It is the intent of the Meadowridge Homeowners Association to ensure that each owner has been provided with and /or has full access to the association’s financial records and projections. Written requests to review the financial reports will be granted during normal business hours of Western Nevada Management Inc. (Monday to Friday, 9-5, except holidays). The Board of Directors believes the 2017 Budget is adequate to protect, maintain and enhance the conditions and value of our beautiful association as well as fund our reserve requirements for future replacement costs. To comply with NRS.116.31151, please find the following:
- For the year 2017, there is a reserve assessment in place
- A financial update of the reserve study was performed by Resource 1, LLC in September 2016. The Reserve Study lists the current estimated replacement cost, remaining and useful life of each major component of the common element. The reserve study has been adopted by the Board of Directors, and a copy of the reserve study may be requested in writing at the cost of $25 or emailed at no charge.
- Resource 1, LLC, meets the qualifications set by the Nevada Real Estate Division to perform and prepare the study of reserve required by NRS.31152
- It is estimated that $60,000 will be transferred from the operating account into the reserve account for common area improvements. This represents 25% of the total income will be transferred to the reserves.
- Changes in Nevada law in 2013 require that the adopted Collection Policies be included in the budget. The Board is advising owners of what they proposed for a budget and how the assessment will be collected.
- New assessment coupon books for 2017 will be mailed in December 2016
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