Symphony Village Residents,

As you may be aware, the Board approved a change to the Investment Policy (Appendix A) in the Terms of Reference on Friday, August 5, 2022. The policy changes were drafted and recommended by the Budget & Finance Committee to guarantee Symphony Village investments are adequately insured and best serve the Association.

The updated policy is shown below. The original text is shown in black, and the text added is in green.

APPENDIX A

Investment Policy

The Symphony Village at Centreville Homeowners Association (the “SVHOA”) assesses its members homeowners fees to fund SVHOA expenses.  The assessments include monies for future replacement of SVHOA common elements and other contingencies.  Such monies are termed the Replacement Reserve.  It is the intent of the Investment Policy to ensure that Replacement Reserve and contingency monies collected (“capital”) will be available when needed in the future. In order to assure that funds are available when needed, SVHOA monies that are invested ‘must’ be in FDIC insured accounts or an obligation of the U.S. Government.

As long as the SVHOA is dealing with an investment firm, the Board, with recommendations from the Budget and Finance Committee will purchase Certificates of Deposit (“CDs”) for a length of time that will assure maximum interest rates and ensure that monies are available when needed by the SVHOA. 

The full Terms of Reference document can be found on the Governance page of the official community website or by clicking here.

Thank you for your attention,

Symphony Village HOA Management