C150310 feas study

• Contract/PO #: C150310
• Contractor Name: Stagestop Owners Association
• Contract Type: Loan
• Water District: 23
• County: Park
• Loan Projects - Doc Type: Feasibility Study

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the annual meeting. A full audit will be conducted every five (5) years. If the treasurer is replaced within that time, a full audit will be
' conducted. The board of directors shall also provide for the maintenance of the common areas.
Quorum: A majority of the total number of directors shall constitute a quorum, and decisions by a quorum shall be binding
on all members of SOA.
Com�ensation: No director shall receive compensation for any services rendered; however, he may be reimbursed for
' actual expenses incurred in the pertormance of duties.
Section One. Additional Duties of Secretarv. The Secretary shall ensure that the Association is in compliance with the
provisions of the Rules ArGcle Five, with respect to records.
' Section Two. Additional Duties of Treasurer. The Treasurer shall receive and deposit in appropriate bank accounts all
monies of the Association and shall disburse such funds as directed by resolution of the Executive Board; shall sign ali checks and
promissory notes of the Association; keep proper books of account; and shall prepare a proposed annual budget and a statement of
income and expenditures to be presented to the Members, and deliver a copy of the proposed budget to the Board of Directors. The
' Treasurer shall ensure that the Association's records are maintained by using generally accepted accounting principles, and shall
ensure that the investment of reserve funds is accomplished according to the Responsible Govemance Policies set out in Rules
Article Six.
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ARTICLE FOUR: DUES ANO ASSESSMENTS
in carrying out their duties and responsibilities with regard to dues and assessments the Directors shall apply the notice
and hearing procedures of the Responsible Govemance Policies set out in Rules Article Six, Section One.
Rates: The annual dues shall be $73.00 per annum per lot due January 1st of every year unless said amount is
changed at the annual membership meeting. Purchasers of multiple lots will be charged for a maximum of two lots. SOA dues may be
lowered by the board of directors but may be raised only by a majority vote of the members present or represented by proxy at a general
membership meeting.
ARTICLE FIVE: RECORDS
Section One. Annual Information. The Association shall make the following written information available to all Members at
least once per year: (1) the name of the Association; (2) the name of the Association's designated agent or management company, if
any; (3) the name of the subdivision; and (4) the initial date of recording and the reception number of the Declaration. If the
Association's address, designated agent or management company changes, the Association shall provide all Members with an
amended notice within 90 days of the change.
Section Two Information Provided Free of Charae to Members. The Association shall make the following information
available to all Members free of charge (although the expense of distribution shall be a common expense liability) within 90 days of
assuming control from the Declarant and within 90 days of the close of each fiscal year thereafter: (1) the date its fiscal year begins;
(2) the Association's operating budget for the current fiscal year; (3) a list, by unit type, of the AssociaGon's current assessments,
including both regular and special assessments; (4) the Association=s annual financial statements, including any amounts held in
reserve for the fiscal year immediately preceding the current annual disclosure; (5) the results of any financial audit or review for the
fiscal year immediately preceding the current annual disclosure; (6) a list of all Association insurance policies including, but not
limited to, property, general liability, association director and officer professional liability, and fidelity policies, and including the
company names, policy limits, policy deductibles, additional named insureds, and expiration dates; (7) the Association's Articles,
Bylaws and Rules and Regulations; (8) the minutes of the Directors' and Members' meetings for the fiscal year immediately
preceding the current annual disclosure; and (9) the Association's Responsible Govemance Policies (Rules Article Six). The
Association shall make such information available either by posting it on an internet web page with notice of the web address sent to
Members by first class mail or email, or by maintaining a literature table at the Association=s principal place of business, or by mail or
personal delivery.
Section Three. Permanent Records. The Association shall keep the following as permanent records which shall be
reasonably available for inspection and copying by any Member or Member's authorized agent: (1) financial records sufficiendy
detailed to provide a statement of unpaid assessments pursuant to C.R.S. '38-38.3-316(8); (2) minutes of all meetings of Members
and of Directors; (3) a record of all actions taken by the Members or Directors by written ballot or written consent in lieu of ineeting;
(4) a record of ali actions taken by a committee of the Board of Directors in place of the Board of Directors on behalf of the
Association; (5) a record of all waivers of notices of ineetings of the Members, the Board of Directors and any committee of the Board
of Directors; (6) a record that permits the preparation of a list of Members' names and addresses, showing the number of votes each
Member is entitled to vote; (7) the Association's Articles of incorporation or organization; (8) the Declaration of Covenants; (9) the
Association=s Bylaws; (10) Board of Directors= resolutions relating to the characteristics, qualifications, rights, limitations and
obligations of Members or any category of Members; (11) the minutes of all Members' meetings, and records of all actions taken
without a meeting, for the past three years; (12) all written communications from the Association to the Members; (13) a list of the
names and business or home addresses of the Association=s directors and officers; (14) the most recent annual report, if any; and
(15) all financial audits or reviews conducted at least once every two years pursuant to C.R.S. '38-33.3-303(4)(b). The term Are
reasonably availableat means that the Association's copying charge shall not exceed the Association's actual cost per page, that the
records shall be available during normal business hours, upon notice of five business days, that the request shall be made in good
faith and for a proper purpose, that the request shall describe the records sought and the purpose of the request with reasonable
particularity, and that the records shall be relevant to the purpose of the request.
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