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:

1. Declaration, Articles of Incorporation, Bylaws, and Rules.
2. Most recent financial statement.
3. Current operating budget.
4. 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).

(Sources: 590 Summitridge 2022.md, 590 Summitridge #2.md [2023], 590 Summitridge- Budget.md [2024], Summitridge 2025 Budget.md, Summitridge 2026 Budget.md, 590 - Summitridge 2027 Budget mailing 10.19.26.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.

2027 Budget (effective January 1, 2027)

The management company's cover letter dated October 19, 2026 transmits the approved budget for January 1, 2027 – December 31, 2027, which "takes effect January 1, 2027" (Source: 2027 Budget mailing, cover letter). Highlights from the budget table (Source: 2027 Budget mailing, budget table):

• Assessment: $419.00 per home per month for 2027, up from $390.41 for 2026. Annual Assessment Income is $105,589 (2026: $98,384).
• Special assessment: Sp Assessment Income stays at $5,473 per year ($21.72 per home per month), matching the Reserve Payback line (acct 6930) of $5,473. Total revenue per home per month is $440.72 (the $419.00 assessment plus the $21.72 special assessment component).
• Totals: Total Revenue and Total Expenses are both $111,062 for the year ($9,255.17 per month), up from $103,857 in the 2026 budget column.
• Reserves: Allocation to Reserves (acct 6810) rises from $39,550 to $44,691 ($3,724.25 per month; $177.35 per home per month). That is a 13% increase, consistent with the 13% annual increases in the reserve study's recommended funding model described below.
• Insurance: acct 6061 rises from $20,300 to $23,000. See Insurance.
• Tax Expense: acct 6051 rises from $1,300 to $2,600.
• Landscaping: Landscape Contract (6341) $10,080; Irrigation Repair/Backflow Device (6132) $1,050; Landscape Supplies/Extras (6361) $1,400. See Landscaping.
• Gutter Repair/Cleaning: acct 6213 falls from $5,020 to $3,500.
• Reserve Study Update: acct 6932 was $1,650 in the 2026 budget and is shown as "-" for 2027.
• New line: Contingency (acct 6090) of $65 appears for 2027; the 2026 column shows "-".
• Other lines: Professional Management $9,628; Bldg & Property Maintenance $2,000; Legal Fees $800; Tax Preparation $300; Financial Review $1,700; Printing, Pstg, Mgmt Extras $1,850; Licenses & Fees $50; Electric $375; Water/Sewer $2,500.

Payment methods and fees (2027 mailing)

The cover letter lists these ways to pay the assessment (Source: 2027 Budget mailing, cover letter, Payment Methods):

• SCM ACH (Direct Withdrawal), recommended: enrolled owners are withdrawn automatically at the new approved amount.
• Online Payments at propertypay.firstcitizens.com: $2.25 fee for one-time ACH and 2.95% for card payments; scheduled recurring ACH is free, but recurring schedules set up there must be updated manually by the owner when the assessment changes.
• Client Portal at summitridgeth.frontsteps.com: $2.95 fee for all ACH and 3.95% for card payments.
• Bill Pay or personal checks: payable to the Association (not Superior), mailed to P.O. Box 63785, Phoenix AZ 85082-3785, with the account number. Personal checks require a coupon. Payments sent to the Tualatin office incur a $10.00 fee.

Contacts named in the letter: community manager Troy Rudd for the budget and property matters; billing specialist Reynauld Tage for account and contact-information questions. Contact information changes go to contactinfo@superiorcommunity.com (Source: 2027 Budget mailing, cover letter, Communication).

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

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)

(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 XI
• source/590 Summitridge 2022.md
• source/590 Summitridge #2.md (2023 Budget)
• source/590 Summitridge- Budget.md (2024 Budget)
• source/Summitridge 2025 Budget.md
• source/Summitridge 2026 Budget.md
• source/590 - Summitridge 2027 Budget mailing 10.19.26.md
• source/PONO-RS1-SummitRidgeTH-240419-v2 Final.md