Lake Forest Estates Community Association

“The association has one class of members and all reasonable efforts shall be made to maintain a broad community-wide membership of not less than one hundred (100) in number. Every person who is a recorded owner of any lot in lake forest estates shall be a member of the association, provided that membership privileges shall be limited to one family unit per lot. Each member shall be entitled to one vote on each matter submitted to a vote of the members.”

“Members have the power to elect a board of directors to manage the busines s and affairs of the association. Directors have the authority to elect o fficers of the association. Further the directors have the authority to d esignate one or more committees each of which shall consist of one or more directors.”

“See member's voting rights previously outlined.”

“Form 990 is reviewed prior to filing by signing officer. Additionally, board of directors review annual financial statements prepared by independent accounting firm prior to preparation of form 990. Information provided on form 990 is prepared from reviewed or compiled financial statements.”

“Directors and officers receive no compensation.”

“Copies of association rules regulations and by-laws are available at assoc iation office.”

“Promote the common good and general welfare of the people of the lake forest estates community. The association provides roads, water, sewer, common ground, and recreational facilities to the lake forest estates community.”

“The association provided for the general welfare of the people of the lake forest estates community. Municipal and or governmental services were provided through activities as a homeowners association. The association provided for the upkeep and maintenance of community property.”

“Book / tax depreciation difference -3 rounding 3”