SteveH35 (Washington)
Posts: 339
Posts: 339
Posted:
I disseminated this as part of the weekly CIC Info Bytes and wanted to share with this community as well due to multiple Washington State participants.
> While 99% of the WUCIOA statute applies only to communities formed after July 1, 2018 and to those that adopt it, RCW 64.90.525 (Budgets and Assessments) and RCW 64.90.545 (Reserve Study) retroactively apply to ALL Washington State CICs.
>>> Some reserve study companies in the Seattle area are still not meeting the minimum requirements of RCW 64.90.525 which in turn jeopardizes your annual budget.
>>>>> While not explicit, RCW 64.90.525 effectively includes requirements from RCW 64.90.550.
>>>>>>> One year ago, a Seattle-based law firm reviewed between 50 and 100 reserve studies pro bono. Well over half the studies they reviewed were found to be substantially non-compliant.
Regards,
Steve
> While 99% of the WUCIOA statute applies only to communities formed after July 1, 2018 and to those that adopt it, RCW 64.90.525 (Budgets and Assessments) and RCW 64.90.545 (Reserve Study) retroactively apply to ALL Washington State CICs.
>>> Some reserve study companies in the Seattle area are still not meeting the minimum requirements of RCW 64.90.525 which in turn jeopardizes your annual budget.
>>>>> While not explicit, RCW 64.90.525 effectively includes requirements from RCW 64.90.550.
>>>>>>> One year ago, a Seattle-based law firm reviewed between 50 and 100 reserve studies pro bono. Well over half the studies they reviewed were found to be substantially non-compliant.
Regards,
Steve