RESOLUTION OF THE

SKYLAND COMMUNITY ASSOCIATION

ADOPTING POLICY AND PROCEDURE FOR

INVESTMENT OF FUNDS

 

SUBJECT:           Adoption of a policy and procedure for investment of the Association’s funds.

 

PURPOSES:        To adopt a policy and procedure for the investment of Association funds.

 

AUTHORITY:       The Declaration, Articles of Incorporation and Bylaws of the Association and Colorado law.

 

EFFECTIVE

DATE:                   January 1, 2007

 

RESOLUTION:    The Association hereby adopts a policy and procedure as follows:

 

1.         Scope.  The Association does not currently own any property. As such, the Board of Directors finds the establishment of a reserve fund and investment of the same is not necessary at this time.

 

2.         Standard of Care.  The officers and members of the Board of Directors shall make any current and future investment decisions in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner the Director or officer reasonably believes to be in the best interests of the Association in accordance with the Colorado Revised Nonprofit Corporation Act.

 

3.         Definitions.  Unless otherwise defined in this Resolution, initially capitalized or terms defined in the Declaration shall have the same meaning herein.

 

4.         Supplement to Law.  The provisions of this Resolution shall be in addition to and in supplement of the terms and provisions of the Declaration and the law of the State of Colorado governing the Association.

 

5.         Deviations.  The Board may deviate from the procedures set forth in this Resolution if in its sole discretion such deviation is reasonable under the circumstances.

 

6.         Amendment.  This policy may be amended from time to time by the Board of Directors.

 

PRESIDENT'S

CERTIFICATION:      The undersigned, being the President of the Skyland Community Association, a Colorado nonprofit corporation, certifies that the foregoing Resolution was adopted by the Board of Directors of the Association, at a duly called and held meeting of the Board of Directors on ________________________ and in witness thereof, the undersigned has subscribed his name.

 

SKYLAND COMMUNITY ASSOCIATION,

a Colorado nonprofit corporation

 

 

By:                                                                      

                                                          , President