Financial Records and Budgets
Fiscal year and audits
- The Association's fiscal year runs January 1 to December 31 (Source: Bylaws Article XI § 4).
- The Board may engage a CPA or CPA firm (not an Officer or Lot owner) as auditor (Source: Bylaws Article XI § 2).
- Within 90 days after the end of each fiscal year, the Board distributes the annual financial statement (balance sheet + income/expense statement) to each Member and, upon request, to any mortgagee (Source: Bylaws Article XI § 2).
- The Board files tax returns (Source: Bylaws Article XI § 3).
Records available for inspection
Members, mortgagees, insurers, and guarantors may inspect and copy (during normal business hours or other reasonable times) current copies of:
- Declaration, Articles of Incorporation, Bylaws, and Rules.
- Most recent financial statement.
- Current operating budget.
- All other records.
A prospective purchaser may inspect items (a)–(c). The Association may charge a reasonable fee for copies (Source: Bylaws Article XI § 2).
Any Director (or agent/attorney) may inspect all books and records for any proper purpose at any reasonable time (Source: Bylaws Article XI § 1).
Annual budgets
Per-unit-per-month figures unless noted. All from Association budget documents (Account 6810 = Reserves; 6930 = Reserve Payback / Loan Due Reserves; 6661 = Bldg & Property Maintenance).
| Line | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Assessment income (annual, total) | $74,013 | $83,845 | $91,699 | $92,699 | $98,384 |
| Assessment, per unit/month | $293.70 | $332.72 | $363.88 | $367.85 | $390.41 |
| Sp. Assessment income (total) | $26,115 | — | $10,946 | $5,473 | $5,473 |
| Reserve allocation (acct 6810) | $20,707 | $21,504 | $33,291 | $35,000 | $39,550 |
| Reserve payback/loan (acct 6930) | — | — | — | $5,472 | $5,473 |
| Insurance (acct 6061) | $15,000 | $16,000 | $16,000 | $22,069 | $20,300 |
| Professional management (acct 6861) | $8,311 | $8,311 | $8,810 | $9,075 | $9,347 |
| Landscape contract (acct 6341) | $9,504 | $10,080 | $10,428 | $9,000 | $9,720 |
| Gutter repair/cleaning (acct 6213) | $4,300 | $5,020 | $5,020 | — | $5,020 |
| Bldg & Property Maintenance (6661) | $2,500 | $10,200 | $2,000 | $2,000 | $2,000 |
| Legal (6901) | $1,100 | $800 | $1,000 | $800 | $800 |
| Reserve Study Update (6932) | — | — | $2,750 | — | $1,650 |
| Tax expense (6051) | — | — | — | $715 | $1,300 |
| Total expenses | $74,013 | $83,845 | $91,699 | $92,699 | $103,857 |
(Sources: 590 Summitridge 2022.md, 590 Summitridge #2.md [2023], 590 Summitridge- Budget.md [2024], Summitridge 2025 Budget.md, Summitridge 2026 Budget.md.)
The 2026 Budget shows total expenses of $103,857 vs. assessment income of $98,384 (a $5,473 gap matched dollar-for-dollar by Sp. Assessment income of $5,473) — i.e., the Special Repair Assessment continues to fund the loan payback line.
Reserve study (PONO, April 2024 — for 2025)
A Level 1 Full Reserve Study was prepared on 04/19/2024 (Version 2) by Daniel J. Brennan, RS (CAI-RS #00510) of PONO Building Consultants for the report period Jan 1, 2025 – Dec 31, 2025 (Source: PONO Reserve Study Cover).
Headline numbers (Jan 1, 2025)
- Starting Reserve Balance: $169,961
- Fully Funded Reserve Balance: $816,968
- Percent Funded: 21%
- Current Replacement Cost (all reserve components): $1,956,393
- Deficit vs. Fully Funded: ($647,007) (≈ ($30,810) per unit)
(Source: PONO Reserve Study, Executive Summary.)
Funding plans considered
| Plan | First-year contribution | Per-unit/month | Meets 30-yr expenditures? | First deficit year |
|---|---|---|---|---|
| 2025 Funding Model ★ (recommended) | $35,000 | $138.89 | Yes | N/A |
| Current | $33,291 | $132.11 | No | 2039 |
| Funding Model B | $40,000 | $158.73 | Yes | N/A |
The Board adopted the 2025 Funding Model for the 2025 budget (Reserves acct 6810 = $35,000), and increased it to $39,550 for 2026, consistent with the model's prescribed 13% annual increases in years 1–14 (Source: 2025 Budget; 2026 Budget; PONO 2025 Funding Model description).
Expenditures by category (current replacement cost)
| Category | Current Replacement Cost | Share |
|---|---|---|
| Exterior Component (Hardie siding) | $946,080 | 48.4% |
| Roofing | $817,900 | 41.8% |
| Painting & Repairs | $160,680 | 8.2% |
| Landscaping & Irrigation | $20,455 | 1.0% |
| Miscellaneous | $7,428 | 0.4% |
| Asphalt & Concrete Surfaces | $2,600 | 0.1% |
| Lighting | $1,250 | 0.1% |
| Total | $1,956,393 | 100% |
(Source: PONO Reserve Study, Executive Summary; Component Inventory.)
See Building Envelope History and Reserves for the 5- and 30-year expenditure schedule and component details.
Sources
source/590 Summitridge Bylaws.md— Article XIsource/590 Summitridge 2022.mdsource/590 Summitridge #2.md(2023 Budget)source/590 Summitridge- Budget.md(2024 Budget)source/Summitridge 2025 Budget.mdsource/Summitridge 2026 Budget.mdsource/PONO-RS1-SummitRidgeTH-240419-v2 Final.md