, Kentucky had no comprehensive HOA-specific legislation. Does not retroactively invalidate pre-existing governing documents.
Planned Community — Meetings and Notice Annual meeting at least once per year. Quorum is 10% of lot owners. Special meetings called by president, majority of board, or 20% of owners. Meeting notice 10-30 days in advance by mail, hand delivery, or electronic delivery. Must state time, place, and agenda items. Each lot has one vote. No cumulative voting. Proxies terminate after 1 year.
Planned Community — Financial Records and Reports Revenue-tiered financial reporting requirements for HOAs. Under $125,000 annual revenue: statement of cash receipts and disbursements. $125,000-$300,000: compilation by accounting professional. $300,000-$1,000,000: CPA review. Over $1,000,000: CPA audit. Financial report due within 180 days after fiscal year end. Available to owners within 30 days after receipt by the board.
Planned Community — Association's Continuing Lien Association has a continuing lien on any lot for nonpayment of assessments, special assessments, or charges that remain unpaid 30 days after becoming due. Lien when recorded is prior to all other liens except government tax liens and any mortgage, lien, or encumbrance recorded prior to the lien recordation. This is a recording-based priority — no super-priority over first mortgages.
Kentucky Condominium Act — Short Title Applies to all condominiums created after January 1, 2011. Key provisions on assessment powers, board requirements, resale certificates, and financial records apply retroactively to all condominiums regardless of creation date. Pre-2011 condominiums also remain subject to the Horizontal Property Law (KRS 381.805).
Condominium — Executive Board and Declarant Control Declarant control terminates at the earliest of: 60 days after 75% of units conveyed to non-declarant owners, 2 years after declarants cease selling, 2 years after last exercise of development right, or 7 years after first unit conveyed. Upon termination, unit owners elect the executive board (at least 3 members). Note: the Planned Community Act (KRS 381.788) requires a declarant …
Condominium — Discharge of Board Member's Duties Board member actions shall not be the basis for monetary damages unless the breach constitutes willful misconduct or wanton or reckless disregard. Plaintiff bears burden of proof by clear and convincing evidence. This provides a high liability protection standard for condominium board members.
Condominium — Meetings of the Association Annual meeting required for condominiums. Notice 10-60 days in advance. Special meetings may be called by 20% of unit owners. Default quorum is 10% of members eligible to vote (KRS 381.9179).
Condominium — Lien for Assessments Condo association has a lien on each unit from the time assessments or fines become due. Foreclosed in like manner as a mortgage (judicial). Priority over all liens except pre-declaration encumbrances, government tax liens, and mortgages recorded before delinquency. Recording the declaration constitutes notice — no separate lien filing required. 5-year statute of limitations on enforcement. Interest shall not exceed …
Condominium Resale Certificate Requires seller to provide a certificate to buyer for condominium unit resales. Required contents include: assessments, unpaid amounts, capital expenditure plans for current and next 2 fiscal years, reserves, current budget and financial statements, insurance coverage, pending litigation over $10,000, and pet/rental restrictions. Association must furnish within 10 business days of written request. Applies to all condominiums regardless of creation …
Source: Kentucky state legislature. Statutes verified by CommunityPay. Last verified April 2026.
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Community data is sourced from Kentucky Secretary of State public registrations. Natural hazard data is from the FEMA National Risk Index (county-level, v1.20). CommunityPay does not claim a relationship with Nolin Lake Estates INC unless explicitly stated.
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