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5.5 The Treasurer shall have custody of all propert of
the Associa~on, nc u ng funds, securities and evidencesyof
indebtedness. He ahall keep the books of the Association in
accordance with qood accountinq practices; and he ahall perfona
all other duties incident to the office of Treasurer. The
Assistant Treasurer, if any, shall perform the duties of the
Treasurer when the Treasurer is absent, and shall otherwise
assist the Treasurer.
5.6 No com ensation shall be paid to any officer of the
Association except w e approval of a majority of the member-
ship, reflected by a vote taken at a duly constituted membership
meetinq. No officer who is a designee of the Developer shall
receive any compensation for his services as an officer. Nothing
herein shall be constructed so as to prohibit or prevent the
Boa~d of Directors from employinq any director or officer as an
employe~ of the Association at such compensation as the Board
shall determine upon, nor shall anything herein be construed so
as to preclude the Board from contrac~inq with a director or
officer or with any corporation in which a director or officer
of the Association~may be a stockholder, officer,.director or f~
employee, for the management of the Condominium for such compen- ~
sation as shall be mutually agreed between the Board and such
officer or director.
6. Fiscal management. The provisions for fiscal manaqement of
the Association set forth in the Declaration of Condominium and Articles
of Incorporation shall be supplemented by the follawinq provisions:
6.1 Accounts. The receipts and expenditu=es of .the
Association s al e credited and charged to accounts under
the followinq classifications as shall be appropriate, all
of which expenditures shall be commnon expenses:
(a)~ Current e~ enses, which shall include ~
all receipts an expen tures within the year for -
which the budget is made, includinq a reasonable
allowance for contingencies and working funds, ~ ~
except expenditures chargeable to reserves, to
additional improvements or to operations. The
balance in this fund at the end of each year shall -
be applied to reduce the assessments for current
expenses for the succeeding year, or may be distri-
. buted to the membership, as the Directors shall
determine.
(b). Reserve for deferred maintenance, which
. shall inclu e un s or maintenance items that
occur less frequently than annually.
(c) Reserve for re lacement, which shall ~
~ include fun s or repair or rep acement required f
because of damage,~depreciation or obsolescence.
(d) Betterments, which shall include the f
funds to be used for capital expenditures for
additional improvements or additional personal ~
property that will be part of the cammon elements. ~
(e) O erations, which shall include qross ~
. revenues from e use of com~non ~lements and from ~
other sources. Only the additional direct.expense
required by any revenue producinq operation will
be charqed to this account, and any surplus fraa
any operation shall be used to reduce the assess-
ments for current expense for the year during which
the surplus is realized, or, at the discretion of
• the Board of Directors, in the year following the
year in which the surplus is realized. Losses
- from ope~ations sha11 be met by special assessments
against condominium unit owners, which assessments
may be made in advance in order to provide a work-
inq f und . -
QO~K180 PAGE1p~
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LAW OFFICq OF ppLpST[~N. FRANKLIN. CHONIN ! ~GHRANK, R A., 1020 NORTFt[~liT td~ao aTR[iT, NORTN MIAMt iLACN. lLORIDA s~f~!
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