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Assessment and Reserve Funding
Disclosure Summary [Per Civil Code Section 1365.2.5] ASSOCIATION
NAME: Campolindo Homeowners Association (1) The current regular
or annual assessment per unit is $ 375.00
per year. (2) Additional Special or Emergency
Assessments that have already been scheduled to be imposed or charged, and/or
that have been approved by the board and/or members are as follows: None (3) Based upon the most
recent reserve study and other information available to the board of
directors, will currently projected reserve account balances be sufficient at
the end of each year to meet the association's obligation for repair and/or
replacement of major components during the next 30 years? Yes __X__ No ____ (4) If the answer to #3
is no, what additional assessments or other contributions to reserves would
be necessary to ensure that sufficient reserve funds will be available each
year during the next 30 years? Not Applicable (5) Are there components
that are the obligation of the Association that are included in the Reserve
Study but are NOT included in the existing reserve funding? _____ Yes ___X___ No. (6) As of the last
reserve study or update, the current balance in the reserve fund is DEFINITIONS AS SET FORTH
IN CC1365.2.5(b): (1) "Estimated remaining
useful life" means the time reasonably calculated to remain before a
major component will require replacement. (2) "Major component" has
the meaning used in Section 1365.5. Components with an estimated remaining
useful life of more than 30 years may be included in a study as a capital
asset or disregarded from the reserve calculation, so long as the decision is
revealed in the reserve study report and reported in the Assessment and Reserve
Funding Disclosure Summary. NOTE: This form is
distributed each year with the Annual Financial Package containing the Budget
and Reserve Information for the coming fiscal year. The financial information
set forth in this summary is based on the best estimates of the preparer on
the date this form is completed. The estimates are subject to change at any
time. For Fiscal Year: Ending December 31, 2007 Prepared on: November 26, 2006 By: Bradley J Ward Printed Name and Title: Bradley J Ward, Business Manager On behalf of the Board of
Directors, Campolindo Homeowners
Association. |