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emplopee of the Association nor preclude the contracting Kith ,
a director for the management of the Condominiwa.
ARTICLE VI
FISCAL MANAGEMENT ~
The provisions for fiscal management of the Association
set forth in the Declaration of Condominium and Articles of
Ineorporation shall be supplemented by the following provisions:
1. Accounts. The receipts and exgenditures of the
Association shall be credited and charged to accounts under
the follo~?ing classifications as shall be appropriate, all of
which expenditures shall be common expenses:
1. Current expense, which shall include all receipts
and expenditures within the ~•ear for xhich the budget is made
including a reasonable allowance fer contingencies and working
funds, except expenditures chargeable to reserves, to addi-
tional improvements or to operations. The ba2ance in this
fund at the end of each qear shall be applied to reduce the
assessments for current expense for the succeeding year. .
2. Reserve for deferred r.iaintenance, which shall
include funds for maintenance iter:is that occur less frequent2y
than annually.
3. Reserve for replacement, which shall include funds
for repair or replacement required because of damage, depre-
ciatior, or obsolescence .
1~. Betterments, which shall include the funds to be
~ used for capital expenditures for additional improvements or
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additional gersonal property that will be part of the corrmion
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elements. ~
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5. erations, Mhich shall include the ~ross revenues ~
from the use of the common elements. Only the additional direct ~
f
expense required by the revenue-producing operation xill be
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cha.rged to this account, and any surplus from such operation
shali be used to reduce the assessrr,ents for current expen~
in the year following Lhe pear in which the surplus is realized.
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