HomeMy WebLinkAbout0796 d ireotc~c tar the rnanacr•~m~• +,l tlt~> l'„n?i?na i n, u!n.
6. h'ISCAL MANAGF,MEN'I'. 'I'ht> l?ruvisruns fur fiscal
manay~~ln~•nt cif t1if~ Assocrat con set tc~rth rn tl,e U~~ last ion of
Condominium and Art ides of ln~-urhurat iur? steal 1 be supplemented
by the following provisions:
6.1. ACCOc.;NT5. The receipts vnd exhendit~res of the
Association :.hall t-,e crc~dit~•ci and charged in accordance with
generally accNpted a~countiny practices.
a. Current expi.>ns_i•, wt?i~~h stroll include all
receipts and expenditures t+i t,e rnad~• within th~~ year for which
the budget .s made, incl ud my a. reasonable al lowance for cun-
tingencies and working funcl~, exceut exlx~nditures chargeable to
capital surplus or to additi~~nai improvements. The balance in
this fund at the end of each year shall be applied to reduce •
the assessments for cuc'r. ent er_pc nse f.or the succeeding year.
b. Capital surplus for
(I). Ut'ferr~•d maintenance, wt:ich ::hall
include funds for mainten~ince items that occur
less frec;uently than annuUlly.
(Z) . Rt>pia~emer.ts, which shat 1 include funds
for repair :~r re~i.~~•en;ent r•,yu r r ed t,ecause~ of _
clarnaye, depreciation ur u:JSOles~ence.
(3} . E3etterrr+ents, which shall include the `
funds to r,~~ used fc~r capital expenditures for
acid i t iona i impr<wc~m~>nts ur a,1d i t iunal personal
property that wii f hc~ part of thee com,non elements.
6. 2. [3GllGf?T. 'iF?e :x~ard cif directors shalt adopt a budget
for each fiscal year. Copies r?f the prolxr.;ed budyet and
proposed assessments steal 1 +iel iv~~red or mailed to each
member not less `',an thirty ,lays ;,riur te, tt?e m~•.•t my of the
~ board of d i r~~cturs at which t h~• hrc~l,usecl i,u.fy•-t wi 1 1 be
considered fur- aclopt,+~n, t:~ffr•tt?.•r with a n+~t icc>. of that
meeting. Thc• ~c•[ irnt ~,h.ri t ~+f,~~~? t+> u?„t +,wrn•r It the ;
budyet i5 .~mende•i su:~seyuent ly, a .-ol,y ~.t the amc~ndeci t,udyet
E shall be furnished to each mer*mt,er.
6. 3. ASSESSMt•,ti':'5. Assessments against tt~e unit o~. :rs
for their shares of the items of the budyet shall he made by
the board of directors for the fiscal year. The amount
~ reyuired from each unit owner tv +ne~et the t,udyet shall be
divided into four eyual assessments, one ut which shall be due
on the first day of each, calendar yuarter of the year Eor which
the assessments are made, or thirty days afr_er the mailing to
the unit owners concerned of _~tatement for tt,e ~sses~ment
coming due, whichever date shall last o~~cur. In the event a
t~ -quarterly assse_~:~ment shall be insuf f ici!•nt in the judgment of
the board of directors to f~rc,vide funds for the anticipated
current expense for the ensuing yuarter and for all of the {
unpaid operating expenses pr~•vrouxly incurred, the board of
directors shall amend ttze budyet and shall make amended
yuarterly assessments for the t;alance of the year in sufficient
amount to meet there ~>xpensc>s tc,r the year; provided, however,
a that any account .mot the •,:nFrruif>d bucfgc>t that exceeds the 1 imit
upon increases for the year :~t,Ull t;t~ subject to the approval of
4 snjK 343 PM~E 795