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Financials

Shareholder Fees and assessments

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From Bylaws: A summary of Bylaws that address fees and assessments:

Article V Section 2 Board Responsibilities and Authorities

The Board shall have the power to: (f) set and collect shareholder fees and assessments

Article X Assessments:

An Annual Budget is adopted by the Board and Approved at the Annual Meeting by Shareholders. The Annual Budget includes any fees and assessments. When approving the Annual Budget, Shareholders approve any fees and assessments.

Board approved Annual Budget is distributed to Shareholders with the Annual Meeting Notice (At least 10 Days Before the Meeting and no more than 30 days.)

The Bylaws, as approved by Shareholders, allow the Board to establish penalties for non-payment including suspending voting privileges and turning off water.

Specifically:

Article X Section 7. Enforcement of Assessment

The Board owes a fiduciary duty to each Shareholder. Accordingly, the Board shall enforce delinquent Assessments by a) imposing a late charge, penalty, and/or interest consistent with a Schedule of Fees created by the Board; b) suspending the Shareholder’s right to vote after thirty (30) days’ written notice; c) suspending additional benefits of Share ownership, including the right to transfer Shares or to delivery of water as allowed by Utah Code § 16-4-30, after Notice and d) any other enforcement method specified in the Corporation’s Governing Documents. In any enforcement action, the Corporation shall recover the delinquent Assessment; any late charge, penalty or interest, and all costs of collection, including attorneys’ fees.

Purpose:

These policies and procedures define the PCWC Fees, billing procedures and penalties for delinquent fees. The policies do not delineate the amount of fees as those are determined annually at the time the Annual Budget is determined.

Guiding Principles:

The PCWC Board has a fiduciary responsibility to collect fees and assure that the company can fulfill its mission of providing culinary water to Shareholders.

The PCWC Board is accountable to Shareholders and has a responsibility to make sure all Shareholders fulfill their financial responsibility to the Water Company.

The PCWC Board is responsible for assuring there are adequate capital reserves to address future water delivery needs and emergencies.

The Board is prepared to work out a payment plan with Shareholders to help them fulfill their financial obligation to the company.

Fee Structure and Determination:

Annually, the Treasurer completes a budget and fee structure for review by the Board and approval by the Shareholders at the Annual Meeting.

The Board reviewed fees and budget will be included in the Annual Meeting Notice.

The Fee Structure may be amended by the Board as deemed appropriate during the Budget Process.

The Fee Structure may include:

Operational Fee: an annual fee to cover all expenses necessary to maintain system infrastructure and ensure water quality, such as Operator and contractor fees. This also includes administrative costs such as accountant fees, insurance and compliance. The Operational fee is assessed to all shareholder lots.

Utilization Fee: additional fees assessed to shareholder lots with houses. This fee represents an implied use of residential water and covers electricity costs

Garbage Fee: a pass-through cost assessed to shareholder lots with houses that covers trash collection services.

Capital Fee: an annual assessment designed to build a reserve that can be used for capital improvements and major system replacement and repair costs (See Operational and Capital Reserve Policy).

Special Assessments:

The Board may determine the necessity to collect Special Assessments for major repairs, capital improvements or unexpected expenses that are not covered by the Budget or Capital Reserve Fund.

These Special Assessments may occur at any time in the fiscal cycle and must be approved by a majority of the Shareholders in the Annual Budget or at a Special Meeting of the Shareholders.

Special Assessment payment schedules/requirements will be defined with the assessment.

Billing Procedures:

The Water Company’s Fiscal year runs from June 1st through May 31st.

Fees are billed twice annually, in May and December, by the Company’s accounting firm Larson and Company.

Shareholders are expected to pay at least ½ of their annual Fees by June 30th. The remaining amount is due by December 31st. Shareholders may pay the full amount anytime during the year.

Fees should be sent to: Holistic Financial c/o Adrienne Ruzic, PO Box 1300 Moab, Utah 84532

Interest and Penalties for Late or Non-payment of Fees and Assessments:

Shareholders have until December 31st of the year in which the fees were assessed to complete payments of all fees.

If any portion of fees is unpaid by the last week of January, a notice will be sent, and the treasurer will attempt to contact the Shareholders via phone or email.

On February 1st, outstanding fees will begin to accrue at a monthly interest rate of 2.0%.

Unless all fees are paid by March 15th, the account will accrue a $100 penalty unless arrangements have been made with the Water Company.

Voting rights and eligibility for office and committee membership are forfeited if debts are not cleared within 10 days of the May Annual Meeting (closing of eligible voter rolls for the meeting). Notice will be given in writing to affected parties at least 30 days prior to the Annual Meeting.

Water service will be terminated after one year of delinquency; and restarted only after full payment of all fees and penalties or arrangements for settlement with the Water Company have been made. Written notice of termination of water service will be given at least 30 days prior (by June 1st) for termination on July 1st. An additional fee of $250 will be charged to re-establish water service. Accounts whose water service have been terminated will still be responsible for all subsequent fees and assessments that accrue until either the account is paid in full.

No Water Share Certificate will be transferred to a new owner until all outstanding fees/assessments are paid.

The Water Company Board may waive any or all interest and penalties if it enters into a payment plan with a Shareholder and there continues to be a good faith effort to pay delinquent fees.

Timeline of Billing Events (not inclusive - see Billing and Penalty Chart for complete details)

Annual Fees billing notice is emailed to shareholders June 1

Shareholders are encouraged to pay at least half of their fees by June 30.

If first half of fees aren’t paid by August 1 they will incur a 2% monthly finance penalty.

Billing notice is sent for the 2nd half fees on October 1.

All shareholder fees must be paid in full by October 31.

Any unpaid dues as of December 1 will incur a 2% monthly finance penalty.

Unpaid dues as of April 1 will have an added $250 one-time penalty applied.

Shareholders with any unpaid fees will be sent monthly email notifications until the account is paid in full.