Colonies Master Association

“Daily operations are managed by an independent professional management company. The management company acts as an agent for the corporation. The board of directors appoints and supervises those who are responsible for the daily activities. The board of directors governs the organization in its pursuit of the corporation's charitable mission, and board members also carry legal and ethical responsibilities because they hold the nonprofit's assets in trust for the public. Furthermore, board members have a legal duty of loyalty to the corporation and must abstain from voting on matters in which they have a conflict of interest.”

“A member of the association would generally be a subscriber to the corporation's memorandum of association (articles of incorporation) with the member's name entered in the corporation's register of members when the firm is registered (or incorporated). Owners automatically become members of the association.”

“The corporation is structured to have members who have the right to elect directors of the corporation. During each year, the corporation holds an annual elections meeting where the association members elect the board members for the next year. The specific method of the board's election process is formally set in the corporation's organizational documents.”

“An organization's governing documents dictate the various resolutions that require membership approval. The bylaws specify when board meetings must be held and how many board members must be present to pass official business matters via vote. The association complies with all state requirements for community interest developments regarding membership approval.”

“The form 990 and other required state income tax returns are prepared by an independent certified public accountant as part of the audit process. These income tax returns are then provided to the board of directors for review and signature authorization prior to their filing.”

“The association retains the services of a management company to monitor board activity and document the minutes of the board meetings. The management company provides the membership with candidate information in conjunction with election meetings.”

“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.”

“To bring about civic betterments and social improvements by providing for the preservation of the architecture and appearance of the community. To own, operate and maintain the properties for use of all residents in the entire community on certain real property which is located in upland, california. Among the general purposes of the association is to promote the common good, health, safety and general welfare of all the residents within the community. The population of the association is approximately 2,500. No grants are provided to others. The association owns and maintains a variety of green belts and park areas. All facilities are available to residents and their guests on an unrestricted basis.”

“Asc 606 - reserve reclassification -683,866”