| Word/Phrase |
Definition |
| Major Repair and Replacement (MRR) Reserve |
The MRR Reserve funds all expenditures over $10,000 for maintenance, repair and replacement of existing community assets and common properties. Maintenance, repair and replacement expenditures under $10,000 are treated as operating expenses. |
| Major Improvement (MI) Reserve |
The MI Reserve funds all expenditures over $5,000 for Major Improvements. Major Improvements are discretionary expenditures for new or substantial improvements to community assets and common properties. Expenditures under $5,000 for improvements to community assets and common properties or the purchase of new assets are treated as operating expenses. |
| Environmental Easements and Permits (EE&P) Reserve |
The EE&P Reserve funds all expenditures for environmental permit renewals and compliance with permit requirements. |
| Property Manager (PM) |
The individual from the property management services company designated as the primary onsite contact and day-to-day liaison with the Association. |
| Executive Committee (EC) |
The President, Vice President and Treasurer of the Board of Directors. |
| Class A Member |
The owner of a lot or dwelling unit. |
| Contracts |
The term Contracts as used in this policy includes all documents committing the Association to prospective payment for services and goods, receipt of funds and/or legal responsibilities. Examples include service agreements, purchase agreements, leasing agreements, equipment rentals and permits. |
