HomeMy WebLinkAbout1580 A. Accounts.
Receipts and Expenditures.
The Association shall maintain accounts of.
the receipts ahd expenditures of the Association in accordance
with generally accepted accounting principles. Every unit owner
shall have the right to inspect and copy 'said accounts .during •
normal business hours at the office of the condominium upon
reasonable notice.
Within sixty (60) days following the end of
the fiscal or calendar year or annually on such date as is other-
wise provided in these By-laws, the Board of administration of
the Association shall mail or furnish by personal delivery to
each unit owner a complete financial report of actual receipts
and expenditures for the previous twelve (12) months. The
report shall show the amounts of receipts by accounts and receipt
_ classifications and shall show the amounts-of expenses by accounts
and expense classifications including, if applicable, but not
limited to the following:.
a) Cost for security; -
b) Professional and management fees and expenses;
c) Taxes;
- d) Cost for recreation facilities;
e) Expenses for refuse collection and utility
services;
f) Expenses for lawn care;
g) Cost for building maintenance and repair;
h) Insurance costs;
i) Administrative and salary expenses; and
j) General reserves, maintenance reserves,
and depreciation reserves.
2. Unit Owner Accounts.
- The Association shall maintain an account for -
each unit designating the name and current mailing address of-
the unit-owner, the amount of each assessment, the dates and -
amounts in which the assessments come due, the amount paid upon
the account and the balance due. •
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k B. Budget. - -
The Board shall propose a budget for each calendar
~ year that shall include the estimated funds required to defray
the common expense and to provide and maintain funds for current
operating expenses, deferred maintenance, replacement of existing
assets and betterments. Betterments include additions to and
improvements to both the real and personal property that will be
part of the common elements.
_ In addition to annual opera-ting expenses,"the
budget shall include reserve accounts for capital expenditures
and deferred maintenance. These accounts shall include, but not
be limited to, roof replacement,- building painting, and pavement
resurfacing.. The amount to be reserved ,shall be computed by means
of a formula which is based upon estimated life and estimated-
replacement cost of each reserve item.
C. Adoption of the Budget.
1. Notice.
The Board shall mail a meeting notice and
copies of the proposed annual-budget of common expenses to the
unit owners not less than thirty (30) days prior to the meeting -
at which the budget will be considered.
2. Adoption.
The Board will adopt a budget on an annual
basis at a meeting called for that purpose. In the alternative,
"the Board may propose a budget to the unit owners at a meeting
of members or in writing and if the budget or proposed budget
is approved by the unit owners at the meeting or by a majority
of all unit owners in writing, tNe budget shall be adopted.
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