Association Finances

The Board passes an annual budget, observes fiscal controls, and engages an outside auditor to examine its financial reports.

The Annual Budget

Over 95% of the Association's revenues derive from maintenance fees imposed on each unit. For 2010, these are set at $486 per quarter, which compares very well with other associations. You may view the budget in PDF form here. Each year, detailed information about the budget is provided to members. For additional information, unit owners may contact the office. Here's where the money goes:

Capital Replacement Fund

The Board periodically engages a professional engineer to review the condition and age of its physical assets. Based on that, a plan is devised to set aside funds to be used for expensive major repairs and replacements. The objective is for funds to be available when needed without having to resort to borrowing or unexpected assessments. We observe legal obligations and conservative planning. The latest such study was completed in 2007, and our annual contributions to the Fund were increased to account for inflation and projected prices. The next study is expected to commence in late 2010.

Investments

The Board observes an investment policy to derive earnings on funds not immediately needed, and utilizes a major financial firm to handle these investments, subject to the Board's direction. As a general policy, funds are placed in instruments such as CDs whose principal is secure.

Delinquent Maintenance Assessments and Other Fees

In order to discourage excessively late payment of assessments and fees due the Association, a revised policy has been adopted which adds penalties. See the details here.