SAMLARC Annual Budget Packet

Each year the Association’s volunteer Board of Directors performs a very careful review of the past year’s expenses and income to best project the amount to collect from each member in the upcoming fiscal year. When reviewing the budget, the Board considers several factors such as recurring contract costs, inflation, utility usage and rates, insurance, and appropriate reserve contributions (savings) each month to pay for repair, restoration and/or replacement of common area components as needed.

State law and the Association’s governing documents require the Board of Directors to distribute the following documents to each member:

  • 2021 Pro Forma Budget Summary

  • Assessment and Reserve Funding Disclosure Summary

  • Executive Summary – 2021 Reserve Study

  • Delinquency Policy and Disclosures as follows:

o Delinquent Assessment Collection Policy

  • Notice of Assessments and Foreclosure

  • Assessments and Foreclosure

  • Payments

  • Meetings and Payment Plans

  • Assignment of Rents

  • Alternative Dispute Resolution (ADR) procedure

  • Internal Dispute Resolution (IDR) procedure

  • Insurance Notification

  • Annual Policy Statement