Eastgate HOA Financial Information

 

Association Dues

Dues in the amount of $300 per month (effective 6/1/07 are collected to support the operations of the Association. All homeowners are given a coupon book for use when making their monthly dues payments. Payments are due on the first (1st) and late if not received by First Bank by the last day of the month. Payments are to be mailed to:

• First Bank Association Services
• Re: Association Communications, Inc.
• P.O. Box 25371
• Santa Ana, CA 92799-5371

Investment Policy

The objective of our short-term investment program is to earn the maximum yield on all funds in excess of our basic cash requirements with minimal risk of principal and adequate provision for liquidity.  In keeping with that objective, the following is a statement of policy, adopted by the Board of Directors, regarding authorized investments:

1. Instruments issued by the top 50 domestic banks with AA long-term debt ratings and A-1+,p-1 commercial paper rating by Standard & Poor's and Moody's limited to $100,000 in any one institution including: a.) Negotiable certificates of deposit.  b.) Money market accounts.
   
   
2. U.S. Treasury obligations with no limit as to amount.

Initial purchases of investments require approval from the President and the Treasurer.  Maturities are limited to one year or less.

Insurance Information

The Board of Directors places the insurance coverage out to bid annually. Please see your budget, mailed to each owner in November annually for the most current information. There is a $2,500 deductible. These coverages meet the requirements of the California Civil Code for Common Interest Developments. For a copy of the declarations page for the master policy, please contact the agent directly.

The Board of Directors passed a resolution to have all claims initiated by Management.  The designated insurance company will not take claims on the master policy from individual homeowners.  The following applies to the payment of the deductible on a covered loss:

1. If damage occurs to one unit and is caused by another unit, then unit causing the damage shall be responsible for payment of the deductible.
2. If damage originates in the common area and causes damage to a unit, then the Association shall be responsible for payment of the deductible.
3. If the damage originates and occurs within one unit, then the owner of the unit shall be responsible for the deductible.

It is very important that you explore your own risks with a Common Interest Development (CID) knowledgeable insurance agent and purchase coverage to protect you from liability in the common area (if any), and your own unit, and to prevent any "gaps" between Association coverage. Ask at the same time about "loss assessment" or "special assessment" coverage. The Association policy does not cover personal property. All residents are required by the governing documents to carry contents insurance.