Spring Valley Lake Association

“Upon purchase of a home within the development, each owner becomes a member of the association.”

“The board of directors are voted upon by the membership at an annual meeting which requires a quorum of 50% of the 4,215 voting members. Board members serve a 2 year term and come up for election in alternating cycles.”

“Dues increases in excess of the 20% allowed by the davis-sterling act are subject to the approval of the membership. Special assessments in excess of 5% of the budget are subject to membership approval. In addition, large purchases requiring debt financing requires membership approval.”

“Upon preparation, the association's board of directors is provided with a copy of form 990. After reviewing the return, the board presidents signs the authorization forms and returns them to the cpa allowing the form 990 to be exported to the irs.”

“The association employs an administrative staff to monitor board activity and document the minutes of the board meetings. The staff provides the membership with candidate information in conjunction with election meetings.”

“The association has an executive committee to advise on employee compensation. In addition, the association retains independent consultants to review employee contracts.”

“Upon purchase of a home within the development, each owner receives a copy of the association's governing documents through escrow. Copies of the conflict of interest policy and financial statements are available upon request.”

“Other professional services: program service expenses 0. Management and general expenses 140,036. Fundraising expenses 0. Total expenses 140,036. Service contracts: program service expenses 127,105. Management and general expenses 0. Fundraising expenses 0. Total expenses 127,105. Capital improvements: program service expenses 117,813. Management and general expenses 0. Fundraising expenses 0. Total expenses 117,813. Association events: program service expenses 85,115. Management and general expenses 0. Fundraising expenses 0. Total expenses 85,115. Landscape maintenance: program service expenses 82,948. Management and general expenses 0. Fundraising expenses 0. Total expenses 82,948. Water: program service expenses 59,323. Management and general expenses 0. Fundraising expenses 0. Total expenses 59,323. General maintenance: program service expenses 50,778. Management and general expenses 0. Fundraising expenses 0. Total expenses 50,778. Parks: program service expenses 31,825. Management and general expenses 0. Fundraising expenses 0. Total expenses 31,825. Rubbish collection: program service expenses 22,709. Management and general expenses 0. Fundraising expenses 0. Total expenses 22,709. Internet/telephone: program service expenses 20,825. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,825. Sports courts: program service expenses 20,625. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,625. Surveillance cameras: program service expenses 14,968. Management and general expenses 0. Fundraising expenses 0. Total expenses 14,968. Community center: program service expenses 14,357. Management and general expenses 0. Fundraising expenses 0. Total expenses 14,357. Vehicles: program service expenses 11,289. Management and general expenses 0. Fundraising expenses 0. Total expenses 11,289. Custodial: program service expenses 9,215. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,215. Reserve study: program service expenses 0. Management and general expenses 2,900. Fundraising expenses 0. Total expenses 2,900. State taxes: program service expenses 0. Management and general expenses 1,457. Fundraising expenses 0. Total expenses 1,457. Building: program service expenses 1,383. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,383.”

“Overstatement of deferred assessments in prior year 1,867,730.”