Resolutions

Approved Policies

Reserve Study Policy #2-37    Capital Purchases Policy #2-38

Resolutions

November 16, 2004 Board Meeting
Require 4.5% of our Annual Fees (quarterly dues) be set aside in the reserves, half to the Repair/Replacement Fund and half to the Capital Improvements fund starting in 2005.  Any excess funds from the previous year's budget to be placed into the Repair/Replacement Fund until it is fully funded and after that into the Capital Improvements Fund.

February 7, 2006 Board Meeting
The following definitions for budgeting purposes were approved:

a. Main Component. A Main Component is a tangible fixed asset that will be any physical item (building, property component or system that deteriorates over time) owned by Golden Vista RV Resort and has a useful life in excess of one (1) year.

b. Sub-Components. Separate segments of a component that can be identified and will require its own repair or replacement independent of its main component.

c. Repair and Replacement Costs. Expenditures that cover any major repairs or the replacement of a like kind of a component

d. Operating Budget. Includes all funds to be collected and expenditures to be made within the fiscal year for which funds are budgeted, including a reasonable allowance for contingencies and working funds.  For a component or sub-component that costs less than three thousand (3,000) dollars or is normally repaired, maintained, or replaced annually, then the following is included in the Operating Budget:  All repair and maintenance costs as well as component replacements of a like kind, and all new and upgraded component purchases.  The Operating Budget includes contributions to the reserve funds, which are hereafter to referred to as the "Repair/Replacement Reserve" (CC&R 9.6C) and the "Capital Improvements Reserve" (CC&R 9.6B). The Board will determine the reserve funding amounts.

e. Repair/Replacement Budget.  All repair and maintenance costs as well as component replacements of a like kind that cost in excess of three thousand (3,000) dollars and normally occur less often than yearly will become part of the Repair/Replacement Budget.   The funds for this budget come from the Repair/Replacement Reserve.  For this budget, It is the goal of Golden Vista RV Resort to have an up-to-date Reserve Study (see policy 2-37) in which all the components and sub-components at Golden Vista: are identified, repair or replacement costs for each component are estimated, and the useful life of each component is estimated so that the Repair/Replacement Budget can be projected for at least five years in the future.

f. Capital Improvement Budget. All new and upgraded component purchases that cost in excess of three thousand (3,000) dollars and are not of a like kind for any replacements will be part of the Capital Improvements Budget.  The funds for this budget come from the Capital Improvements Reserve.  All major projects should be identified in the Resort's Long-Range Plan.  After approval, spending may occur over several years.

g. Activities Budget. Includes all funds to be collected and expenditures to be made within the fiscal year for which funds are budgeted for the Activities Office except for salaries, which are part of the Association’s Operating Budget. Does not include clubs. The income generated by the Activities Office supports activities and will not be part of the general fund.