Overview
Fund Analyses
The Division 12 STEP Association maintains a reserve fund to provide for the payment of major maintenance, repair, and replacement of life limited equipment in the STEP system. This equipment includes piping to transmit sewage from each home to the city, sewer line valves, and a chlorinator to pre-treat the sewage. The amount of money necessary for the reserve fund is determined by a professional study which lists each item of equipment, its cost, and projected life time. Based on this study, annual reserve fund expenditures and fund balances are calculated and projections are made for 30 years. While the State of Washington does not require homeowner associations to fund a reserve account, it is highly recommended to avoid special association assessments if equipment should fail. The Division 12 STEP /Association does maintain a reserve fund that is fully funded in accordance with the Reserve Study recommendations.
Annual summaries of the HOA reserve fund status are presented here along with fund studies which feed the Annual Forecast The Reserve Fund has been funded by connect fees that get collected when homes connect to the system and by reserve fund allocations which are a part of the association monthly charges to homeowners. All homes in the association have paid their connect fees so any future funding of the reserve account will be through payments by homeowners as a part of their monthly sewer charge.
We maintain the current year plus three previous years on this page. Click HERE to view older Reserve Fund Documents.
Documents:
Fund Analyses
The Division 12 STEP Association maintains a reserve fund to provide for the payment of major maintenance, repair, and replacement of life limited equipment in the STEP system. This equipment includes piping to transmit sewage from each home to the city, sewer line valves, and a chlorinator to pre-treat the sewage. The amount of money necessary for the reserve fund is determined by a professional study which lists each item of equipment, its cost, and projected life time. Based on this study, annual reserve fund expenditures and fund balances are calculated and projections are made for 30 years. While the State of Washington does not require homeowner associations to fund a reserve account, it is highly recommended to avoid special association assessments if equipment should fail. The Division 12 STEP /Association does maintain a reserve fund that is fully funded in accordance with the Reserve Study recommendations.
Annual summaries of the HOA reserve fund status are presented here along with fund studies which feed the Annual Forecast The Reserve Fund has been funded by connect fees that get collected when homes connect to the system and by reserve fund allocations which are a part of the association monthly charges to homeowners. All homes in the association have paid their connect fees so any future funding of the reserve account will be through payments by homeowners as a part of their monthly sewer charge.
We maintain the current year plus three previous years on this page. Click HERE to view older Reserve Fund Documents.
Documents: