HomeMy WebLinkAbout2343and other notices required by law. He will have custody of the
seal of the Association and affix it to instruments requiring a
seal when duly signed. He will keep the records of the
Association, except those of the Treasurer, and will perform all
other duties incident to the office of the Secretary of the
Association and as may be required by the directors or the
President.
5.5 The Treasurer shall have custody of all property of
the Association, including funds, securities and evidences of
indebtedness. He shall keep books of account for the Association
in accordance with good accounting practices, which, together with
substantiating papers, shall be made available to the board of
directors for examination at reasonable times. He shall submit a
treasurer's report to the board of directors at reasonable inter-
vals and shall perform all other duties incident to the office of
treasurer.
5.6 The compensation of all officers and employees of
the Association shall be fixed by the directors. The provision
that directors' fees shall be determined by members shall not
preclude the board of directors from employing a director as an
employee of the Association nor~preclude the contracting with a
director for the management of the condominium.
6. FISCAL MANAGEMENT.
The provisions for fiscal management of the Association
set forth in the Declaration of Condominium and Articles of
Incorporation will be supplemented by the following provisions:
6.1 Accounts. The receipts and expenditures of the
Association will be credited and charged to accounts under the
following classifications, as shall be appropriate, all of which
expenditures will be common expenses:
(s) Current expense, which will include all
receipts and expenditures within the year for which the budget i~
made including a reasonable allowance for contingencies and working
funds, except expenditures chargeable to reserves, to additional
improvements or to operations. The balance in this fund at the end
of each year will be applied to reduce the assessments for current
expense for the succeeding year.
(b) Reserve for deferred maintenance, which will
include funds for maintenance items that occur less frequently than
annually. ,
(c) Reserve for replacement, which will include
funds for repair or replacement required because of damage,
depreciation or obsoles~ence.
(d) Betterments, which will include the funds to be
used for capital expenditures for additional improvements or
additional personal property that will be part of the common
elements.
6.2 Budclet. The Board of Directors will adopt a budget
for each calendar year that will include the estimated funds
required to defray the common expense and to provide and maintain
funds for the foregoing accounts and reserves according to good
accounting practices as follows:
(a) Current expense, the amount for which will not
exzceed 1158 of the budget for this account for the prior year. ;
(b) Deferred maintenance, the amount for which will ~
not exceed 115$ of the budget for this ac~ount for the prior year. ~
_5_ `
~~`~~48 P~CE~41
~ ,
_
' - - _`3 ' ,., s,'•
~Xes.e~-nd.. ~_._ ~. .ti .-._ _.. vs,. ... . .. . ' rs .z'~....