HomeMy WebLinkAbout1949 6.1. Accounts. The receipts and expenditures of :
the Association shall be credited and charqed to accounts under
the followi~q classifications as shall be apprapriate, all of
which expenditures shall be common expenses:
a. Current expense, which shall include all
receipts and expenditures within the ~ear for which the budqet is
made including a reasonable allowance for continaencies and work-
ing funds. except expenditures charaeable to~reserves or additional
improvements.
~ b. Reserve for deferred maintenance, which
sha11 include funds for maintenance items.that occur less fre- '
quently than annually. ~
c. Reserve for replacement, which shall in-
clude funds for repair or replacement required because of damaqe,
depreciation 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 comanon ele-
ments.
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6.2. Budget. The board of directors shall adopt - ~
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a budqet for pach calendar year that shall include the estimated
funds required to defray the common expense and to provide and
maintain funds for the foregoinv accounts and reserves according (
to good accounting practices; provided, however, that until the ~
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Developer of the condominium has closed the sales of all units
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of the condominium, or until after December 31, 1973, or until
Developer elects to terminate its control of the condominium,
whichever shall first occur, the board of directors m omi from ,
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the budget all allowances for reserves and improvements. r
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