HomeMy WebLinkAbout1889 6.1. Accounts. The receipts and expenditures of the
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Associstion shall be credited and charqed to accounts under the
following classifications aa shall be appropriate, all of which ex-
penditures shall be common expenses:
a. Current expense, which shall include all ~
receipts and expenditures within the year for which the budget is
made including a reasonable allowance for contingencies and work-
ing funds, except expenditures charqeable to reserves or additional
improvements. ~
b. Reserve for deferred maintenance, which
shall include funds for maintenance items that occur less frequently
than.annually.
c. Reserve for replacement, which shall include
funds for repair or replacement required because of damage, deprecia-
tion or obsolescence.
d. Betterments, which shall include the funds
to be used for capital expenditures for additional improvements or
additional personal property that will be part of the demised gremises.
I 6.2. Budget. The board of directors shall adopt a
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! budget for each calendar year that shall include the estimated funds
j required to defray the common expense and to provide and maintain
~ funds for the foregoing accounts and reserves according to good account-
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~ inq practices; provided, however, that until the Lessor is no longer
~ obligated to share in the expenses of the Recreation Center and of the
~ Association, and its membership in the Association has terminated as
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~ provided for in the Articles of Incorporation of the Association, the
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~ board of directors may omit from the budget all allowances for reserves
~ and improvements.
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~ 6.3. Assessments. Assessments against the members for
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~ their shares of the items of the budget shall be made for the calendar
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~ year annually in advance on or before December 31st preceding the year
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