Common use of Surplus Funds Clause in Contracts

Surplus Funds. Surplus funds left over at the end of any year must be used at the discretion of the Board to pay Association Expenses in the next year and/or be transferred into the Capital Reserve Fund(s) and/or the Operational Reserve Fund(s).

Surplus Funds. Surplus funds left over at the end of any year must be used at the discretion of the Board to pay Association PropertyAssociation Expenses in the next year and/or be transferred into the Capital Reserve Fund(s) and/or the Operational Reserve Fund(s).

Surplus Funds. Surplus funds left over at the end of any year must be used at the discretion of the Board to pay Association Property Expenses in the next year and/or be transferred into the Capital Reserve Fund(s) and/or the Operational Reserve Fund(s).