Amberwood Village Recreation Association (AVRA) has selected the IRC Group to conduct the Reserve Fund Study. Results of the study will be discussed with the AVRA members in September.
Click here to view the Questions and Answers pertaining to the ‘reserve fund’ and ‘annual dues’ . If you have additional questions, please forward them to info@amberwoodvillage.ca
A motion to formally establish a requirement for a reserve fund in the bylaws was approved by majority vote at the AVRA 2020 AGM. Please refer to section 7.1, 16 and 17 in the new bylaws.
- The reserve fund will only be used to pay for new improvements to property and buildings, major repairs, and replacement of aging equipment.
- Reserve fund disbursements must be approved by a majority vote of the membership.
- The reserve fund will be primarily funded through annual fees. 100% of annual fees will go to the reserve fund. Other sources of income may also be contributed to building the reserve fund, if available.
- Changes to annual fees may be proposed by the Board of Directors, but these changes will only become effective by a majority vote of members.