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.
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.