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Proposed Funding Information


 Proposed annual contribution to reserves  Whether a special assessment planned in the proposed budget, if so: » Amount of additional funding. » Average per unit/owner per month or year »  » Purpose for additional funding


Information From The Most Recent Reserve Study


 Recommended contribution to reserves   rate is based on


   Whether the association has enough funds to meet  contribution rate, if not: » What years will a special assessment be likely be due » What is the projected liability per unit/owner per month or year


Five-Year Comparison Of The Reserve Fund Balance And The Percent Fully Funded  Recommended funding plan from the most recent reserve study


 


Understanding whether the current contribution rate will have any funding shortfalls over thirty years for projected costs is a good starting point for identifying if the current plan is adequate. If shortfalls are anticipated, an increase in reserve funding will help reduce the risk of future special   


Recommended Funding Plan


    recommended funding plan should take into consideration  of funding plan the recommended contribution rate is based on, the amount of risk inherent in a funding plan will vary.


 recommended funding plan and the board of director’s  provides insight on how closely the proposed budget aligns with the association’s funding goals.


Types Of Funding Plans: A Baselin


ne Fun ng Plan ndin


A Baseline Funding Plan carries the most risk since the goal is ensure the reserve account simply maintains a positive balance over thirty years.


A Full Fu unding Pla an


A Full Funding Plan works towards getting the reserve account to 100% fully funded by the last year of the 


A Moderate Riisk Plan er


  balance at all times is typically considered a moderate risk plan, with contribution rates most often falling between the Baseline and Full Funding Plan values.


In contrast to the requirements of RCW 64.34 and 64.68, the RCW 64.90.525 (2) (d – f) of the WUCIOA requires that the budget disclosure includes:  Budgeted annual contribution to reserves for the current 


 Whether the association has a reserve study that meets  » How much the proposed funding plan deviates from the recommended funding from the reserve study


 A comparison of the current reserve account balance to the fully funded balance and the resulting surplus or 


 comparison of how much the board’s proposed funding plan differs from the reserve study’s recommended funding plan which illustrates how closely the plans align.


A unique element of this disclosure is the comparison of the current reserve fund balance to the fully funded    funds attributed to each owner if the association’s goal was to be 100% fully funded.


 owners see where their association is in terms of their current funding plan and whether the proposed funding will achieve their future budgeting goals with the recommendations from the most current reserve study as a third party benchmark.


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