There are three source of revenues: the Operating fund, the General Reserves fund and the New Buyer Fee fund.
The Operating fund comes from revenue generated by the annual assessments and the golf course income. These funds cover the day-to-day expenses of running the association, including common area landscaping, golf course maintenance, Clubhouse maintenance, utilities, employee salaries, etc.
The General Reserves fund covers major expenditures and emergency items, such as a new piece of golf course equipment, Clubhouse roof repair, new copy machine or new hot water heater. Each of these ‘components’ are included in an annual Reserve Study that identifies projected useful life and replacement costs. Funds to cover this are transferred from the general fund.
The New Buyer Fee fund came into place in 2005 and Summerfield now collects a $2,000 transfer fee upon sale of a property (with some exceptions) for this fund.