Vuecrest Reserve Funds Survey

Vuecrest has recently completed a formal Reserve Study, as now required of most homeowner associations (HOA's) by Washington State law (RCW 64.38). The study is available on the Vuecrest web site on the "Library" page, in the "Other Documents" section for your review.

While we've done a great job building our reserves to over $100,000 the study shows that we are presently at 48% of the more than $200,000 that we should have in reserves.

Financial institutions are scrutinizing HOA Reserve Fund levels as part of mortgage underwriting. A "strong" Reserve Fund should have at least 80% of the recommended funding level.

The Vuecrest board believes our Reserves should be fully funded. A fully funded Reserve is "strong" to financial institutions, and will largely eliminate Special Assessments for maintenance, repair and renewal. We would like your opinion to help us determine the best way to get there.

PLEASE NOTE: this survey is to gauge opinions only. A formal vote will occur as part of the budget process.

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* 1. We presently add $48 per property to the Reserve Fund each year. In order to have a "strong" fund and eliminate Special Assessments, we must fully fund our reserves. The Reserve Study offers us several choices for addressing the shortfall (please refer to the Reserve Study p.34-36 for details). Based on the choices in the Reserve Study, would you prefer to:

Make up the entire shortfall in ONE year, with a single assessment of $577 per property.

Make up the shortfall in FIVE years, by adding $193 to the Reserve Fund per property each year instead of the $48 we presently add.

Make up the shortfall in TEN years, by adding $136 to the Reserve Fund per property each year instead of the $48 we presently add.

Stay at adding $48 per property each year, never make up the shortfall, continue with Special Assessments, and/or eventually deplete our reserves.

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* 2. (Optional) Please let the Vuecrest board know any other thoughts you have about the Reserve Fund.

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* 3. (Optional) If you would like the Vuecrest board to respond, please provide some contact information.

Name:

Address:

Email Address:

Phone Number: