CIF Frequently Asked Questions

What is CIF?

The Capital Improvement Fund (CIF) fee is paid by owners when they buy into our community. This fund was designed and administered in 1983 by Waterville Estates Association to help fund capital improvements within Waterville Estates.  It was increased in 1988 from $1,000 to $2,000 and has remained at $2,000 for 25 years. This proposal only affects Living Sites not the land/lot CIF rate of $1,000.  

How does CIF help me as an owner?

CIF helps the community of owners in two ways.  It helps insure the quality level of our amenities and off-set the need to increase taxes to fund upgrades and improvements.  As inflation has risen over the last 25 years, CIF has stayed stagnant, and a larger burden of improvement costs has shifted over to homeowner taxes or the amenity has become warn and dated.

Can CIF be used for anything other than capital improvements?

No.  Funds can only be used for capital improvements to tangible assets such as repairs, replacements, upgrades and purchasing of new assets, as noted in our bylaws.  The 9-member Board of Directors of the Waterville Estates Association manage and have full discretion over these funds.  Funds cannot be redistributed for operational costs and/or any other cost associated with the management and execution of services within Waterville Estates.  

What has CIF been allocated for recently?

• Renovation of our locker rooms and gym (2019)
• Two new hot tubs at the clubhouse (2022)
• Snow groomer replacement at Campton Mountain (2022)
• Community Center boiler replacement/upgrade – 2022
• New lighting on Campton Mountain (2022)
• Supported some of the cost of rebuilding the basketball & tennis courts (2023)
• Snowmaking for Campton Mountain (2023)
• Mailboxes (2023)
• Playground (2024)
• Beer Shack for back lawn (2024)
• Summit Lounge storage (2024)
• Support some of the costs of residing back of Community Center (2024)

Over $650,000 of CIF funds were used to help fund these projects, but it’s not sufficient to keep up with what’s ahead. The Community Center is aging and needs some improvements.

What would you use the increase in funds for in the future?

The Association would work closely with the District Commissioners to jointly decide where CIF can positively impact you as an Association member and property taxpayer.  Some items that might be on the list in the future.

• Establish a rolling capital improvement annual budget and upgrade plan.
      * Allows the BOD to be proactive and plan for future needs, like replacing the pool furniture on a schedule.
• Establish CIF Reserve Fund…
      • to avoid special assessment fees for unanticipated emergency repairs & upgrades
      • for down years in real estate market (fewer sales transactions = decreased CIF revenues).
• Rebuild outdoor pool deck furniture inventory.
      * We’ve lost over half of our seating capacity compared to 8 years ago.
• Refurbish outdoor pool deck area and building appearance.
      * The deck, railings and building siding needs repairs and updating.
• Install multi-level lift for handicap access to all 3 Community Center facility levels.
      * Removes reliance on three separate handicap entrances, one for each level.
• Complete snowmaking infrastructure to top of Lazy-Eight trail.
      * Enables the chair lift to run during low snow times which improves commitment to ski area operational hours.
• Replace the flooring in the Summit Lounge.
• Replace decking on Mountain View back deck.
      * The deck is in poor shape and some of the railing is rotten.
• New tiling for indoor pools.
• Gunite resurfacing for outdoor pools.
• Pond beach area renovation.
      * Purchase new paddle boats, boat dock and repair beach erosion. 
• HVAC replacement for ski lodge.
 

What other items has CIF helped fund over the years?

The list is extensive and covers an array of community property, from trail bridges to pickleball courts to Community Center upgrades.  Check out the CIF Project Listing page to see for yourself.  We discover additional projects from the past as we review the Association archives.
 

Is this a “buy in” to our community?

Yes, it is.  Our community is a special and unique community.  We provide amenities that no other community can provide.  Unfortunately, our infrastructure needs constant repair and upgrades.  There are only two mechanisms to raise funds to help offset these costs.  It is either through taxes or CIF.  

What can I do as an owner?

As association members, you can influence where these dollars are spent.  CIF is your fund. If you want to expand amenities and upgrade them, it is the board’s belief that CIF should play a bigger role in paying for these expenditures.  At $2,000, which was established in 1988, our community is grossly underfunded.  CIF today would exceed $6,000 just based on the rate of inflation over the past 25 years.  It is time for an increase.