Meadows at Morris Farm Community Association maintains a responsible and strong financial position through its budget, investments, reserve study and financial best practices for homeowner associations. The financial state of the Association is confirmed by monthly financial reports and an annual audit.
Budget
The Board of Directors has the responsibility to adopt and manage an annual budget. This budget is a financial plan for the community and that provides an estimate of the community’s income and expenses throughout a fiscal year. The budget covers the operational, capital and reserve aspects of the Association; and will set the assessments for that period.
Drafting the annual budget begins in late summer/early fall of each year. Through our regular monthly meetings residents have an opportunity to provide input, requests and review throughout the budget development process. The Board of Directors will typically make a final budget adoption decision no later than November each year.
Reserve Study
A replacement reserve study is a technical and financial analysis of the community-owned assets within Meadows at Morris Farm. This study will anticipate and prepare the Association financially for future repair and replacement costs. This study is required by the Commonwealth every 3-5 years.
Investments
Meadows at Morris Farm’s reserve study requires the Association to set aside funds for the future repair and replacement of major assets. These funds are invested in CDs and other secure investments with the primary goal to protect the principal to assure for future financial stability.
Financial Reports
SFMC Community Association Management provides various financial reports for review by the Board of Directors. These reports are also available to all owners and residents of Meadows at Morris Farm upon request by contacting the management company.
Annual Audit
The Association engages an independent accounting firm for the purposes of performing an annual audit. The draft audit is provided to the Board of Directors for review and adoption.
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