Dear Sunset Ridge Patio Owners:
Per the discussion at the Annual Meeting in January, the Patio Association had built up a reserve fund in the past when the cost of landscape maintenance services were fluctuating. This fund is accounted for separately from the "mulch reserve" fund that is currently being funded as part of 2020 Fiscal Year budget to provide mulch every other year for all homes within the Patio Association. As many of you know, the sole purpose of the Patio Association is to provide landscape maintenance for the individual Patio Association homes. The Patio Association does not own any assets and does not need a reserve fund in place for long term capital improvements or maintenance planning. Therefore a decision to refund the reserve to the Patio Association Members was made by the Board. Any home that was constructed prior to 2018 is eligible and will be receiving a refund check based on how many months the home paid into the Reserve Account for the Patio Association. Distribution of reserve funds is dictated by the NC General Statue below:
§ 47F-3-114. Surplus funds.
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses, the funding of a reasonable operating expense surplus, and any prepayment of reserves shall be paid to the lot owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments.
Keep in mind that refunds are associated with the property rather than the homeowner, so the refunds are calculated based on how long the home has been a member of the Association and that refund will be applied to the current property owner.
Due to COVID-19, Premier Management operations are not at full capacity to ensure the safety of our employees and compliance with applicable restrictions that are in place. Checks will be processed in batches, starting Monday, April 20th. The checks will be mailed as they are processed however it may take up to 10 days to complete all batches.
Thank you,
Sunset Ridge Patio Association
Premier Management Company |
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