These are additional excerpts and comments and are typical of the statements made in the Independent Auditor's Report (on the last page of the Report) for the past several years.
Future Major Repairs And Replacements
The Association has not conducted a study to determine the remaining useful lives the components of common property and current estimates of cost of major repairs and replacements that may be required in the future. The Board has also not developed a plan to fund those needs. When replacement funds are needed to meet future needs for major repairs and replacements, the Association has the right to increase regular assessments, pass special assessments, or delay major repairs and replacements until funds are available. Effect on future assessments has not been determined at this time.
