Abstract:
In terms of longevity, the human condition is vastly inferior to the indefinite and pristine term of most companies and other institutions to which humans give birth on paper. But there’s an
exception: under a deed amendment, the Reston Association has been bequeathed an almost human future of advancing decrepitude as it ages. Now the wrinkles are beginning to show. RA at 35 faces the prospect of accelerating repair and replacement of deteriorating facilities. Not
until 1996 did its board put in place a capital funding policy mandating allocation to capital
reserves of a minimum portion of annual assessments and, by 2000, all investment income. Over the past three years, capital reserves have increased by 86%.
