HomeMy WebLinkAbout2010 6.1. Accounts. The receipts and expenditures of the
Association shall be credited a:d cr.arged to accounts under the
following classifications as shall be appropriate, all of which ex-
penditures shall be common expenses: ~
a. Currer.t @X~21"_S~ ~ which shall include all `
receipts and expenditures with::r..thc year for which the budr,et is
made incltiding a reasonable al~ow,:::c~ ~or contingencies and work-
ing funds, except expendituras c::arc~anle to reserves or additio:.a~
inprovements.
b. Reserve ~o~ dererrec maintenance, which
shall include funds for maintena:.ce i ~e, s that occur less frecuer.tiy
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than annually.
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~ c. Reserve ~or re~lacem,ent, which shall inc~uGe
funds for repair or reploce::ent required because of damage, deprecia-
tion or obsolescence.
d. IIetter:nents, whic: shall include the funas
to be used for capital expenditures for additional imnrovements or
additional personal property tzat wili bz part of the de~ised pre::ises. ~
6.2. ~BudSet. T::e boara o~ directors shall ado~t a
~ budget for each calendar year that s~ al~ include the e~tim.ated ~i:ncs j
j required to dpfray t~e co~
: o.i e:cpe, se a. d to provide and maintain
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~ funds for the foregoing accour.ts a:d reserves according to good accour.t-
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ing practices; provided, hocaever, t~at until the Lessor is 70 lo:.cer
obligated to share in the ex~enses o~ the Recreation Center ar,d o~ t:e
Association, and its ~r.em,bership in t~.e Association has term~inated as .
provided for in the Articles of Incorporation cf the Association, t:~e
~ or.tit from the bud et all allowances for reserves
~ board of directors may 5
~ and improvements.
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~ 6. 3. Assessr.l2nts . P.ssess~ents against the r.te.?~bers ior
~ their shares of the items of the budget shall be made for the ca:.e:~dar
year annually in advance on or before December 31st preceding the year
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