Summerwood Association

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Financial Philosophy

The Summerwood Board Of Directors adopted a policy of “fully funding” future reserve requirements. An engineering study was conducted to assess the future replacement needs of Summerwood’s fixed assets and other physical items including roads. Using replacement year and replacement cost data, an annual reserve dues projection was developed to assure future reserve expense will be fully funded. Unless an unforeseen event occurs, future reserve expenditures should never require a special assessment.

Investment Policy for Reserve Funds: Summerwood Reserve funds will be invested in low risk investment vehicles only. Reserve policy is specified in the Summerwood Rules & Bylaws, Bylaws Article XV.