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6.1. 11c~ounte. The receipts and expenditures of the
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Association shall be credited and--charqed t.o accounts under the ~ ~
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follovinq classifications as shall be appropriate, all of which ex- ~
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peaditures ahall be common expenses:
a. Current expense, whi:,tf shall inalude all 4
receipts and expend3tures within the year for which the budget is ~
made includinq a reasonable allowa.zce for continqencies and work-
inq funds, except expenditures charqEable to reserves or additior.a~
improvements.
b. Reserve for deferzed mailitenance, which ~
sha21 inc2ude funds for maintenance items that occur less frequeatil
than annually. ~
c. Reserve for reolacement, whic2s•~hall incZnde
fuads for repair or replacement required because of daaaage, neprec~s-
tion or obsolescence.
d. Betterments, whic.`~ shall include the fi:ncs
to be used for capital expenditures for additional improvements qr
. additional personal property that will be part of the desnised pre:..ises.
6.2. BudqeL. The board of directors shall adopt a
budqet for each calendar year that shall include the estimated °c::.cs
required Lo defray the common expense a.Zd to provide and maintain
funds for Lhe foreqofnq accour.ts ar?d reserves according to qood accc-.::.:.-
inq practioas; provided, however, that until the I.essor is no lo:.ge:
obliqated to share in the expenses of the Recreation Center and o~ ~:e
A,ssociatioa, and its membership in the Association has terminated as
provided for fn the Articles of I~ncorporation of the Association, t:e
board of directors may omit from the budqet all allowances or reserve
and inprovementa.
6.3. 1lssessments. Assessments against the members for
their shares of the items of the budqet shall be made for the ca~e:~s: t
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year anaually in advance on or before December 31st preceding the yea~ ~
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