Financial Documents: What are the Annual Budget, Audited Financial Statement, and Reserve Study?

Annual Budget: The Master Association’s Annual Budget is a projection of the money needed to cover our yearly operating expenses and provide adequate reserves for repair and replacement of the property we maintain. We update our budget annually each fall for the following calendar year.

Audited Financial Statement: Each year, a Certified Public Account performs an extensive audit of the Master Association’s financial records and issues a statement as to their compliance with generally accepted accounting principles.

Reserve Study: In order to maintain and preserve market values of common area property, the Master Association develops funding plans for future repair or replacement of streets, fencing, walls, signs, landscaping, and much more. Our reserve study provides guidance on how much the Master Association should be putting aside each month for reserves so it can meet the future obligations described above without requiring special assessments.

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