As a Master Homeowners Association, SAMLARC is classified as a not for profit corporation, governed by Governing Documents (Articles of Incorporation, CC&Rs, bylaws, and rules adopted by the Board of Directors). These documents create legal duties and obligations for the Association to preserve the value, desirability, and attractiveness of the property that SAMLARC owns and holds a responsibility to maintain. To meet these duties and obligations, the Board adopts an annual budget with expenses that are determined in large measure as non-discretionary costs. The budget also takes into consideration the measures of Civil Code Section 5600 (a), which states that the Board must levy regular and special assessments sufficient to perform its obligations under the governing documents.
Annually, each Committee under the direction of the Board provides input and guidance into the preparation of the upcoming year’s budget. A Budget Workshop is held annually, open to the Membership, for the Board of Directors to consider, discuss and approve the upcoming fiscal year budget effective January 1. The Board held the 2021 Budget Workshop on October 6, 2020 and following much deliberation the Board approved the 2021 fiscal year budget for SAMLARC.
Please click the button below to learn more about the 2021 SAMLARC Budget.