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employee of the Association nor preclude the contracting with ?
a director for the management of the Condominium. ~
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- - aRTICLE ~ VI ~
' FISCAL I?iANAGF~;ENT
The provisions for fiscal management of the Association
set forth in the Declarativn of
Condominium and Articles of
Ineorporation shall be supplementea by the followix~g provisions:
A. Accounts. The receipts and expenditures of the
Association shall be credited and charged to accounts under
the following classifications as shall be appropriate, all of ~ ~
which expenditures shall be common e,xpenses:
1. Current ex,pense, which shall include all receipts
and expenditures within the year for which the budget is made
including a reasonable allowance for contingencies and working
funds, except expenditures chargeable to reserves, to addi-
tional i.mprovements or to operations. The balance in this ;
fund at the end of each year shall be applied to reduce the '
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assessments for current expense for the succeeding year. ;
2. Reserve for deferred maintenance, which s~all
include funds for maintenance items that occur Iess frequently
than annuall~:
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3• Reserve for replacement, which shall include funds
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for repair or replacement required because of damage, depre- ~
ciation or obsole scence.
4. Betterments, which sha 1 inc u e t e un s o F
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used for capital expenditures for additional improvements or ~
additional personal property that will be part of the cou~mon
elements. -
5. Operations, Khich shall include the gross revenues ~
from Lhe use of the common elements. Only the additional direct
expense required by the revenue-producing operation will be
charged to this account, and ar~r surplus from such operation
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shall be used to reduce the assessments for current expense
in the year following the year in which the surplus is realized.
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