Effective: May 1, 2012.
Resolution 2012-2 supersedes prior resolutions with regard to reserve and investment policy. A few highlights:
- The overall financial policy of the Association is to raise assessments annually no more than absolutely necessary to meet ongonig operating expenses, fund reserves for hte future, avoid special assessments, and minimize borrowing.
- A Reserve Study shall be conducted at least as often as required by the Virginia Condominium Act, and reviewed and updated annually with a review of existing reserve funds, and anticipated reserve expenditures.
- Investment of Reserve Funds shall be in low-risk instruments that maximize interest while preserving reserve principal.
Open or Download Resolution 2012-3, Reserve / Investment Policy. [.pdf, 43.3 K]