Date: Thursday March 23, 2023
To: All Building Chairs and Secretaries From:
Nic Roggeman Subject: Snowater Capital Reserves
With all the buzz swirling in the media about the safety of our banking system, we wanted to assure you that Snowater’s Capital Reserves are safe. For the past 9 years, our capital reserves have been safely invested through our investment counsellor at US Bank in Bellingham, Greg Herrling. Snowater’s capital reserves and those of all the buildings are blended together and invested in a series of individual CD’s that are selected to mature in 1-2 years. Our guiding principal has been to maximize interest in CD’s protected by the FDIC. Currently, our $1.3 million account is spread out over 6 CD’s each held by a different bank so each is protected within the $250K FDIC cap. In addition, our multiple current accounts at US Bank in Bellingham are monitored carefully so that the total never exceeds $250K. Feel free to share this reassurance with your owners. We would be glad to answer any questions at our next BCC Mtg on May 20.
Nic Roggeman, Treasurer On behalf of Snowater’s Board of Directors
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