About River Pines Finances
Budget
Budget - The annual budget is developed based on the previous year experience, potential cost reductions and additional expenses anticipated for the coming year. The budget also includes contributions to the Reserve Fund.
Assessment Payments
Once the budget is determined, the annual assessment for each unit is calculated based on the formula outlined in the Master Deed. The annual assessment is then broken into monthly payments which are due on the first of each month. More information is contained in the Bylaws
Monthly Association fees are due the first of the month. If payment is not received by the tenth of the month, a late charge in the amount of $25.00 will be assessed for each month in which an account remains delinquent.
Reserves
River Pines has two (2) Reserve Funds. One is for unit painting and
deck refinishing that is done each year. The second is for
capital replacement of common elements throughout the site. We
have utilized Reserve
Advisors Inc. for the professional evaluations of our
capital facilities. They have projected the facilities that will
need replacement over the next 30 years, when the replacement
will be required and the cost for such replacement with
adjustments for inflation. Periodic updates of this study are
done to insure validity of our plan.
These reserves provide the assurance the facility is maintained
and kept up to date with the expectation of protecting the
co-owners investment.
Additional Information
The books of River Pines are audited annually by the firm of Owens & Strussione, P.C.